December 13, 2017
TORONTO, ON - The average Canadian will spend 8 per cent more this holiday season than they did last year, and with Canadian household debt at a record high, many people will be facing significant debt levels come January.
Last week, a CIBC poll revealed that the average Canadian will spend 8 per cent more this holiday season than they did last year, spending an average of $643 on gifts and $300 on decor and entertaining.
Close to three-quarters of respondents agreed they "wish they could save more money" this time of year, while 52 per cent said they would end up spending more than they liked.
With Canadian household debt at a record high—owing $1.71 for every dollar earned—Canadians will be facing significant debt levels come January when December bill statements make their way into customers' inboxes and homes.
“We see it every year,” stated Credit Canada CEO, Laurie Campbell. “Countless people come to us in January, worried about how they will pay their holiday bills while still keeping up with their regular expenses, and these are legitimate concerns. The fact is not everyone can afford to keep up with the Jones’ these days, and if we don’t realize this sooner rather than later, we will pay for it in the New Year. It’s a recipe for disaster.”
Credit Canada has provided the following tips to help keep holiday spending under control:
For more free money management Tips and Tools, please visit creditcanada.com.
Chief Executive Officer
Credit Canada is a not-for-profit charitable service providing personal debt consolidation and resolutions, as well as free credit counselling services for people experiencing debt problems and financial distress. This includes preventative counselling, educational seminars, as well as tips and tools in the areas of budgeting, money management, and financial goal-setting. As the founding member of credit counselling in Canada, Credit Canada is a leader in financial literacy and the longest-standing credit counselling agency in the country, having helped over two million Canadians achieve financial empowerment throughout its 50+ year history.
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