By: Gary Marr | Financial Post | October 25, 2008
Read More, and see what Scott Plaskett says about debt-reduction strategies.
We have no savings, our credit cards are maxed out, the mortgages on our homes are skyhigh and we are stuck with longer car payments. Could Canadians be in any worse shape heading into a downturn?
“You’re done, you’re screwed. It’s one of the worst times to be in debt,” is the blunt assessment from Laurie Campbell, executive director of Credit Canada, which provides credit counselling for consumers.
The real problem with record debt levels as a society is that there is no way to buy our way out of a downturn, she explains…
