According to Bloomberg, one in five Canadians says that their debt situation today is worse than it was five years ago. Referencing the same source, the latest MNP Consumer Debt Index published recently shows 50 percent of respondents said they're within $200 of not being able to cover their monthly bills, and nearly an equal proportion of participants in the survey (49 percent) said they aren't confident in their ability to cover expenses without going deeper into debt. Even the latest data from Statistics Canada says that Canadians, on average, owed almost $1.72 for every dollar of disposable income.
This underscores why for episodes filed under Financials we will be revealing how to make money, how to multiply it, how to keep it, how to give it and how to teach your kids to do the same if you have kids. That's it. But not quite. How to pay off your debts and stay out of debt as well.
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