The Need

Personal debt is a huge problem in Canada. When you consider the emotional and practical impact of debt on someone’s quality of life, the statistics below become even more harrowing. Christians Against Poverty believes something can be done and that is why we are about to take this huge step to pioneer our work in Canada.

In September 2013, 42% of Canadians indicated they would have difficulty making financial ends meet if their pay cheque was delayed by only a week. (Canadian Payroll Association)

1 in every 7 children lives in poverty in Canada and more than 11% of working-age Canadians live in relative poverty (Conference Board of Canada statistics)

During the recent recession, household debt continued to rise in Canada, contrary to many other nations—including the United
 States. Consumer debt is now at an 8 year high, increasing by another 3% in the last quarter (October 2012 - ActionCanada.ca)

According to a stress test scenario by the Bank of Canada, it would take only a 0.5% increase in interest rates for 1.1 million Canadian households to become at risk of defaulting on their consumer credit or mortgage-related debt.

Two-thirds of Canadian households had outstanding debt that averaged $114,000 in 2009, according to the Canadian Financial Capability Survey (CFCS).

 

 

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