- Target:
- Financial Consumer Agency of Canada
- Region:
- Canada
- Website:
- www.fcac-acfc.gc.ca
Canada's consumer debt is growing at a rapid rate every year. More and more Canadians are getting deeper in debt, and one-third of Canadians carry that debt well into retirement, when they are supposed to be financially stable.
It's time for the Canadian government, through the Financial Consumer Agency of Canada, to address the debt issue by launching serious and widespread consumer credit education campaigns.
I'm calling for the Financial Consumer Agency of Canada to formulate a stronger campaign on consumer credit education in Canada, as an effort to stem the growing consumer debt in the country. It is hoped that through this information campaign, Canadians will learn to control their credit-based spending and stop their accumulation of debt.
This petition comes in light of recent reports on the growth of consumer debt in Canada. As of 2014, Canada's consumer debt totals CDN$1.529 trillion, increasing by 7.7% from CDN$1.4 trillion in 2013. Canadians now have a 163% debt-to-income ratio, meaning that they owe $1.63 for every dollar they earn. Low interest rates keep driving the debt up, and Canadians are now more likely to retire in debt.
Despite reassurances from financial analysts that Canadian consumer debt is manageable, these figures are alarming nonetheless. No one can predict if the economy will take a sudden downturn, and when it does, this debt will become far from manageable at all. There's really a need for a strong campaign on consumer credit education in Canada to make the people aware of and control their spending habits so their debt won't become a burden in the future.
With much respect,
Monique Richard
Project Manager, www.creditmarvel.com
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The Create a Stronger Consumer Credit Education Campaign in Canada petition to Financial Consumer Agency of Canada was written by Monique Richard and is in the category Consumer Affairs at GoPetition.