Paying down debt is the wiser choice for many Canadians this RRSP season: Dale Jackson
BNN Bloomberg
A shocking study on debt levels should be food-for-thought for debt-burdened Canadians who are considering making a contribution to their registered retirement savings plan (RRSP) before the March 2 deadline, says Dale Jackson.
Paying down debt could be the better move.
According to licensed insolvency firm Hoyes, Michalos & Associates, Canadians on the verge of bankruptcy are carrying more debt than ever and “layering borrowing on top of borrowing”.
The study finds the average debtor not able to meet their payments owed $67,500 in unsecured debt in 2025, rising 37 per cent over the past three years.
What’s worse, the average Canadian filing for insolvency last year held 3.5 credit cards each and owed money to about ten different lenders from banks to payday loans.
The study doesn’t even include the $2.3 trillion the Canada Mortgage and Housing Corporation (CMHC) says we owe in secured mortgage debt.
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