Break the habit

How small changes can help reduce your debt load and improve your financial outlook.

Debt – a four-letter word that many of us know all too well. In fact, according to Statistics Canada, Canadians owe, on average, $1.78 for every dollar of disposable income earned.[1]

Whether or not you currently have debt, you likely have a good understanding of how easily it can accumulate and how challenging it can be to change spending habits. It’s no wonder, when you factor in the rising cost of living – from near-record-high housing costs to increasing child care, gas and grocery expenses – and how relatively cheap it is to borrow money, with interest rates at historically low levels. With borrowing costs so low, it can be easy for debt levels to rise. So what’s an indebted Canadian to do?

click here to continue reading