Personal Debt

What is debt? If you are visiting this site you may or may not be aware of the various types of debt. Debt refers to any money that you owe to someone else. This could be to the bank, to a credit institution, or even the government. Being in debt can mean different things depending on your own personal situation.

Personal debt, or consumer debt, is any credit that is still outstanding (meaning you owe it). Personal debt is owed by an individual. Most people incur personal debt when financing big ticket purchases like a home or a car, while others accumulate personal debt by using their credit cards to pay for other goods and services like food, entertainment, travel, clothing and more…

Personal debt is different from household debt – although household debt includes personal debt. Household debt is the total amount owed by those in your household and includes both personal debt and other debt like mortgages.

Some common forms of personal debt are loans, credit card balances, lines of credit and even payday loans. These credit products are often financed at a prescribed interest rate or by charging a fee. Interest may compound monthly, annually, semi-annually and even daily. Before taking on any debt it is important to understand the type of interest being charged and how it compounds as this will make a huge difference to your bottom line. Car loans are another example of personal debt.
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Having personal debt is very common; as of the end of 2012, the average Canadian carries a personal debt load of just over $27 000. That being said, not everyone is in the same boat as far as getting out of debt or being able to handle their personal debt.

Does having too much personal debt affect your credit? The short answer is yes. Getting out of debt is important for various reasons, especially if you are finding yourself in the position where monthly payments are difficult or being missed. Having too much personal debt can also harm your ability to secure future financing. Too much debt on your credit report can be a red flag for financing companies and will reduce your credit score, so getting out of debt is crucial if your overall personal debt load is high.

Requesting your credit report is a smart way to not only see the amount of total personal debt that you have but also to see how that debt is affecting your credit. Please click here for more information on credit reports and how to check your credit score.