On top of that, Canadian households now have a debt-to-income ratio of 148% in the third quarter, new Statistics Canada data show.
If that wasn't enough, Canadian household debt has risen 6.7% and our disposable income has dropped 1.5% during the third quarter of this year (Globe and Mail, Dec. 14, 2010)
As a single-income household I know that in order to fall into the debt trap I need to work to avoid paying interest to my credit card, taking out a loan to pay for a vehicle, and falling behind in my long-term savings. The burden is on me to make more money if I'd like to go on vacation. Despite complaining in the cold weather, I know that I need to contibue taking public transit to grocery shop or volunteer because my savings would take a hit if I were to purchase a car. To stretch my weekly jar money even further I know that I need to shop at a lower priced grocery store and market in the summer to keep my food costs low. I also know that I don't need a fancy umbrella, that my $12 one will work just fine.
What strategies do you use to avoid going into debt?
Read more: http://www.nationalpost.com/news/canada/Analysis+Canadian+debt+rates+continue+mount/3971673/story.html#ixzz185kCY71P
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