According to a recent poll by the Canadian Payroll Association, nearly half of the workers in Canada are struggling month to month to cover their living expenses.
Nearly a quarter say they probably couldn’t come up with an extra $2k if they needed it for an emergency in the next month.
More than one-third of respondents – 36 per cent – said they feel overwhelmed by their level of debt and 12 per cent indicated they doubt they will ever be completely free of debt.
Forty-eight per cent of those surveyed said it would be difficult to meet their financial obligations if their paycheque were delayed just one week, up slightly from the annual poll’s average of 47 per cent over the past three years.
The report, released Wednesday, comes in the wake of economic data indicating Canada experienced two consecutive quarters of contraction – technically speaking, a recession – although home sales in August (except in Alberta) were strong and a report last week showed 12,000 net jobs were created last month.
Clearly the answer to the debt problem is more debt in the form of a home equity loan! Read the full article here.