Taming Personal Debt by Paul Sampson
I recently picked up Taming Personal Debt
Browsing Tag
Debt
Sometimes it may be hard to know if you are in over your head, but if you can relate to some or all of the statements below, it is likely that you have taken on too much debt.
1. You have no savings at all.
2. You only make the minimum payments on your credit cards.
3. Your bank account is always overdrawn and you often have nonsufficient fund (NSF) fees charged to your account.
Many folks find themselves overspending during the holiday season and then they feel overwhelmed at their financial situation in the New Year. It is easy to get carried away when you keep on finding another great gift for your kids or for your spouse, but you need to know when to stop.
Since the past is now behind us, if you are in a position right now where you have overspent, do not panic. Instead, create a practical plan and put it into action ASAP in order to pay off that holiday debt.
Did you know that 6 out of 10 Canadians live from paycheck to paycheck? What’s worse is that almost 60% of Canadians would be in serious financial trouble if their pay were delayed by one week.
These are disturbing statistics, so what are we going to do about it? It is obvious that more and more of us are taking on more debt than we can manage. Is it due to greed or trying to keep up with the Joneses? What compels us to sink into so much debt?
Are you finding yourself overwhelmed by your debt load? If you are, you are not alone. In fact, according to a recent report by Certified General Accountants Association of Canada, Canadian household debt has more than doubled since 1989.
There is a short video clip on globeinvestor.com that will give you some advice on how to beat your problems with debt. Laurie Campbell, from a non-profit organization called Credit Canada, speaks with Rob Carrick about how to tackle your debt issues.