Taming Personal Debt by Paul Sampson
I recently picked up Taming Personal Debt
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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.
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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.
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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?
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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.
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Recovering from a snowball of debt can seem nearly impossible, especially for those with only one income or even a part time income. Although there are many options – debt consolidation, financial advising, an experienced debt assistant, etc.; however it is always wise to consider all options.
1) Obtain a Second Income
One of the easiest ways to destroy debt fast is to acquire a second job, either full time or part time. Since you are already living on one income, the entire second income can be put towards your debt. Almost every debt assistant and financial advisor will suggest that you pay off the debts that charge the highest interest first, in an effort to save you from paying solely interest.
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According to a poll carried out by Investors Group, 62% of Canadians plan to retire while still being in debt. In fact, many people polled indicated that they were willing to retire regardless of whether their mortgage was paid off.
As well, the poll results indicated that Canadians seem to be worried about rising interest rates. There is a big concern right now that Canadians are taking on too much debt at these incredibly low interest rates, and then when interest rates begin to rise, it will cause many Canadian households to be under financial stress due to increased interest payments.
We as Canadians need to become more responsible for the amount of debt we are taking on. Although it may seem really affordable right now, we have to remind ourselves that we are enjoying historically low interest rates. They won’t last forever. In fact, the Bank of Canada may even increase their rates as early as June 1st.
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