Climbing Debt, Diminishing Savings Highlighted in CBC Documentary Mar 6th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Climbing Debt, Diminishing Savings Highlighted in CBC Documentary
When it comes to debt management, many Canadians are struggling to keep up, with their housing situation being a source of stress. That was one of the key takeaways from the latest episode of CBC Television’s The Stats of Life, which focused on Canadian statistics surrounding savings (or lack thereof) and debt. The program found more than half of Canadians have their money tied up in their house, with mounting consumer debt at the same time. 41 percent of them say they simply “feel trapped.”
The program looked at families across Canada; one family, in Alberta, is facing the difficult but not uncommon problem of carrying a large debt load (in this case, $100K), which they’ve had to consolidate into their mortgage. With limited economic prospects and falling house prices in the area due to the downturn in the oil sector, their home’s value has declined significantly and simply selling off property is not the lucrative option it once was. Their existing equity has been their lifeline, allowing them to pay off other debts, but it does little to actually reduce debt load…

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