Some debts are fun when you are acquiring them, but none are fun when you set about 
retiring them.
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Ogden Nash
Holiday debt; every year, one of the top New Year’s resolutions is to reduce debt and 2015 is no exception. In December, Equifax Canada reported that the average Canadian household was $20,891 in debt. In spite of already carrying a dangerously high debt load, many Canadians threw caution to the wind, and without a financial plan and/or a budget, they spent way too much money to burden themselves with holiday debt.
After the spending spree was over, many Canadians made New Year’s resolutions to pay off debt in 2015. CIBC did a poll on Canadian’s financial priorities for 2015 and reported the following:
- Paying off what they owe: 22%
- Building savings: 12%
- Paying bills or getting by: 10%
- Budgeting or managing day-to-day spending: 9%
No one’s ever achieved financial fitness with a January resolution that’s abandoned by February.
Suze Ormon
The reality is that January has now arrived and so have the credit card bills, with the holiday debt showing up for payment. You have no idea how you’re going to pay these bills but you made resolutions to pay them.
Without vision you don’t see, and without practicality the bills don’t get paid.
Paul Engle
You need more than resolutions and good intentions to pay off your holiday debt; you need professional help in the form of a trustee. Contact Ira Smith Trustee & Receiver Inc. as soon as possible. If you’re in serious debt, from holiday debt or otherwise, there are many options including credit counselling, debt consolidation, consumer proposal and bankruptcy. We approach every file with the attitude that financial problems can be solved given immediate action and the right plan for you. Debt is an enemy that can be conquered and Starting Over, Starting Now we can get you back on the path towards a debt free life.
Don’t let holiday debt ruin your 2015 so early in the New Year. Take positive action by contacting us today!
