Canadians seem increasingly concerned about their debt situation. In any case, this is just what a Good Finance survey has revealed about financial resolutions for 2013. As such, debt repayment is at the top of Canadians’ financial priorities for the third time. year in a row.
Wanted to repay their debt
Thus, at the national level, no less than 17% of respondents to this survey indicated that they wanted to repay their debt before the end of the year. This percentage is around 14% in Quebec.
Apart from debt repayment, saving and budgeting are the other financial resolutions of Canadians. As a result, retirement planning is no longer at the top of the list of financial priorities, as barely 7% of survey respondents make it a priority, compared to 11% in 2012 and 13% in 2011.
According to Statistics Canada, household debt to disposable income stood at 164.6%. This level is a record never before achieved. Experts even argued that this particularly high debt ratio puts Canadians in a vulnerable position with regard to the possibility of rising unemployment or interest rates.
Accelerating the repayment
This is why we must think about accelerating the repayment of the debt. Several methods exist to achieve this goal. That said, while 46% of Canadians surveyed said they had met with an advisor in the past year, only 6% of respondents thought of discussing debt repayment with a specialist advisor.
In Quebec, the Coalition of Quebec Consumer Associations has been insisting for years on the importance of managing its budget effectively. This involves the intelligent use of credit possibilities in order to limit the risks of indebtedness. Education and information remain the best ways to learn how to manage finances according to coalition members.
Fred, a budget advisor with the Good Finance in Quebec City (Good Lender), said that if debts put people in difficult financial situations, they had to learn how to make their budget. To this end, Good Lender and other similar organizations provide consumers with the services of budget advisers to help them better manage their personal finances.