According to a survey by MNP Debt, 56% of Canadians would be overwhelmed by debt if they had add in up to $200 in monthly expenses on to their already existing debt-load. This survey also revealed other interesting aspects of monthly debt, such as 31% of those polled are already not paying bills on time. 70% of this debt is said to be tied up in mortgages and the housing, since Toronto’s housing market is red hot. Although interest rates are expected to stay low for awhile (see link below), a hike could be devastating for a lot of Canadians.
According to TransUnion, a 1% increase in interest rates would lead 917,000 Canadians over their debt limit. Also, according to the Canadian Payroll Association, 48% of Canadians could not pay all of their bills if they missed just one paycheque – something that is very concerning.
Canadians are starting to take debt more seriously though and the number of Canadians concerned for their own debt is growing.
At Hanley Mortgage Group, we want to help you figure out what you can really afford, without overstretching you. We want you to feel comfortable and secure in your mortgage. Call us today so that we can help you navigate through this sometimes overwhelming process, and help you to make an informed decision about your financial needs.
Application: Under the ‘Team’ tab, click on Darlene’s application link