Pre-Retirement Canadians Embrace Mortgage Debt
Posted on: June 17, 2014Posted in Debt, Debt Counseling, Finances, Financial Advice | Comments Off on Pre-Retirement Canadians Embrace Mortgage Debt
People looking forward to retirement usually try to retire their debts first, especially their mortgages, so they can enjoy their leisure without financial worries. But a story in the Globe and Mail reveals that more and more Canadians are going into their golden years with a substantial financial burden.
“Pre-retirement Canadians in the their 50s are taking on an alarming amount of debt and are most at risk of bankruptcy,” says April Dunn, owner of the Red Door Mortgage Group in Vancouver, citing a new study that examined about 7,000 insolvency filings. She reveals in the Globe interview that about half of all retired people in this country are carrying debt, “with many stuck managing two or more payments a month.”
Even so, not all of these people are getting into debt as a desperate measure. Some want to free resources for other uses and believe they have the wherewithal to manage their debt. Others are seeking to take advantage of historically low interest rates, or they are leveraging their property to pass money to their kids, so they can perhaps buy their own homes.
Contact Richard Killen
FREE No Commitment Consultation
Contact us now for a fresh start!
“Serving Toronto & the GTA for over 25 years.”
Recent Blog Posts
- Why More Canadians Are Choosing Consumer Proposals for Debt Relief and Financial Recovery
- Consumer Proposal vs. Bankruptcy in Ontario: How Income and Assets Decide Your Best Route
- Are You Managing Debt or Just Surviving It? 10 Warning Signs It’s Time to Seek Debt Relief Solutions in the GTA
- Borrowing for Home Renovations in the GTA: Questions to Ask Before Taking on More Debt and How an LIT Can Help
- Back-to-School Expenses Are Adding Up: How to Prepare Without Going Into Debt Help Ontario