CALGARY, ALBERTA--(Marketwired - Aug. 23, 2013) - Did you know that Canadian household debt has soared past both the U.S. and the U.K. - both countries hit hard during the 2008 credit crunch? Recently, the average household debt has risen to $110,000, which is more than double from as little as three decades ago, in the early 90s. 'Debt creep' can affect anyone at any time, regardless of what your income may be, which is why it's important to understand how it can come about.
When you don't watch your expenses closely, what may feel like a limiting financial situation could actually be an indication that you have a debt problem. An early sign that you might be in financial trouble is spending more than you earn. Other more serious signs that your debt load could be getting dangerously high is if your credit cards have been cancelled, if you're receiving collection letters or phone calls or, worst of all, if legal action is being taken against you.
Watching out for these warning signs when assessing your personal financial situation can help you curb debt before it gets out of control. Take the time to re-evaluate your finances, and if debts are making you anxious or uneasy - or even keeping you up at night - consider seeking debt help to overcome your debt, avoid declaring bankruptcy and get your life back on track.
For more than 65 years, MNP Ltd. has offered services and solutions to help Canadians achieve their goals. At every one of our 130+ offices across the nation, we take on a client-centric approach by providing unique solutions tailored to serve each individual's situation. No matter what your needs may be you can trust your local MNP Trustee for everything from debt settlement, insolvency to assurance and accounting.