Debt is the number-one financial issue in Canada today, and it could get more urgent for mortgage holders and business owners who have significant debt. The concern is that even the slightest increase could hurt those who have depended on low-interest credit. SMEs represent 97% of the businesses in Canada, contribute 30% of their native province’s GDP and provide 70% of private employment. This could mean a loss of jobs, a decline in productivity and increased prices for consumers. It also could result in unmanageable debt causing some SMEs to fail completely.
Debt is the number-one financial issue in Canada - At the end of the second quarter in 2016, the average Canadian had a debt-to-disposable-income ratio of 167.5% - the highest of the G7 countries. It is most important to understand what terminal debt is and how to reduce it as early as possible. See you financial advisor for ideas on how to work through crisis – Platinum Books Ltd