Canadian Consumer Debt Increases 53% in 5 Years

NEW WESTMINSTER, BC, Nov. 6, 2012 /CNW/ - Over the past 5 years, the Credit Counselling Society has seen the consumer debt load of Canadians seeking their help increase by 53%, with the majority of this increase occurring in the two years following the global economic crisis. Since that time, the numbers have continued to climb, and show no signs of turning around this year.

"On average, clients come to us owing over $31,000 of unsecured debt," explains Scott Hannah, President & CEO or the non-profit Credit Counselling Society. Hannah continues, "Our hope is that consumers take heed of the warnings and decrease their reliance on credit."

To help Canadians turn the tide on this unsettling trend, the Credit Counselling Society has launched several new free online workshops (webinars) this month. The workshops will help consumers learn how to manage their debt, credit, and money better and take the first steps to getting their finances back on track. "We're looking at a staggering increase in the amount of personal debt Canadian families are trying to manage," explains Hannah. "We want to give everyone across Canada the opportunity to attend one of these free events during Financial Literacy Month so that we can start working towards reversing this trend."

Through its educational programs and services, the Credit Counselling Society is proud to partner with the Financial Consumer Agency of Canada to provide free financial education to Canadians during Financial Literacy Month. In addition to online workshops (webinars), events include in-person workshops at post-secondary institutions and ask-the-expert tweet chats each Thursday evening. The winners of a national high school essay contest will also be announced the week of November 12. For a complete listing of events, topics, and workshops, visit www.MyMoneyCoach.ca.

The Credit Counselling Society is an award-winning, non-profit credit and debt counselling organization. The Society was established in 1996 and is now one of Canada's largest organizations of its kind, providing assistance to thousands of Canadians each month in AB, BC, MB, ON and SK. www.NoMoreDebts.org

SOURCE: Credit Counselling Society

For further information:

Media Contact: 
Scott Hannah, President & CEO
Direct Line: 604.636.0211
Scott@nomoredebts.org