How Much Debt Is Simply Too Much?

Are you simply drowning in #debt ?  If it's taking more than half of your income to manage your debt you might not be in control of your finances the way you really believe you are.  If Canadians are going to learn how to manage debt responsibly they have to educate themselves on how to build and manage a responsible budget. When you carry too much debt on your plate then you run the risk of being viewed poorly by major banks and other financial lenders--something that every Canadian should strive to avoid.

Too much debt impacts your ability to get many kinds of loans too, those like: car loans, financing for a home, line of credit, credit cards and so much more. Too much debt simply puts one's life in a financial crisis.  Also, even Canadians with a large amount of assets can be carrying around too much debt, but here we are going to help Canadians learn how much debt is simply too much, while at the same time give some tips to help avoid incurring more. Our main aim is to help retiring Canadians learn to swim before they drown in debt! , without seniors retiring in Canada with excessive debt on their shoulders. Currently, Canadians are retiring with approximately $13,800 in debt, while many have a savings that is simply not sustaining.  Reversing this issue and ensuring financial success is the ambition here.

Reversing The Debt Of Canadian Seniors For Financial Success

With 1/3 of Canadians retiring with debt, managing and eliminating debt truly is necessary, and really ideal if reigned in before retirement.  Most retiree's have to adapt to a set income when they retire and too much debt can become stifling. For many Canadians, paying debt during retirement comes from pensions and other savings, which can really aggravate other financial priorities.  However, with a great financial strategy in place, this all can be better controlled.  These below tips and techniques can help those Canadians minimize and even eliminate their debt so they can have a more practical and manageable cash flow.


It might be wise to have a financial advisor to help you get lower interest costs on existing debt. This will help you pay off the debt faster and gain a little more wiggle room financially.

• Everyone should take advantage of free budgeting tools that show potential toward making financial management easier.  Many of these offer free spending alerts which can help you stay on your budget.
• Consolidating debt might be wise for retirees, though not as ideal for those still in the workforce.  This can lower a monthly payment to help Canadians have more leniency with cash flow.
• A reverse mortgage is another viable option for those who are in the "low income" bracket, but it is recommended that repayment is not deferred.  This can alleviate a great deal of stress for those on fixed income.
• Everyone needs to have realistic long-term financial goals if they are going to live comfortably when they retire.  Having a budget planned out for 20 years can make more sense than waiting to do so afterwards.

My Canada Payday is an online payday loan company operating in six provinces.