Canadian Household Debt visits all time

Canada: $ 1.5 billion in debt.

A recent study by the General Accountants Association of Canada, found that household debt is now at its highest point ever. The report notes that if the debt is spread evenly, each family of four would pay an estimated $ 176,641.

This brings sobering consequences for much of the population, including those with student debt, seniors and low-income families living paycheck to pay.

Laurie Campbell of Credit Canada said that the report suggests that many Canadians are "the tip of a financial disaster."

The elderly are more vulnerable because they have revenue potential. The report found that bringing the debt retirement. A third of households of pensioners owe a debt of $ 60,000. 17% are in debt of $ 100,000 or more.

Meanwhile, households with an income of $ 50,000 or less are six times more likely to be vulnerable to bankruptcy. Single mothers with children stand on their credit cards are at high risk. They will have to reign in spending before raising interest rates and higher payments paralyze them.

What is the solution? Education debt is a way to keep Canadians from overspending. You can stop thinking short term, such as the accumulation of too high interest credit card, or pay only the minimum payments each month.

A debt consolidation plan structured in Canada for a professional debt manager is another way that Canadians can reduce their monthly bills by up to 50%.

Here are some other facts to light in the survey.

57% of respondents said in debt living expenses are the main cause of their debt.

The ratio of debt to household income reached a record 146.9 percent in the first quarter of 2011, compared with 144 percent at the end of 2009.

27% of non-retired Canadians are not saving, even retirement.

Interest rates can not be any increase in rates of home you live lower.The payment to stop payment.

According to the banks on the verge of financial collapse.

"As little as a 0.5% interest could put 1.1 million Canadians of a house." Even Finance Minister admits that rates have nowhere to go but up.

Campbell suggests that Canadian debt create a budget to draw their plans and spending habits.