51% of Canadians $200 away from not making ends meet
51% of Canadians $200 away from not making ends meet
A new report from insolvency firm MNP LTD. says more Canadians are facing a deteriorating debt situation, as high costs and elevated interest rates make it harder to pay the bills.
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When I read stats like this I'm reminded of my younger days when I was financially illiterate and didn't keep a functional budget. Credit card was always carrying a balance and I was frequently dipping into my overdraft.
I am certainly more privileged now with a half decent salary, my own house, no kids and enough in the bank keep me afloat through next month without reaching for my savings, but I know for a fact that if I hadn't gotten smarter about my spending I would not be in this position.What isn't cool, and I'm feeling it also, is how little I'm able to put away for retirement now that the cost of living is so wildly out of control. Basically all of my income is going towards bill payments and necessities, with only a small amount reserved for fun money to keep me sane and nothing left over for when I turn 65 or 80 or whatever retirement age will end up being.
What isn’t cool, and I’m feeling it also, is how little I’m able to put away for retirement now that the cost of living is so wildly out of control.
This really is the worst part. Like, sure, we might survive until “retirement age”, but then what?
Work 'til you're dead doesn't sound like motivation to keep at this pace.
It wouldn't surprise me if in the near future, people in their middle to late middle age start to get the largest credit card limits they can. Then take a dream vacation for as long as they can, and then down a few bottles of sleeping pills before they are asked to pay it off.
Then their next of kin will have to pay it.
Not sure where that would happen, but as far as I know, debt is not transfered to next of kin (or even a spouse).
God even being able to be financially illiterate feels like a privellage at this point