Holiday debt hangover looms

After the Christmas spending binge, a growing number of Canadian households dread the arrival of their credit card statements and the ensuing and often crippling holiday debt hangover.

There is a convergence of factors making this January and 2013 in general unlike any other previous January or year. Canadian debt to income ratios are at a historic high, the tentative American fiscal cliff and European governments’ debt load management melded with declining house prices, which represent most people’s primary asset, makes for a delicate economy.

If you’re fearing the arrival of a credit card bill filled to the brim with holiday excess, it doesn’t need to be crippling. At Cambridge Life Solutions, we’ve been working with Canadians to eliminate their credit card debt, and we’d be happy to work with you.

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