Crushing Debt: Why Canadians Should Drop Everything and Pay Off Debt Paperback – Nov 1 2011
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From the Back Cover
DEBT is everyone's problem.
If you're an average Canadian, you've got about $24,000 worth of consumer debt, making only minimum payments is the norm and you consistently spend more than you make. You probably don't even know how poorly you're really doing. And yet you're still being offered more easy credit. Even if you think you're doing alright, there's more to debt than just the personal cost. Debt is stressful. It can be embarrassing. And the consequences can be devastating.
Canadians are intrinsically linked to their financial institutions. Banks make a lot of money based on people's debt, and the longer personal debt lasts, the more money banks make. But if too many people get in too deep and default on their debts, the banks will default on their obligations as well. And if the banks default, it becomes the deeply-indebted government's problem to bail out the institutions. And that means it's a problem for everyone. What currently exists is a storm cloud of debt that will be hanging over future Canadians for generations, and we, as individuals and as a nation, need to take control immediately and start living within our means.
In Crushing Debt, author and educator David Trahair guides readers through the problems with debt, how different kinds of debt relate to each other, the traps many people fall into, and how to identify and solve any personal debt problems. With the world's economy in such a mess, getting debt-free is the best defensive strategy you can use. Taking care of your finances now by getting rid of your debt will allow you to protect what you have and build for the future.
Is debt scary? Undeniably. But it's time for Canadians to face their fears and crush their debts.
About the Author
David Trahair is a Chartered Accountant, speaker and author. He currently operates his own public accounting firm and gives seminars on his books to CAs in B.C., Alberta, Saskatchewan, Manitoba and Ontario. He frequently appears in the media, contributes regularly to financial publications, and is the author of several books, including the bestsellers Enough Bull and Smoke and Mirrors. He was also a director of Credit Canada, a non-profit organization dedicated to helping people deal with credit problems, for six years. www.trahair.com
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Top Customer Reviews
An accountant by trade, David opens the book with a personal story of his own debt "wake-up call." As a successful young professional, Trahair didn't pay much attention to the balances on his business and personal credit card accounts until the day his cards were declined as he was about to pay for a business lunch. Excusing himself from the table, he went to make a call to get a credit limit increase and was denied. That was the day he decided to turn his financial life around.
Trahair wrote the book after researching the rising tide of personal debt in Canada coupled with stagnant and declining income. He explains how personal debt, government debt and bank debt impact each other with dire consequences for the banks and the government if more and more consumers become unable to keep up with their debts. Trahair presents and excellent overview of four different methods for getting out of debt, with the advantages and disadvantages of each. The book also includes helpful tips for managing your own credit score and an excellent presentation of how to use Microsoft Money and other tools available at online banking sites to track spending, the first step in dealing with crushing debt. Invest a little time in reading this book and you will come away with an understanding of why our current debt levels are dangerous and how the average Canadian can improve their own financial situation.
Our pride and vanity works against our own best interest. It apparently works against the interests of those who govern us, too. The book has fascinating summaries of how our various governments and banks have handled themselves over the last few years. While Canadian governments and the chartered banks are not in as bad shape as others, they could quickly fall apart if they don't correct their course.
Chapter Two teaches that you should spend less than you make. A simple bit of wisdom that is not applied by many people. You don't need this book to teach you that, yet we continue to ignore it. All of the debt statistics in this book have continued to grow as of the time of this review. While the book has an obvious and large target audience of people who are struggling with debt, I would highly recommend this book to people who aren't in debt. For example, this book would make a priceless gift to any teenagers in your life that have shown a desire to understand how debt operates in Canada. Reading and absorbing these lessons will give them a huge advantage over their peers that will take terrible financial advice from people who haven't studied these subjects.
David Trahair provides a variety of tools for you to study your own situation and explains each element. As a reader, I appreciate his approach.Read more ›