Is your debt load crushing you?

A recent article by CBC News reports that “Canada’s middle-class is mortgaging its future to stay afloat, making the Canadian dream “a myth more than a reality”.  Canada’s middle class ‘mortgaging its future’ with debt – Canada – CBC News.

The report refers to the impact of debt on the Canadian family and how over the last 15 years a middle-income family has only seen its earnings increase by 1.7% per year.

At a recent community event – PechaKucha in New Westminster – I had the pleasure of listening to a number of speakers, who shared their presentations of what inspires them or what they are passionate about.  The presentation format of a PechaKucha event is 8 to 14 speakers, presenting their thoughts along with 20 images; each image is for 20 seconds, for a total of 6 minutes and 40 seconds.  The presentations are fast, but powerful.  All of the speakers spoke passionately about their topics and the format of the event was very enjoyable.  

One of the speakers, Cait Flanders, spoke about her journey to become debt free.  Cait’s presentation outlined her experience of being “financially maxed out”, and how she was down to her last $100 of available credit.  She described how over a period of 2 years she worked very hard to pay off her debt, and during that time she started a blog to try to stay accountable through the repayment journey.  Cait refers to herself as a personal finance blogger, not a financial planner.  I would recommend checking out her blog –  http://blondeonabudget.ca/.  As for her presentation, one of Cait’s last comments was that she feels that personal finance needs to have a bigger spot in the BC Education system, and as a professional accountant, I agree.

 

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