Consumer Debt at a Record $1.4 Trillion

Overall consumer debt in Canada has hit a new record this month, increasing 4.5% from the third quarter of 2013. In the last year, credit card debt has risen 5.9% while installment loan debt (like personal loans with AAR Financial or car loans) has increased 11%. Installment loans are the preferred method of borrowing due to the fact that there is a time limit applied to the loan. It doesn’t last forever. In contrast, credit card debt has a tendency of never going away, and credit card companies (supported by the major banks) are very aggressive in growing their portfolio size without any care of how it is ruining the lives of Canadians by getting them stuck in debt that doesn’t go away while making minimum payments.

When the need arises to borrow money, always look towards personal loans. AAR Financial provides personal loans in Winnipeg and surrounding areas with terms of no more than three years. By getting a loan with AAR Financial, you’re not stuck paying only interest on your debt, and you can rest assured knowing that you will pay off this debt within three years.

Say No To Credit Card Debt!