A recent market study completed by TransUnion, residents of Vancouver hold the undesirable title of having the most consumer debt in any major Canadian city.
According to the study and on average, individual (non-mortgage) debt levels hit $41,077 at the end of 2013. Of particular concern is that Vancouver is the only major Canadian city that posted a significant increase in year to year debt – a total of 7% or $38,357 at the end of 2012, to $41,077 at the end of 2013.
The details of the study can be found at: https://newsroom.transunion.com/?id=1812220
The findings of Transunion’s study will not be a surprise to most residents of Metro Vancouver, given that although Vancouver is consistently rated as one of the best and most livable cities in the world, it is also one of the most expensive cities to live in Canada.
If you are experiencing financial difficulties, be pro-active and reduce the financial stress in your life and contact a professional at A. Farber & Partners Ltd.
Recognizing rising debt
Some of the signs of financial difficulty include:
- Paying off the minimum amounts on your credit card each month;
- Missing loan or bill payments all together;
- Using pay-day loans to carry you from one pay period to another, or;
- Spending more money every month than you earn after tax.
At A. Farber & Partners Ltd., we specialize in providing debt solutions, such as assisting in the filing of a consumer proposal in Vancouver or a personal bankruptcy in Vancouver to help alleviate these crushing debt levels.
Contact A. Farber & Partners Ltd. for a free, no obligation, consultation to discuss your options.