BC Debt Counselling Services Debunk These Persistent Myths about Debt

Recently, it has been reported that the number of households finding themselves sinking into debt has increased over the past few years. In a recent report from the McKinsey Global Institute, Canada was named as among the six countries with the worst debt problems in the world, but is the debt problem faced by most people nationwide really that bad? When seeking help from BC debt counselling services, here are some widespread myths that you need to stop believing in. Debt among Households is Skyrocketing While it’s true that more households are finding themselves slowly sinking into debt, this does not necessarily mean that the state of debt nationwide warrants for widespread concern. According to economist Sal Guatieri, this could’ve been true during the past two years, but now that Canadians are borrowing at the slowest pace within the decade, debt is now rising only slightly faster than income.
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