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.