Inderjeet and Sonya Singh represent a growing number of Canadians feeling trapped by debt as rising interest rates have worsened their financial situation. Despite relocating to Montreal for affordability, they still struggle with mortgage payments. A new Equifax report indicates that consumer debt has reached $2.56 trillion, reflecting a 4.6% annual increase, with delinquency rates climbing, particularly in Ontario and British Columbia. Individuals are divided into those thriving amidst economic challenges and those who remain burdened by debt, indicating a need for financial stability.
"It's like people are stuck, and we are one of those who are stuck," said Inderjeet during an interview with CBC News.
"At one end of the spectrum, we do have individuals who are weathering any kind of macroeconomic storm quite well. On the other end, you have a group who really are still struggling," said Rebecca Oakes, vice-president of analytics at Equifax Canada.
"We still have a long way to go before we can start to see some sort of levelling or stabilization," she added.
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