As the year-end approaches, many Canadians are gearing up for holiday spending and finding the means to pay for the many expenses they will be incurring. On a day-to-day basis, Canadians are struggling to meet the daily needs for their family and are looking for various options to achieve their financial
A recent survey conducted by the Canadian Payroll Association concluded that nearly half of all Canadians are living paycheque to paycheque. This means if there was a change in interest rates, job loss, severe illness or other life-changing event, many of those Canadians would be in severe financial difficulty.
Furthermore, at the beginning of 2016, Statistics Canada reported that the average Canadian had more than $21,000 in debt. An ineffective financial strategy will result in the accumulation of lines of credit debt, credit card debt and the buildup of personal loans. This will be even more significant in the event that a paycheque is delayed or large one-time expenses are incurred. This snowballing effect could result in the inability to even afford minimum payments on debt.
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