Our dangerous addiction to borrowing

The Toronto Star has an interesting opinion piece on our dangerous addiction to borrowing here in Canada.

As post-Christmas credit card bills invade households across the country, ’tis the season — for a financial hangover. Even before the latest orgy of holiday spending, Canadians were carrying more household debt than ever before. And all this borrowing puts us at risk of a gut-wrenching crunch.

It’s a worrisome situation. For every dollar we bring home, we owe almost $1.65, according to Statistics Canada. That puts us depressingly near the household debt-to-income ratio in the United States when its housing bubble burst in 2007.

We at Cambridge Life Solutions concur that getting a handle on your debt is key. The editorial ends with this quote: “Canadians need to get serious about ending their dangerous infatuation with borrowing.”

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