The Certified General Accountants Association of Canada (CGA-Canada) in a recent report said that household debt in Canada has hit a record high of $1.5 trillion, leaving certain households in a "dire" situation. Even though Canadians have cut back on consumer spending in the first quarter of 2011, many continue to struggle with their daily living expenses.

1. Canadian Debt News Synergy debt group – Volume 1

2. The Certified General Accountants Association of Canada (CGA-Canada) in a recent report said that household debt in Canada has hit a record high of $1.5 trillion, leaving certain households in a "dire" situation. Even though Canadians have cut back on consumer spending in the first quarter of 2011, many continue to struggle with their daily living expenses.

3. If household debt was spread evenly across all Canadians" the report continues, "a family with two children would owe an estimated $176,461, including mortgage costs. The financial situation of certain household groups (retirees, single-parent families, and households with an income of $50,000 and less) is much worse than the average and continues to deteriorate.

4. More than half of indebted Canadians are borrowing money just to meet their day-to-day living expenses.

5. Many Canadians are discovering financial independence from consumer debt by utilizing debt management programs such as those offered by Synergy Debt Management of Scarborough, Ontario.

6. These management programs are tried and tested methods that allow consumers to apply their funds to the principal of their credit cards, and other unsecured debts, thus avoiding the Minimum Monthly Payment trap where funds are applied to skyrocketing interest rates.

7. These debt reduction programs result in less damage to the consumer's credit and actually improve their financial situation. Synergy Debt Management provides each customer a personalized one on one service that offers sound financial education to enable them to solve their financial problems quickly in both the short and long term.

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