World Economy Saddled With Debt World economies entered the pandemic saddled with debt, which will hamper the pace of economy recovery. Many countries depend on consumer spending to drive their economies (about 70% in the U.S. and Canadian), and during an economic slowdown firms lay off workers who must cut spending. Still, the IMF estimates […]
Effects of COVID-19 on Canadians’ personal finances could be severe. But now might be opportune to make tough decisions to reset crucial lifestyle choices that led to massive debt build-up since the Great Recession. The federal government stepped up and is providing relief to workers and businesses to cushion the impact of job and income […]
How do you get on top of your finances when you are deep in debt? As you proceed, it seems you are digging one hole to fill another, doesn’t it? I believe by God’s grace; these seven steps might help you navigate this challenging path.
Why are Canadians acquiring so much debt and ignoring lessons from the USA’s sub prime debacle? Cheap, easy money is addictive! Besides, history would suggest that when housing prices fall and interest rates rise many people will have no problem using the victim card and blaming financial institutions, businesses, the one percent … everyone, but themselves. Still, there is hope to avoid the inevitable meltdown.
How do you budget when mired in debt? You know you have reduced to the limit; fluff is gone. Still, your financial adviser tells you budgeting is the certain, orderly path to debt freedom. Try this three-tiered budgeting approach to emerge from debt gradually, with a strong foundation.
Like the rest of society, Christians continue to accumulate debt to buy stuff to satisfy various wants. The Bible provides key passages that each of us need to heed. Daily we should recall Luke 12:15 (NIV).
There is good news and bad news about the household debt trap. The good news is, it is accepted generally by policy makers that Canadians are carrying too much debt. The bad news is Canadians aren’t heeding warnings. Also, we do not hear much about the need for Canadians to start lifestyle changes to lower debt. Here are a few suggestions.
Two of my favourite quotes are from Einstein: “Insanity is doing the same thing over and over again and expecting different results.” And, “We can’t solve problems by using the same kind of thinking we used when we created them.” Canadian and US Governments are bent on proving Einstein wrong! Prolonged low interest rates fueled unprecedented greed by corporate executives and individuals, feeding off each other. Executives gambled with shareholders’ funds knowing there was no downside for them, but phenomenal upside.