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Debt Outpacing Family Incomes

Posted on February 12, 2008 at 12:57 pm 
Filed Under Financial Planning, Investment Planning

A recent report stated that hourly earnings have risen yet family debt in Canada has outpaced these upward changes.

The report entitled Curent State of Family Finances stated that “Despite rising household incomes, debt has risen seven times faster since 1990. Average total debt is at $80,000 per household, equal to a record 131% of household incomes”. In addition, “A record 32% of workers aged 55 continue to work.”

Your Take-Away: It is easy to look at this report and either identify with the findings, or possibly look at them with disgust thinking that there is no way you could ever end up there. Regardless of your feelings, the answer is having a plan to either get out of debt or stay out of debt, depending on your situation of course. It is not difficult to get yourself into a position of being debt riddled, but if you have a plan in place to save for such days, it’s amazing how much of a difference that can have.

If you happen to find yourself strapped with debt and cash flow poor, a great place to start would be to check out www.daveramsey.com for further information. Feel free to contact us directly as well as we’d love to try and help you get your foundation back in place.

An old proverb says “No one plans to fail, they simply fail to plan”. I can’t help but think that in this case there is no better mantra to buy into then this one.

Until next time, have  Terrific Tuesday.

Chris

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Comments

3 Responses to “Debt Outpacing Family Incomes”

  1. Tim Ramsey on February 12th, 2008 1:26 pm

    I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.

    Tim Ramsey

  2. Financial Planning on The Finance World For News and Information Around The World On Finance » Blog Archive » Debt Outpacing Family Incomes on February 27th, 2008 11:26 pm

    […] Debt Outpacing Family Incomes A recent report stated that hourly earnings have risen yet family debt in Canada has outpaced these upward changes. The report entitled Curent State of Family Finances stated that “Despite rising household incomes, debt has risen seven times faster since 1990. Average total debt is at $80,000 per household, equal to a record 131% of household incomes”. In addition, “A record 32% of workers aged 55 continue to work.” Your Take-Away: It is easy to look at this report and either identify with th […]

  3. Koleqc on March 25th, 2008 8:12 pm

    i am gonna show this to my friend, brother

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