How Much Credit Card Debt
Even though credit card debt is a way of life for
most North American families, it’s still
something that most would rather avoid. Over
the course of several decades, the interest
alone adds up to thousands and thousands of
dollars, and some people are never able to find
their way out.
The average amount of household credit card
debt shows that it’s an issue that is probably
here to stay.
According to a story on CBC, the average Canadian
credit card debt was around $3500 toward the end of
Credit cards generally have the highest carrying costs
among popular forms of consumer debt, and the
$3500average was actually down slightly from the year
Canadian still carry relatively high overall debt loads,
with less global financial bad news and slightly higher
job rates as possible reasons.
For Canadians, the average for borrowing on lines of
credit is around $34,000.
However, even though the average debt levels seem
high, delinquency levels are low for all different forms of
According to a report in Forbes citing a study conducted
by NerdWallet, the American average for credit card
debt per indebted household was around $14,500 in
Across all households, the average was about $6700.
There was a drop in both categories from 2010 to 2012,
but it was due in part to credit companies writing off
seriously delinquent debts.
Avoiding financial trouble in the first place is the key to
keeping your credit scores intact, but that’s sometimes
easier said than done.
Here are some warning signs that you may be headed
• Inability to make credit payments on time
• Harassing phone calls from creditors or collection
• High balances on one or more cards
•Paying only the minimum each month
•Using savings for daily expenses
•High stress levels caused by debt
If you find that two or more of the common warning
signs apply to you, it’s probably a good time to take
some action so you can avoid a financial disaster.
Will Debt Management Help?
Many people with financial issues take advantage of
debt management programs to help even it all out.
When you use a debt management program, highly
trained counsellors help you organize your finances and
create a plan for you to follow.
With an organized plan, you can regain financial
stability faster and avoid bankruptcy altogether. Of
course, the only way to know for sure if it will help your
situation is to make an appointment and ask.
Tips to Keep It Under Control
Here are some tips to help you keep your credit card
debt and overall financial situation under control,
especially if you’re in a debt management program:
• Always make your payments on time
• Try to pay more than the minimum
• Don’t apply for any additional forms of credit
• Don’t miss any counselling appointments
• Keep all your personal information up to date
SOS Dettes is a non-profit, charitable credit counselling
agency providing services in Quebec. For more
information on their services, visit
They are located at 6070 Rue Sherbrooke Est Montréal,
QC H1N 1C1 Canada +1 514-375-0138.