Loans Canada CEO Scott Satov joins in on the Marc and Mandy show to discuss the record level of Canadian consumer debt, currently standing at $2.5 trillion. Calling it the “Perfect Storm”, watch as Scott explains how the rise in inflation coupled with high home prices and lack of financial literacy leads consumers to risky financial decisions. To learn more, check out the video below.
Main Points of Discussion
- Canadians are holding $2.5 trillion in debt.
- Caused by high inflation and the higher cost of goods catching Canadian consumers off guard.
- Canadians struggling with their finances are accessing their home equity by refinancing to meet their financial needs.
- Coupled with low-interest rates and high prices of homes creates the perfect storm for revolving debt.
- The solution starts with solid financial knowledge and better budgeting of personal finances.
The Marc & Mandy Show on Citytv follows a married duo as they discuss home décor, food, entertainment, celebrities, and lifestyle interests.