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The crushing burden of millennial debt

Last Updated Jun 24, 2019 at 5:20 am PDT

Money is removed from a bank machine in Montreal on May 30, 2016. A new report by Canada's central bank says Canadians favour cash payments over digital ones, especially for smaller sums of money. The Bank of Canada report, based on two surveys conducted by the bank in 2015 and 2013, found 51 per cent of transactions were made in cash in 2015, with debit cards coming next at 31 per cent and credit cards last at 19 per cent. THE CANADIAN PRESS/Ryan Remiorz

CALGARY (660 NEWS) – Is debt a crushing burden for you or just the new normal?

Many people are stressed about their finances but not scaling back on their vacation plans.

Jordan Day, senior vice-president with BDO Canada Limited in Alberta, says it has been a rough couple of years.

“We’ve gotten used to living on credit,” said Day. “We’ve been able to afford to do that in the past, and so rather than look at our debt the way that previous generations have — which was to get rid of it — we’ve become okay with it.”

Day adds sticking to a budget, avoiding the credit card to pay for a summer holiday, and upping your monthly payments are all great ways to slash debt.

“If you increase the payment, even by a little bit, it’s amazing how many years you can shave off your mortgage simply by paying a few extra dollars each month,” he said.