Rising Household Debt and Insolvencies: How Homeowners Can Take Control

Canadians are facing growing financial pressures. Consumer insolvencies rose 10.6% nationwide, and bankruptcies jumped 19.1%, signaling that many households are reaching a breaking point.

Homeowners are especially impacted. Rising living costs, stagnant incomes, and existing mortgage commitments can make it challenging to stay on top of monthly obligations. For some, this financial stress can escalate to insolvency if not addressed proactively.

Why Homeowners Are Feeling the Squeeze

Rising Cost of Living: Everyday expenses are increasing faster than incomes in many regions.

Existing Mortgage Obligations: Monthly payments can become harder to manage when debt levels rise.

High-Interest Debt: Credit cards or personal loans add to financial strain.

How Refinancing or a Mortgage Review Can Help

Even under pressure, homeowners have options to regain control of their finances:

1. Mortgage Refinance to Reduce Payments

Refinancing your mortgage can lower your monthly payments, consolidate higher-interest debt, or free up cash flow for other needs.

2. Review Your Mortgage Options

A mortgage review can help identify better rates, flexible terms, or payment strategies to fit your current financial situation.

3. Plan Before Financial Stress Peaks

Proactive planning is key. Taking action before insolvency or bankruptcy occurs can preserve your financial stability and protect your home.

Take Action Today

Rising insolvency rates are a warning signal for Canadian homeowners. By exploring refinancing options or reviewing your mortgage, you can:

Reduce monthly payments

Consolidate high-interest debt

Improve financial flexibility

Protect your long-term financial future

If you’re a homeowner feeling financial pressure, I can guide you through the process and help you make informed decisions to reduce stress and regain control.

📞 Contact Me

514‑651‑2395
📧 gmacris@dominionlending.ca

🌐 www.georgemacris.ca