Managing Debt

It seems that even with the increase of income families are still having trouble keeping up with all of the debt that they have accrued over the past few years. The Vanier Institute of the Family released a report this week titled Current State of Family Finances in which they researched the amount of money that the average family spends, saves, their incomes, and how much debt they have.

It looks like consumers were depending on their credit cards to buy all their Christmas gifts – which they may regret in a few months. November records show that consumers took on so much debt causing credit card balances to be raised at an unusual high pace.