Consumer Debt Crisis ...

Personal (or consumer) debt distress - and bankruptcies have been on the rise over the past few decades. Looking back in time at the 1990/91 recession and even though there was a marked recovery, the number of people suffering from debt crisis (and bankruptcy proceedings) have escalated to record highs. There are many specific factors associated with this trend. Economic findings include the high volume of credit card usage, the increasing costs of post-secondary education, and the chronic downsizing that is reshaping large corporations. Others may include changes in both legislation and social attitudes towards bankruptcy, as well as rising divorce rates.

By far, the most common credit-related ailment that people encounter is over-extension for one reason or another. Being "maxed out" on your credit card or personal line of credit is not a comfortable experience, especially if you are in this predicament with several accounts, and there are collection agencies assigned to collect from you. Statistics indicate that more than thirty-eight percent of families in Canada suffer from problems associated with over-extension. The studies of Canadian families that fell behind two or more months with a bill, loan, rent, or mortgage payment are just as staggering.

Problems stemming from poor money and credit management are common, but what about the problems that tend to escalate with little - or without warning These tend to be the most catastrophic as a result of their aggressive impact on a person financially. With positive reinforcement, created by awareness and education, these matters can be more effectively dealt with ... and solved.

Here are just a few examples of some of these debilitating financial problems suffered by people every day:

• High rates of student loan indebtedness
• Canada Customs and Revenue Agency (CCRA) Tax indebtedness and enforcement
• garnishees and liens
• Problem gambling
• Financial distress as a result of job loss, or disability
• Dependency on personal credit to provide basic needs

  Discover your potential for growth and opportunity within the financial community through the development of new financial relationships, because that's where it's at. You can then solve financial problems without the hard costs associated with unnecessary bankruptcy or debt pooling proceedings. To schedule an appointment with The CFW Group, please contact us at (902) 835-1210.