There have been reports of high money problems within Toronto (the GTA) and even further surrounding areas. People appear to be spending and spending on consumables. They spend on things that quickly fade away, such as food or even clothing. While these are obviously essential for life, there is a limit to which we need. We don’t need to be going out and spending money on fancy restaurants all the time or eating fast food all the time – I mean this specifically for people that can’t afford to do it.
Money is much better spent on investing or at the very least being poured onto the massive debt
loads people are carrying these days. According to Stats Canada, as reported in the Globe and Mail article here, consumer debt levels rose to 165.4% of debt to income. Which means come tax time, consumers will actually carry $1.65 for every $1.00 they make in income over the year. That’s debt that still needs to be paid down, let alone debt that continues to climb to finance current lifestyles.
Anyone looking to get a bit of debt relief and get themselves out of these problems is going to need to go to a bankruptcy trustee in Toronto (or surrounding area). A trustee will work with you no matter what your situation. They will advise you on any issues they see in your financial situation and help you put a plan together to get out of debt. If they believe your situation doesn’t merit bankruptcy or a consumer proposal, they won’t force it on you. Instead they will refer you to a credit counselor to take it from there with a debt management plan. Alternatively they will refer you to a financial institution if they feel you just need to consolidate your debt. That being said if that’s the situation you’re in you need to be diligent to make sure it doesn’t get any worse.
Hoyes, Michalos & Associates Inc.
8 King Street East
Suite 812 (8th floor)
There are a number of other great resources around the province of Ontario including the Bankruptcy Ontario website. If you’re interested in Ontario-specific stats and information it’s the website to visit. That being said if you’re looking for even more particular information around the city of Toronto and GTA, then you might find the Bankruptcy Toronto website a bit more useful. Both of these tools have a lot of facts and figures very relevant to the specific geography of the GTA.