Living on Debt

Tom Locke - Insolvency Trustee in London, Ontario
September 20, 2022

An increasing number of Canadians are living on debt.  And that should come as no surprise, after all living costs are going up exponentially.  While the fault lies squarely at the feet of the government and the Bank of Canada, we all have to live with the consequences.  Here, in London, a very average, yet struggling, small city we have discovered the following:

Average Costs for London, ON:

Rent – $2,250.00

Groceries for a family of four (in 2021) – $1,230.00

Eating out – $15.00 per person per meal family of four, once per week x 4 x 4.33 = $260.00

Gasoline and maintenance $450.00 for two vehicles $900.00

Car Insurance for two cars $320.00

Life Insurance $31 per family member – $124.00

Car Loan $539.00 per vehicle – $1,078 for two cars.

Total, we’re just getting started, and we have already reached $6,162.00 per month

With the banks recklessly issuing credit cards to people who clearly can’t afford to repay the debt (including new immigrants who don’t even have jobs) it should come as no surprise that in a country with a median income of $40,000.00 people are using credit to survive.

If you are struggling we can help eliminate debt, but we can’t help increase your income.