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DROWNING IN DEBT! The New Normal in Canada!

2,113 views · Published 1 May 2017 · 8:14 · Indexed 14 November 2026

Channel: Mike Martins · 2017 · People & Blogs

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DROWNING IN DEBT! The New Normal in Canada!

"the most troubling Trend we see now that the now is a flood of regular Canadians facing financial crisis" - Mike Martins

Canada's household debt crisis is becoming impossible to ignore!

Today I'm examining an article written from the perspective of a licensed insolvency trustee, revealing what is happening behind closed doors to ordinary Canadian families, homeowners, and small business owners.

These aren't necessarily people who refuse to work or have never earned decent incomes. Many have businesses, homes, jobs, and families, yet find themselves drowning in debt!

One case involves a self-employed woman in her 50s whose business is struggling.

Her financial situation includes:

$600,000 mortgage on a townhouse

$3,600 monthly mortgage payment

$98,000 CRA tax lien

$75,000 credit card debt

$45,000 personally guaranteed business loan

$80,000 owed to suppliers

$51,000 outstanding vehicle lease obligation

Only $3,500 monthly net self-employment income

How does somebody recover from this?

The insolvency professional discusses bankruptcy as a possible solution, but it could mean losing both her home and her business.

This is what I've been warning about on the Mike Martins Channel!

People are borrowing enormous amounts of money to maintain lifestyles their incomes can no longer support.

And what happens when business slows down, interest charges accumulate, or household expenses keep rising?

I believe Canada needs better debt counselling and financial assistance resources to help families understand their options before everything falls apart.

Comment below! Are you seeing more Canadians struggling with debt?

#drowning  #debtcrisis  #householddebt  #bankruptcy  #canadianeconomy  #smallbusiness #mortgage  #workingpoor  #housingmarket  #mikemartins

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