Consumer Genius Inc. Canada’s Fastest Growing Fintech Company has announced the launch of a platform strictly focused on helping Canadian consumers manage their debt loads, www.jugglingdebt.ca.
A recent study shows the average Canadian household debt remains near record high levels with the average Canadian owing close to $1.78 for every dollar earned. To put that into perspective, in 1990 Canadians owed $0.90 for every dollar earned. These debts average at approximately $23,035 per Canadian. Statistics Canada reported the total non-mortgage loans in Canada total $789.5 billion at the end of 2020.
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Tyler Ferguson is the Head of Marketing for JugglingDebt and its parent company, the Canadian FinTech Giant, Consumer Genius Inc. “Canadian households were carrying approximately $2.5 trillion in outstanding debt one year into the pandemic, approximately two-thirds of which was mortgage debt and one-third of which was every other type of debt, whether it be a loan for a car or for home renovation, credit card payment or any other monetary obligation” Says Tyler. “Our Platform, Juggling Debt, will help Canadians feel comfortable about the topic of debt, and our tools, resources and top tier debt advisors will present a multitude of options to our customers to aid in lowering, managing and in some cases eliminating their debt loads” Says Tyler.
Consumers can go to www.jugglingdebt.ca and fill out a short form to explain what kind of debt issues they are experiencing. From there, through its proprietary algorithm, the platform will then recommend the best course of action for that consumer and will put them directly in touch with the expert assigned to help them with their debt issues. This process is fully secure and confidential in accordance with privacy laws and the platform will not charge any user fees. “We realize the consumers coming to our platform are already in debt, or are concerned about their debt levels, therefore we don’t feel it is right to charge any fees to use our platforms services” says Tyler.
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Household debt has always been a topic that consumers try to avoid. The never-ending cycle of income vs expenses and then paying interest on top of your loans can lead a consumer down a very difficult path of financial recovery and go against the goal of financial freedom if not managed properly. Canada needs more platforms like Jugglingdebt.ca to help consumers with options when it comes to managing their debts, so they don’t go down a path of no recovery. Juggling Debt also maintains a fully digital process, therefore a consumer can use the platform without leaving the comfort of their own home and never has to go into a bank, lender or physical location in order to get the advice and solutions they require to help manage their debt. This process is highly convenient given today’s challenges surrounding the pandemic and the desire to maintain social distancing.
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