Debt rock bottom: Where do you turn for help?
When you’re in debt, are you one of four-in-10 Canadians who don’t know where to turn for help? A new national survey by Credit Counselling Canada paints a picture of confusion. Many consumers don’t know where they can turn to for help if they hit debt rock bottom. The study addresses consumer sentiment on issues ranging from a lack of ethics, transparency and accessibility to trusted debt-help resources across the country.
The Got Debt? Poll, an Angus Reid survey of 1,510 Canadians, reveals that while Canadians can identify and agree on the warning signs, nearly four-in-10 (37%) would have no idea where to turn when facing it themselves.
The warning signs of debt struggles
There is overwhelming agreement that before hitting “debt rock bottom”, a series of warning signs may present themselves as a caution of further trouble. Across the board, nine-in-10 Canadians agreed that the following situations signified a person’s struggles with debt:
- Always borrowing money to make it to the next paycheque (93%)
- Receiving constant calls from creditors (91%)
- Continually going over their credit limit (90%)
- Credit card regularly gets declined (90%)
- Only paying the minimum/interest but not paying down the principle (90%)
- Utilities cut off because they can’t pay their bills (89%)
Read more about the new study.