Nearly 40% of of Canadians struggled to pay household expenses in the past year.
A new survey conducted by Manulife Bank suggests that nearly 40% of Canadians have struggled to cover their household expenses at least once in the past year.
Almost 4 in 10 homeowners were "caught short" at least once in the past 12 months covering their house expenses. Only 62% of those polled confirmed they were never caught short. One of the most common solutions Canadians used in order to cover their expenses when caught short was utilizing their lines of credit and credit cards, some of which can carry up to 19.99% interest rates.
For most Canadians polled, their income has been stable. However, their expenses can vary from month to month. Using low interest credit to cover these unexpected shortfalls is a good option, but having to rely on high interest credit, such as most credit cards, can quickly snowball into a debt problem, which can directly affect your credit rating.
Contact one of our Mortgage Brokers today and inquire about how you can consolidate your debt by refinancing into a low rate mortgage.
Click here to see the results of the survey, posted on Huffington Post.