The Shocking Truth About Canadian Debt
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Transcript of The Shocking Truth About Canadian Debt
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Canadian Debt About
Frightening Statistics On Debt In Canada
TRUTH SHOCKING
The
OptionsCredit.ca
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Don Antle v A Dean's List graduate of the
University of Western Ontario.
v Became VP of Marketing for Molson in their national marketing office in Toronto.
v After leaving Molson in 1991 he founded the Promotional agency the Allegro Marketing Group.
v Sold his equity in Allegro to his partner and moved to the Lower Mainland of British Columbia with his family.
v He managed two small projects before beginning with NCC Financial the parent company of the private credit counseling firm National Credit Counselors of Canada (NCC) in 2003.
v While at NCC Antle completely redesigned their business model and process increasing new client acquisition by over 60% and rationalizing the marketing, HR and management context of the business.
v Before leaving Antle was acting President, his efforts in improving process and efficiency resulted in the first profitable years in the company's 11 year history.
v Antle left NCC and CORE in 2009 to start Options Credit Services Canada which launched in 2010.
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¡ 1. Every Dollar Spent
¡ 2. Canada Is In Trouble
¡ 3. Debt Reduction
¡ 4. Canadians Owe
¡ 5. Is There Hope
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1. Every Dollar Spent
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SINCE
63% Of every Dollar is disposable
income in the average household! That means 37 cents of every dollar earned is in the form of DEBT!
The Globe And Mail
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¡ Debt levels continue to rise because of the housing bust. This could result in a “double blow” as the global economy is in holding
¡ Some economists fret about the similarities to United States, where excessive debt-income ratios were a prelude to a housing crash
¡ More than half of major markets witnessed sales drop 10%
¡ The average national price increased over 1% from last year
¡ The ratio of debt to income marked at 163.4% half way through the year. That’s a raise of almost 2 points from the end of last year.
IN DEBT LEVELS
The Globe And Mail
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2. Canada Is In Trouble
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SERIOUS ISSUES
We’ve Got Some
To Deal With In Canada
-Laurie Compbell- CEO of Credit Canada Debt Solutions
The Globe And Mail
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Canadians and Americans are very
Similar
¡ After 1996, and every year after, both Canadians and Americans spent almost all income, leaving very little for savings.
¡ While personal savings rates in Canada has consistently been higher than in the U.S., rates in both countries have been falling over 15%.
¡ Both Canadians and Americans have had to finance their spending through credit.
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Household Debt Household Debt
6.8x 8.6x
Statistics Canada
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3. Debt Reduction
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1. Eat Healthy Food
2. Get A Better Education
3. Get A Better Job
4. Get Fit
5. Quit Smoking
6. Take A Trip
7. Volunteer To Help Others
2013 New Year’s Resolutions
USA.gov
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The Top 8
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17% Of Canadians selected
as their main priority in 2013, 2012, and 2011.
The Globe And Mail
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In the last 12 months… nearly 34 million people, have been late making a credit card payment and over 18 million people have missed a payment entirely. (Source: National Foundation for Credit Counseling)
…More than 58 million adults, admit to not paying all of their bills on time. (Source: National Foundation for Credit Counseling)
“When finances are tight, 59 percent of people would pay their credit card bills last!”
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4. Canadians Owe
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16 Metronews.ca
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$103,000
As of March 2012
Is The Average Household Debt
Metronews.ca
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1 Million MORE THAN
Are spending 40% of their income on debt repayment.
-Rober Sauve-
Excessive debt “is a problem for a whole bunch of people…”
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5. Is There Hope
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Do You Need Help?
¡ Do your credit balances exceed your income
¡ Is it hard to make the minimum monthly payment on your debts
¡ Are you scared to know how much you owe in total
¡ Are you using credit cards for daily expenses
¡ Are you receiving creditor calls for not making bill payments
¡ Are you using one credit card to pay off another
¡ Why are creditors not increasing your credit limit
¡ Have you applied for cash advances
1 Million Other Canadians Do…
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¡ 1. The most common benefit from a debt management program is the consolidation of multiple monthly payments into one monthly payment, which is usually less than the sum of the individual payments themselves.
¡ 2. Credit Counseling also arranges a reduction in the interest rates charged by creditors through a DMP. Some creditors will lower the annual percentage rates or even eliminate interest altogether.
¡ 3. The third benefit offered by credit counseling agencies is restoring credit ratings. By bringing delinquent accounts current. After joining the DMP and making consecutive monthly payments, creditors could “re-age” the account to reflect a current status. This merely gives a fresh start and an opportunity for the client to begin building a positive credit history.
Canadians 100% AGREE
On Using DMP’s
Wikipedia.org
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CALL NOW
1-877-823-1133
About Debt Help
Call Now! Before you get distracted, start getting out of debt today. Call Now! Before the creditors start calling. Call Now! We can HELP!
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