One in three Canadians struggles with non-mortgage debts, Credit Counselling Society says
Some Canadians are feeling uncertain and anxious about their financial situations and future, according to the Credit Counselling Society.
“About a third are saying their finances are in the worst shape (than before the pandemic),” said Scott Hannah, Credit Counselling Society’s president.
“It’s the non-mortgage that gets people in trouble. Carrying large balances on credit cards (which typically have large interest rates around 20 per cent or higher) and having a car payment, which is a fixed expense every single month, because in these uncertain times you don’t know if you will be able to maintain those payments.”
Original Article Source Credits: Global News, https://globalnews.ca
Article Written By: Darrian Matassa-Fung
Original Article Posted on: February 3, 2022
Link to Original Article: https://globalnews.ca/news/8593839/canadians-non-mortgage-debt