New Year’s Resolution:Canadian Debt and Tackling Personal Finances

This year’s New Year’s resolution: Tackle my personal finances in the face of Canadian debt. This should be what many Canadians are planning for 2013 but are they really? Just about everybody goes to the doctor or walk-in clinic if there’s something wrong with their health, and they take their car to the mechanic if it breaks down. If you ignored these problems your health would deteriorate and your vehicle wouldn’t run, so why would you ignore your personal finances? Statistics Paint  A Picture….. In a recent study initiated by Sun Life, 55% of  1,277 people surveyed ranging in age from 18-55+ stated they weren’t happy with their personal finances for the year 2012. Of those 1,277 people, only 30% wanted to do something about it- and yet 68% stay strangely optimistic. How can you be so optimistic for the forthcoming year and have financial woes at the same time without ignorance? Are people in denial over the amount of their debt or the fact they have debt altogether? Statistics from various sources including top Canadian banks suggest that the average household Canadian debt is somewhere in the region of $114,000, though most of that will be mortgage. I can’t see how the […]