Consumer debt rose to a record $2.5 trillion in the third quarter as many Canadians continue to struggle with high living costs and rising unemployment.
“Newcomers and consumers who borrowed money for the first time in the past 12 to 36 months saw the biggest rise in missed payments, compared with the same consumer group last year, Equifax’s report published Tuesday, showed.”
The Canadian Press was first published Nov 26th, 2024
Oddly enough, when we ask our customers who taught them the ABC’s of credit, the most common answer we get is, no one. You would think that in the 21st century, our school system would understand the importance of credit and would offer a mandatory course.
Walk into any student union building during the first week of university and you will be amazed at how many banks are there offering credit cards to students who do not have jobs and do not have the ability to repay the debt.
Too often people use credit like it’s their own money and don’t feel the sense of urgency to repay it. Debt begins to accumulate, interest charges pile up and your monthly payments continue to increase to the point where you feel overwhelmed by the total amount of debt that you have accumulated.
At The Approval Centre and our Dealer Partners our goal is to educate as many people as possible so that when the time comes that they need it, they will not only be able to obtain it but will be able to repay the debt in an appropriate timeline with the utmost confidence.
Our Credit Building plan focuses on a simple step-by-step process that covers the basics of credit to the advance stages of retirement planning. This inclusive plan not only prepares you for the future but also educates you on what’s really important from the outset.
This credit building program is meant for people of all ages, demographics and ethnicities. We make sure that by the end of the program you are 100% confident in your ability to manage your credit and have a plan in place to responsibly build it while making you sure you have enough money set aside for savings and retirement.
Now Is The Time To Get a Fresh Start!
