A recent poll done by The Knowledge Bureau is posted below, along with some of the responses from the participants. What are your feelings about debt, and how do you handle your debt repayment?
Feel free to send me an email. I look forward to hearing from my visitors!
mlabiuk@primerica.com
Poll Question:
In your opinion is debt management an important issue for Canadian families?
Total votes received: 81 80 Yes (98%) 1 No (2%)
Reader Comments
John - Yes
Responsible handling of resources STARTS in the home! I've often thought that the Provincial and Federal Finance Ministers should be housewives who have been given the task of handling the "day to day" household budget..... people who have learned you can't spend money you don't have!!!
----------------------------------------------------------------------------
Mark Morgan - Yes
I would say, from what I see, it's the number one issue for Canadian families.
----------------------------------------------------------------------------
Patricia - Yes
Canadians should get themselves more educated about credit, credit cards, the abolute folly of only making minimum payments, and many other misguided uses of credit which result in falling into a credit pit in short order. I was there; I had a line of credit but couldn't afford to make much more than the minimum required payments, since as a newly self-employed individual I was still trying to build up my business, and I ended up carrying the LOC much longer than I expected, probably a year and a half longer than expected. I also had credit card debt. Then finally I consolidated all my debts, cut down on my expenses and discretionary purchasing, and started making large payments on my LOC. To my great joy I will have it paid down completely by February or March! It's a good feeling.
----------------------------------------------------------------------------
Alan Gurney - Yes
Debt management is imortant for everyone. The only way to become financially independent is to spend less than you earn.any other attempt is futile.
----------------------------------------------------------------------------
Martin - Yes
After reasonable living expenses, you can either invest your money and build net worth; or, use it to pay interest on debt acquired to obtain items you may not need. Some debt is good, such as a mortgage on a house you can afford or a college education. Today, too many people have amassed large sums of bad debt by buying everything they want now instead of waiting until they saved the money to buy it. Credit cards are maxed out at phenomenally high interest rates and many pay only the minimum amount. Nothing is left over to save towards emergencies or retirement. With governments looking for ways to provide reduced funding towards peoples retirement, and increased responsibility of people to provide for their own retirement, there will be disastrous consequences for some, or perhaps many, without improved debt management.
----------------------------------------------------------------------------
Maureen - Yes
On the subject of debt, I see in some of my clients and others a roller coaster of concern to complacency, the former due to the fact they owe more than they can pay in the foreseeable future, and the latter due to their comfortable surroundings: their home (with a 30-yr mortgage), their new stainless steel appliances (payment not due for 18 months), new cars (loan or lease), entertainment systems, toys, the latest fashions and even travel, all paid for with loans and credit cards. Why worry about debt when we’re surrounded by lush comforts, new credit offers pouring in, and no sign of collection agencies ….yet. I scratch my head over some “encouraging” economic news posted on Monday: a 16% rise in US retail sales to $52.4 billion over the Thanksgiving weekend, $816 million of which were web sales on Black Friday; with free shipping offers who needs to go to the mall? Now here’s the kicker: “This pace of spending is very encouraging for the overall US economy, especially given the 9% unemployment.” So, increasing our debt load at great pace is “very encouraging”? Our way of thinking needs to be re-examined.
----------------------------------------------------------------------------
Enzo - Yes
This is the case in good times and bad !
----------------------------------------------------------------------------
- Yes
Debt management & debt awareness and understanding ... it isn't just about what the minimum payment is and if that is affordable VS an understanding of how much the total purchase cost will end up being overall
----------------------------------------------------------------------------
- Yes
I screwed up last year and did a lousy job of managing my finances and ended up going into bankruptcy. Nos smart - definitely need to manage youre debts.
----------------------------------------------------------------------------
- Yes
Managing Debt is absolutely an important issue.. If we allow our personal debt to become unmanageable as it did in the US we will find Canadians in the same situations our neighbours to the south did. Credit has made it so easy to busy with little regard for the concept that it has to be paid for someday. Interest rates on credit cards are ridiculously high but so few pay little regard to that. The policy of using cash has almost disappeared but by doing so for short term wants and needs, it's a makes the purchaser see where and how quickly the money is gone. Credit should be used only for large ticket items where it truly is a way of managing debt over along period of time. It's an important issue that should be raised to the forefrong of Canadian media and banking institutions before it is too late. It will be too late, too soon
No comments:
Post a Comment