Scott Satov, CEO of Loans Canada, discusses on BNN how financial stress in Canada is mounting due to unemployment and the housing affordability crisis. Equifax Canada's latest report shows Canadians are struggling with debt, with the highest credit card balances since 2007 and a 13.7% increase in average credit card debt since Q2 2023.
Mortgage delinquency in Ontario has surpassed $1 billion, with the 26-35 age group hit hardest. Rising inflation, stagnant wages, and increasing unemployment are key drivers. Access to credit is shrinking, leading many to consider alternative financing options, but recent legislative changes are making it harder for those already in debt.
Satov advises understanding one's financial position, negotiating with creditors, and seeking professional guidance before making major financial decisions.
Learn more in the interview below.
