Price of the basics becoming overwhelming
Posted May 26, 2011 6:44 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Could you realistically live without your car? What if ditching it was the only way to feed your family?
As the price of essentials — like gas and food — continues to soar, one credit counselling service is busy helping people overwhelmed by the cost of the basics.
“Owning a vehicle can’t be taken for granted anymore,” explains Jeff Schwartz with Consolidated Credit Counselling Services of Canada. “We’re speaking to people on a regular basis that are spending $300-$500 a month on gas.”
“If you go to the gas pumps to fill up your car, it certainly seems like it’s turning into a luxury, especially with what we’re spending,” he adds.
With the Consumer Price Index up, energy costs rising over the last year, and debt-to-income levels stagnant, Schwartz’s warning is clear: We need to keep paying down debt in order to survive in this economy.
He acknowledges new debt is growing at a slower rate, but adds we can still save more by cutting coupons for groceries, carpooling to work, and opting for ‘staycations’ over road trips.