If we look at debt on a global scale we can see a sizeable difference between each country. For example, Canada has a larger population, but lower debt-to-income than its neighbor in the United States. At 2.8 trillion the debt for Canada is still a large sum but isn’t nearly close to other countries such as Japan, Greece, and the United States, which have some of the highest consumer debt worldwide.
How Canada Handles Consumer Debt
There are many ways in which Canada has been able to get a handle on its consumer debt. Although Canada has a higher income tax rate, which means people have less disposable income, in the past few years, Canada has been trying its best to educate its citizens when it comes to financial education and paying off their debts.
In addition, Canadian banks are also more conservative when it comes to lending, which means Canadians have less credit card debt. There are also a variety of resources that can help citizens to improve their debt. Resources similar to Creditpicks cover a range of topics related to debt in Canada and can help you by providing useful information to keep on top of your finances.
These resources can help you to manage your credit, loans, and finances whether they are credit cards, crypto, loans, mortgages, or other types of financial support.
Know Your Financial Education
Financial education is essential for managing your finances and keeping on top of your debt. The more you know about how to manage your finances, the more you’ll be able to control your debt, and in time, reduce it, and repair your credit. Here is more information on Canadian consumer debt:
Infographic Design By Creditpicks cover a range of topics related to debt in Canada
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A great article and commendable on research on Canada’s economy and debt trap affected nations in different ways. I agree we need to educate ourselves financially to make comparison or even where to put our hard earned money. The infographic is insightful and guess normal human tendency to invest when confidence returns. Hope, it comes back soon while at the same time having an eye to save. May Canada flourish.