Consumer debt increases 53%

Over the past five years, Canadian consumer debt has risen 53%, finds the Credit Counselling Society.

Read: Cdns in more debt than expected: StasCan

The majority of this increase happened in the two years after the economic crisis. Since then, the numbers have continued to climb, and show no signs of improvement.

“On average, clients come to us owing over $31,000 of unsecured debt,” explains Scott Hannah, president & CEO of Credit Counselling Society.

Read: Canadians rely on luck for finances

To help Canadians learn how to manage debt, credit, and money, the Credit Counselling Society has launched free webinars.

Here are some more tips to help your clients reduce their debt loads.

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Use this debt management litmus test

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The right way to manage debt and cash flow

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.