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BDO Medicine Hat

35 – 7th Street SE
Medicine Hat, Alberta
T1A 1J2
(403) 526-5565

FLM 2017: 3 Surprising Things You May Not Know About Your Debt

It’s Financial Literacy Month in Canada. To celebrate, we’re encouraging Canadians to learn more about their debt and the many ways they can work towards finding debt relief. Here are three surprising things you may not know about the consumer debt you carry:

  1. Many are struggling

When struggling to deal with the debt you carry, it can often seem like you are all alone. You may be surprised to learn, however, that many are in the same boat when it comes to dealing with debt. Recent statistics show that non-mortgage debt is on the rise, with the average Albertan carrying approximately $28,240 in consumer debt.

  1. A simple budget can go a long way

Money and debt management doesn’t have to be a complicated. In fact, a simple budget is one of the best tools for managing your finances and your debt. By following a budget, you can avoid overspending, which may lead to additional, unnecessary debt. You can also plan and set aside money to put towards your financial goals, such as repaying the debts you owe.

For those that don’t currently have a budget in place, an online budget worksheet can help you get started. Online apps like Mint and Wally are also very helpful tools as they can help you track your spending on the go.

  1. There are tools and resources available

There are many online resources available to help you learn more about debt relief. The Financial Consumer Agency of Canada (FCAC), provides a wealth of comprehensive online resources for Canadians focused on dealing with debt and finding debt relief.

Online calculators, such as a debt calculator or debt options calculator are also helpful. An online debt calculator can help you determine how much your debt will actually cost you, including the interest you will need to pay. A debt option calculator can help you compare different debt relief strategies, such as debt consolidation or consumer proposal, in order to determine which one will work best for you.

Were you surprised by any of these debt facts? Join the conversation and share your thoughts with BDO Medicine Hat. Don’t forget to include the hashtags #DebtSolutions, #ItPaystoKnow and #FLM2017.



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