The Average Debt Load Per Canadian Consumer Rose 4.5%

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Toronto Sun recently reported in a recent article, that the average debt load per Canadian consumer rose 4.5% this quarter over the same period last year, according to new figures compiled by TransUnion, a credit profile company.

July 26, 2011 -- Toronto Sun recently reported in a recent article, that the average debt load per Canadian consumer rose 4.5% this quarter over the same period last year, according to new figures compiled by TransUnion, a credit profile company. That works out to $1,000 per person, not including mortgage costs. Credit card, line of credit and auto-loan debt jumped most in Quebec and Newfoundland and Labrador, with gains of 7.8% in both provinces. Quebec's total average debt load per consumer stood at $18,025 for the quarterNewfoundland's was $23,372. The national average is now $25,597. "Our first-quarter data shows a continued increase in the total debt per consumer, although the trend still remains modest compared to the double-digit, pre-recession levels, “said Thomas Higgins, TransUnion's vice-president of analytics. Canadians rang up five per cent more in personal debt in the first three months of 2011 compared with 2010, according to a report released Wednesday.

Many Canadians are achieving debt relief through debt management programs such as those offered by Synergy Debt Management of Scarborough, Ontario. These management programs are tried and tested methods that allow consumers to apply their funds to the principal of their credit cards, and other unsecured debts, thus avoiding the Minimum Monthly Payment trap where funds
are applied to skyrocketing interest rates. These debt reduction programs result in less damage to the consumer's credit and actually improve their financial situation. Synergy Debt Management
provides each customer a personalized one on one service that offers sound financial education to enable them to solve their financial problems quickly in both the short and long term.


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Synergy Debt Group
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