We’re all another year older, and as the old song goes, deeper in debt. The latest measure of household debt by Statistics Canada shows the average household owes nearly $1.64 for every dollar it earns in a year.
In the 1990s we owed less than a dollar for every dollar we earned but the creeping culture of consumerism has most Canadians living beyond their means.
Late in the year credit rating agency TransUnion reported the average Canadian consumer owes $27,355 – not including mortgages.
2014 could be a year of reckoning for many – a time to say no to the things we want, and perhaps good-bye to some of the things we have. Read More…