Canadian Seniors are Struggling with Debt

A new report released today, shows that non-mortgage debt among Canadian seniors is growing. According to Equifax, non-mortgage debt is on average $15,244 for Canadians over 65-years-old. These figures have been echoed by representatives from Credit Counselling Society, who claim that the number of seniors seeking help from their organization has grown to 21 per cent of their client base, which is up from the only five per cent from 20 years ago. Larry Moser, a divisional manager at BMO InvestorLine, says it’s important for retirees thinking about borrowing money to understand how they are going to pay it back or if they are going…