Canadians should focus on paying off debt this spring: financial experts
Posted Mar 29, 2016 7:09 am.
Last Updated Mar 29, 2016 7:16 am.
This article is more than 5 years old.
The arrival of spring has a lot of people thinking about home renovations, buying a new car, or taking a vacation, but in these tough economic times, that could be digging them into an even bigger hole of debt.
BDO Insolvency Trustee Jordan Day tells 660 NEWS, some people forget to put needs ahead of wants, and that’s dangerous at a time of record household debt and surging unemployment in Calgary.
“Wants sometimes need to be put off to the side, not completely avoided, we still need to live and enjoy life, but perhaps we need to be a little more responsible for it. If we do have debt, perhaps we need to come up with a plan to tackle that debt.” Day said.
He’s hearing from a lot of people in Calgary who either used to get a lot of overtime and that extra pay has dried up, or who have been laid off, and didn’t put enough money aside to get them through until the economy picks up again.
