The Elephant in the Room: Household Debt

Posted on Posted in Burlington, Caledon, Liberty Village, Market Commentary

The Elephant in the Room: Household Debt

Deep water is much less scary if you are a good swimmer, and if you aren’t attached to a 6000kg elephant! Several Canadians are trying their best to stay above water, by seeking assistive measures to manage household debt.

If household debt is a familiar issue for you, or someone you know, we have some key strategies that may be of assistance in helping to come up for air!

1. Formulate a detailed budget and stick to it, and plan ahead each approaching payday

2. Maintain a zero-judgment, open communication policy with your household

3. Think of your credit card as a tool rather than a resource

4. If you can’t pay cash/debit, don’t buy it

5. Take a deep breath, try not to let stress take over, and seek assistance from a financial advisor if needed

If you have further strategies to suggest, or if you wish to discuss this topic further, please feel free to reach out to any of our three office locations!

Leave a Reply

Your email address will not be published. Required fields are marked *