The accumulation of debt has been an ongoing hardship for many Canadians, whether it’s from things like losing a job in the pandemic or trying to repay student loans.Last year, Global News reported two-thirds of Canadians with debt could not keep up with their payments or had to make sacrifices in their budgets.
For Canadians who are looking to start paying down their debt, financial expert Preet Banerjee tells the morning show there are three factors to consider.You need to look at your rate of interest to see how it impacts your expenses; you need to determine the total amount of debt you owe; and finally, you need to figure out whether your debt is increasing or decreasing.