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Beware These 11 Common Debt Traps

Many times when thinking about our budget, and how much we have left-over for spending on our wants, we forget about the irregular expenses or unexpected costs that pop up. That is why having a detailed budget (with an appropriately sized miscellaneous category) along with an emergency savings fund is essential to keeping us out of debt. Let’s review some of the commonly forgotten costs that can lead to financial hot water:

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How Much Debt Can We Handle?

Part 1

Trans Union, one of the largest Credit Reporting Agencies in Canada, released a report this week informing the public that debt levels are rising, but we are managing okay. Sounds good, but, what does it mean?

The short answer: I don’t know.

How much debt people can handle, manage, or afford is really quite complex. Is it $25,000? $50,000? $100,000?

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Living Pay Cheque to Pay Cheque

Jun 4, 2013

33 percent of Canadians are Broke!

My eyes opened up wide when I heard on the Lang O’Leary show yesterday that 33% of all Canadians are living from pay cheque to pay cheque according to a survey conducted by the Certified General Accountants Association of Canada. I say that living from pay cheque to paycheque is a loud resounding danger signal that you are either broke or short of money – and probably have maxed out your credit lines and credit cards.

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WHAT PEOPLE ARE SAYING

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