The three main factors leading to over-indebtedness are often surprising to people. They often also take the people coming into high levels of debt by surprise. No, it’s not just high mortgages, expensive cars or luxurious vacations that lead to unmanageable debt levels. It’s being taken by financial surprise through the loss of work, an illness in the family or a separation or divorce from a spouse. As these changes happen, people manage first by going through their savings, then drawing on credit cards and other forms of borrowing until these options are no longer sustainable.
Canadians held record-high debt levels at the end of 2015. As reported by the Globe and Mail, Canadian households “held…
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