Debt Free In 30

Canadians with the lowest credit scores paid down their credit cards the most since the pandemic started. Incredible, right? So, will this downward trend in debt continue? Or is this temporary because most of us are still at home and collections activity is slim? Today we review the latest debt statistics and discuss why Canadians are paying off so much debt, who’s actually taking on more debt, and whether borrowing will rise again in the near future. We also share practical advice for managing debt and what to do if you owe the CRA. Tune in for a lively discussion! Links: Hoyes Michalos Straight Talk on Personal Finance Course on Credit Rebuilding: courses.hoyes.com Trends in household non-mortgage loans: The evolution of Canadian household debt before and during COVID-19, Statistics Canada: https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2021004-eng.htm Bank of Canada, Financial System Review – 2021 https://www.bankofcanada.ca/2021/05/financial-system-review-2021/  Canadians with Lowest Credit Scores