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Seniors Racking up Debt

Canadian seniors are borrowing more and requiring credit counselling to deal with it.

Equifax reported this past May that the debt held by those age 65 and up averaged $15,244 in the fourth quarter of 2016. This is lower than the Canadian average of $22,113 but nonetheless has increased 6.1 percent since the 2015 fourth quarter, reports The Canadian Press. And these indebted seniors are seeking help. The Credit Counselling Society states that people aged 55 and over now make up 21 percent of its clientele, an increase from five percent 20 years ago. ◊