Synergy Debt Group - Canadian Debt News - Vol 1

The Certified General Accountants Association of Canada (CGA-Canada) in a recent report said that household debt in Canada has hit a record high of $1.5 trillion, leaving certain households in a "dire" situation. Even though Canadians have cut back on consumer spending in the first quarter of 2011, many continue to struggle with their daily living expenses. If household debt was spread evenly across all Canadians" the report continues, "a family with two children would owe an estimated $176,461, including mortgage costs. The financial situation of certain household groups (retirees, single-parent families, and households with an income of $50,000 and less) is much worse than the average and continues to deteriorate. More than half of indebted Canadians are borrowing money just to meet their day-to-day living expenses.

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