Why Alberta has the Highest Consumer Debt in Canada

YOUR DEBT YOUR LIFE   Experiencing some level of debt is quite normal and in most cases necessary for Canadians to live full lives with families and careers. At some point you may say to yourself, I’m going to buy a house, a car and even more, some have families. Children are a huge expense and unexpected costs become a reality as you adapt to parenthood. Yes, we all know how easily personal debt can be created and accumulated and tough to get rid of. We take on credit card debt, mortgage loans and car leases and do our best to work and stay on top of our personal finances. In recent years, household debt in the homes of Canadians has steadily increased on average and the Province of Alberta has had a spotlight on it ever since. Related: What pushes people over the edge financially Today we’re looking at why newspapers and financial journalists have reported for years on the state of debt in this province since its role as an energy exporter in Canada’s economy is unique and the consequences financially have in past years seemed overwhelming. With the national average household debt ratio quite high in Canada, […]

Are You In Debt Denial?

I’m no stranger to debt denial but it’s not me who has the problem. Every once in a while I get this chill that goes down my back when my mate, let’s call him “Bobby” rings me up. I know he is broke and always wanting to borrow money so he can go to the club, pay his bills and whatever else he does with his money. The problem is he doesn’t look or act like he is broke and drowning in debt. He makes close to 6 figures a year, drives a fancy car, dresses exceptionally well, takes good care of his grooming and body and he is in his early 30’s.  He’s one of those guys you love to hate because you just don’t get him. He rolls with it, has many friends, lots of girls and not a penny to rub his nose in… but he does have credit and lots of it. As a matter of fact his credit card company just gave him an extra $3000 to spend on his already maxed out credit card. He’s the type that wants to get out of debt fast but is rubbish at managing debt. While this scenario is […]

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