WHY DO YOU BORROW MONEY?
The idea of borrowing money is to provide a stop-gap measure that facilitates a specific purchase or a bridge over a financially troubled time.
Unfortunately more and more consumers are using borrowed money to cover basic living expenses.
During the past four decades average Canadian family incomes have been in steady decline in spite of the fact that more families are supported by two incomes than in the past.
Taxes and living costs have increased substantially in the same time frame and many of these costs, particularly technology costs, are not reflected in consumer price indices.
Canadians can claim many top rankings against other countries including the highest taxes, the highest broadband costs, the highest cellular costs, the highest insurance costs, the highest banking costs, the highest levels of consumer debt and many more.
Is your income still at pre-crisis levels? Certainly provides pause for thought!