Debts to credit card companies
This is the most widely held unsecured debt in Canada and industry figures show only 25% of people pay off their balance in full every month. Credit cards are undeniably a valuable financial tool when faced with unexpected bills such as home repairs or medical bills. However, if you find yourself flashing the plastic to cover the cost of every day life, debts can quickly build and begin to become unmanageable.
Many people who turn to pay day loans for financial support typically are already finding it hard to manage their money and a pay day loan can expedite further issues.
Medical debt may be a sensitive issue but it’s something that people all over the country are faced with as they manage payments for prescriptions, some procedures and supplies.
There is no escaping the fact that everyone must find the money to cover utilities such as gas, electricity and water but accruing debts from utility bills is easier than you might think. From something as simple as misplacing a bill to facing unexpected utility bill price rises it’s a problem faced by many Canadians.
For many people, a student loan could be the difference between being able to enter higher education or not. However, there’s often a misconception amongst students that they have more dispensable cash than they really do which is where dipping into student loans can cause a problem.