Canadians: 1 Way to Pay Off Debt in 2021
Canadians: 1 Way to Pay Off Debt in 2021
Canadians were already facing a dire personal debt situation before the COVID-19 pandemic shook up our daily lives. While the savings rates for Canadians have broadly improved during the pandemic, debt is still a major concern.
This has been compounded by mass job losses, especially in the service sector.
In a recent survey from the MNP Consumer Debt Index, 30% of Canadians said that they were already insolvent. This means that nearly a third of respondents had no money left at the end of the month to cover their bill payments. The survey found that the average Canadian is left with $625 after making their monthly payments – down 15% from December 2020.