Death and taxes are certain; but serious debt is optional. The importance of budgeting and living debt free cannot be overstated. In our last two blogs – Is the Ultimate Indignity to Bankrupt a Deceased Person Part 1 and Part 2, we discussed the problems that can arise when there is debt and death. Sixty-seven percent of Canadian adults don’t understand what will happen to their debt when they die, according to a recent survey from the Lawyers’ Professional Indemnity Company. Don’t let your debt haunt future generations. Of course there are times when disaster strikes – serious illness, unexpected loss of a job, divorce – but most serious debt is directly related to consumer spending. According to BMO:
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- 59% of Canadians recently surveyed say they shop to cheer themselves up; mood-lifting impulse purchases cost Canadians $3,720 a year.
- Canadians plan on spending an average of $3,073 on summer travel this year. People can get carried away on a trip and splurge on things they would never otherwise spend on.
- Technology sucks people into to spending on the latest and greatest innovation; whether or not they need it.
Almost 50% of Canadians who have credit card debt say they always or often carry an outstanding balance, according to a survey by Harris/Decima. It may surprise you to know that 1 in 20 Canadians report that they will never be able to fully pay off the debt.
Debt can have far reaching effects, but it’s something that we don’t often stop to think about in the course of living our lives. In addition to affecting your ability to borrow, did you know that:
- You can be turned down for a job because of negative items on your credit report.
- The stress of serious debt can create a myriad of health problems.
- One of the major causes of the breakdown of marriages is serious debt.
Starting Over, Starting Now you can make the changes in your life required to live a debt free life. If you are overwhelmed by serious debt, contact Ira Smith Trustee & Receiver Inc. today. We can help.
