Has inflation increased your debt?
Inflation is now forcing some Canadians to find different ways to afford day-to-day expenses.
The amount of credit card debt among Canadians has tripled in the last two years - per Stats Canada.
Economists say lower-income Canadians are turning to credit cards with high-interest rates to pay for the necessities and now, those people need help.
Joel Grisé is a Licensed Insolvency Trustee at Fontaine and Associates in North Bay.
He told CTV News the need for his services is skyrocketing.
“The phone stopped ringing in March of 2020 and didn’t pick up until, I’m going to say January that’s just come by,” Grisé said.
“Right now I’m having a hard time keeping up with phone calls.”
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
For those who have experienced credit card debt know it is a stressful situation – but experts say it also comes with many lessons.
“We regretted it because we were in debt there for a while after racking up our credit cards,” a Sault native told CTV News.
“We went over to Credit Counseling and we used their services and paid off our debt.”
Another Sault resident said it didn’t him long to find himself “in the hole.”
“I got my first credit card, eligible up to 2,500. I maxed that out in probably three months.”
The 23-year-old is in the process of paying off that debt and said he has received some good advice since then.
“They told me whatever you spend on your credit card to just immediately pay it back with your cash or your debit,” he said.
Grisé said with the right habit changes and a plan from someone like himself, some can eliminate their debt in as little as nine months.
Though swiping or tapping a credit card may be easiest when shopping, he said it is not how financial experts recommend you do it.
“They can do more harm than good,” Grisé said.
“And if you want a little bit of education, if you use credit or debit, you’re going to spend 13 per cent more than if you use cash.”
Debt experts said that while everyone’s financial situation varies – if a person owes more than $5,000 or has been trying unsuccessfully to get out of debt for more than two years they may want to seek help and talk to an expert.
CTVNews.ca Top Stories
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
What Canadians think of the latest Liberal budget
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
Teacher shortages see some Ontario high school students awarded perfect grades on midterm exams
Students at a high school in York Region have been awarded perfect marks on their midterm exams in three subjects – not because of their academic performances however, but because they had no teacher.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
An Ontario senior thought he called Geek Squad for help with his printer. Instead, he got scammed out of $25,000
An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.
Her fiance has been in prison for 49 years. She's trying to free him before it's too late
Christine Roess is a retired consultant. Ezra Bozeman has spent the last 49 years in prison, serving a life sentence for a murder he says he didn’t commit. Against the odds, the two fell in love.