We often speak about how to manage household debt, and what can be done.
This article will explain you the situation: http://business.financialpost.com/news/economy/canadas-record-household-debt-is-threatening-its-financial-stability-global-bankers-fear?
Although careful budgeting is essential, we should all know about our debt ratio to measure our level of indebtedness, as well as our capacity to reimburse our creditors. One's debt ratio should be measured annually to ensure that the financial situation doesn't detiriorate. Use our debt ratio tool: https://jeanfortin.com/en/assess-your-situation/are-you-in-over-your-head
Financial difficulties? Pay attention to the warning signs!
There is no clearer sign that you are having financial difficulties than a call from a collection agency!