Canadians and debt

June 09, 2017
The most recent statistics indicate that in 2015 Canadians reached an unprecedented level of debt. A number of media outlet and institutions, including Statistics Canada, indicate that Canadians had never had this much difficulty in getting out of debt.
Canadians and debt

Key factors at play in Canadian debt

The main reason for the record debt of Canadians is in low interest rates on loans, including consumer loans, mortgages, and other loans. This situation encourages consumers to borrow more and more. Indeed, the lower the interest rates, the more people are tempted to borrow, as they think it will be easier to pay back.

The most recent data indicates that for every dollar earned, Canadians incurred $1.65 in debt in the fourth quarter of last year, which brought total debt to unprecedented levels reaching $1,923 billion, which is an increase of 1.2% over the previous year.

What extreme debt leads to

One of the most negative results of extreme debt is, of course, limited access to credit. Consumers with poor credit or bankruptcy often get blacklisted by banks, credit companies, and other financial institutions because these customers pose a great risk to them.

Private companies - to the rescue

Consumers with large debt that need to borrow money quickly but face such blacklisting have no choice but to turn to private companies, such as Money Supplier, to get the funds they need to complete their projects.

Borrowing money without a credit check

What makes these companies different from traditional banks and credit institutions is that they lend money to consumers without a credit check. For any loan of $750 or more, you can apply online and get approved within an hour – no credit check required. To find out more about our loan services, please contact us at your earliest convenience or fill out our online application form.

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