Recently I had the pleasure of listening to Lisa Nelson, International President of Equifax, speak to us on global trends in the economy.
Equifax is a credit reporting agency in 25 countries. Lisa brought some incredible statistics to her talk this morning. A lot of it we are well aware of and it left me feeling that I needed to reach out to you… the public, and my trusted clients.
In Canada, we have seen 10 increases to our prime lending rate which affects variable-rate mortgages. Australia and the USA saw 11 increases and the UK saw 14. One can hope we are at the top of this peak however, the jury is still out if we will see yet another increase next month.
It is not new news that our cost of living has increased drastically. A trend that Equifax is seeing is that delinquency rates are on the rise and are expected to continue to rise. Lisa pointed out that consumers who previously paid off their credit cards in full every month are now only paying the minimum payments. Their existing lines of credit which may have been used to make payments previously, are now maxed out.
Statistically, homeowners remain resilient and the mortgage payments are the last to be missed. But if these trends continue it may be too late.
I want you to know that you are not alone!
Have you been struggling to make ends meet, making only the minimum payments on your credit accounts, making late payments or missing them altogether? Please call me.
I have been doing significantly more alternative or private lending lately and I want you to know you are not alone if you are struggling. But it is important to reach out ASAP before it gets worse. My advice for helping clients out of debt or unaffordability situations is that the longer you leave it the harder or more expensive it is to get you out.
There is no shame, I’m here to help. Help me help you better, by reaching out sooner.
Reach out to book your consultation today.