Stanley Kershman held a captive audience when he fanned out one family's 18 credit cards explaining that they were all maxed out! It can happen to anyone, he stressed, and Canadian household debt has risen by 18%. He reported an increase in bankruptcy of 19% over 2002, which doesn't include figures for December 2003. Unfortunately, more companies are sending out applications for even better credit card rates and purchasers are spending more and more. There is no quick fix he explained, and the only way to clear our debt is to be proactive - evaluate your spending vs your income, set realistic goals with a budget, stop using your credit cards, and pay off your debt by following thru with your payment schedule. Thanks to our members for their questions from the floor.
Thought for the week: The man who views the world at 50, the same as he did at 20, has wasted 30 years of his life.