Consumer Debt up 8% in MB, Arguments for Carsharing

Manitoba Consumer debt (which includes vehicle debts, but excludes mortgages) is up 8% according to credit monitor TransUnion. This means Manitobans are spending more than they make.

Owning and operating a car in Canada costs an average of $8,000 per year according to CAA. In order to own a car, a budget of around $700 is required every month to pay for loan payments, gas, insurance and maintenance expenses. Some households even have more than one car.

On average, carshare members pay 14% (less than $100) of that per month – and they don’t pay for the carshare when they don’t use it (unlike a car).

Choosing to live close to work or school, using alternate modes for regular transportation and being able to keep costs stable (as member Shauna argues in her Member Profile) are all ways to keep your debts low, Manitoba!Shauna