Inflation and Debt

Everything has gotten more expensive lately, from groceries to gas to interest rates. If you’re struggling with the rising cost of inflation and have taken on debt to stay afloat, you’re not alone; according to Bloomberg, the average Canadian now carries over $20,000 of debt. Over 25 percent of Canadians taking out mortgages are already indebted at a time when the interest rates on mortgages keep rising.  Between the lingering impacts of the pandemic and the current world issues, inflation has risen to a record high, passing 6.8% in April, with food prices alone going up by 7.7%.  Inflation & DebtBanks intend to keep raising interest rates, leading to cash flow issues that cause more debt problems. Going into debt and staying there can seem inescapable, but even in this stressful time, there are ways to Shed The Debt.  Taking out a loan or holding onto debt can be necessary at the moment, but it quickly adds up, especially with bank rates going up. Speaking to a Licensed Insolvency Trustee to assist you in Shedding The Debt makes sense. Goldhar & Associates Ltd., Licensed Insolvency Trustees, can offer the helping hand you need. Call 1-855-541-5114 now to book a free consultation or you can email or visit our website: Shed the debt, and face a lighter and more stable future.

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