Rein in Canada's Uncontrolled Credit Spending Now
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I am putting up this petition for the Financial Consumer Agency of Canada to rein in Canadians' uncontrolled credit spending by instigating more aggressive credit consumer education campaigns. Hopefully this campaign will help Canadians become more aware of the dangers of being in so much debt and pull down the rising consumer debt Canada has today.
Canada's consumer debt is indeed rising. According to reports, this debt grew by 7.7% at CDN$1.529 trillion in 2014 from CDN$1.4 trillion in 2013. The current debt-to-income ratio is at 163 per cent, which means for every dollar the average Canadian earns, they have $1.63 in debt. Canadians have also taken a lackadaisical attitude towards accumulating debt, especially credit card debt, and it's a debt they carry well into retirement.
It doesn't help that the government has created a false sense of security among the people for keeping credit interest rates low. But what happens if the economy takes a sudden bad turn? This consumer debt that seems manageable now may not be so manageable when that time comes. We need to be proactive and prevent this debt from crushing us before this scenario occurs.
Respectfully,
Ruth Simon
Project Manager, Credit Marvel
http://www.creditmarvel.com/companies/
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