Canadians’ debt levels are reaching crisis proportions. The majority of Canadians are now spending much more than they make and that is a sure-fire recipe for disaster, not only for the individuals carrying that financial load, but for our entire financial system. Just look at what has happened in the U.S. We’ve been complacent about the financial crisis south of the border, thinking it could never happen in Canada and that we’re bullet proof. Crushing Debt reveals why that’s not true and just how bad it is. Trahair warns us that consumer debt is becoming an enormous and urgent problem. The average debt per household (including mortgage and credit card debt) has hit a high of $96,100. Canadians who use debt are carrying an average debt of $25,163-excluding their mortgage. And, perhaps worst of all, Canadians’ debt-to-income ratio is 148.1%. That means most of us are spending an average of 48% more than we make, and Canadians’ debt-to-income ratio is now higher than the average American’s (147.2%) for the first time in a dozen years. So be very worried that we could have a U.S.-style financial meltdown in this country. Canada’s big five banks and that Bank of Canada must be, or they wouldn’t be so concerned about getting consumer debt under control. Trahair explains why our largest financial institutions and even the federal government are so concerned that consumer debt levels are threatening the Canadian banks- and, therefore, the country’s financial survival-that they are introducing new policies to reduce debt. Most importantly, Trahair provides clear advice to those who are in debt: what the evils of debt are, real-life stories of debt disasters, and all the options for how to get out of debt hell. He also motivates and inspires readers with stories of people who have battled their debt demons successfully, showing that all is not lost and there is hope. Crushing Debt is a call to action on an urgent and debilitating problem for far too many Canadians.
Book Details:
- Author: David Trahair
- ISBN: 9781118092200
- Year Published: 2011
- Pages: 160
- BISAC: BUS050040, BUSINESS & ECONOMICS/Personal Finance / Retirement Planning
About the Book and Topic:
Canadians’ debt levels are reaching crisis proportions. The majority of Canadians are now spending much more than they make and that is a sure-fire recipe for disaster, not only for the individuals carrying that financial load, but for our entire financial system. Just look at what has happened in the U.S. We’ve been complacent about the financial crisis south of the border, thinking it could never happen in Canada and that we’re bullet proof. Crushing Debt reveals why that’s not true and just how bad it is. Trahair warns us that consumer debt is becoming an enormous and urgent problem. The average debt per household (including mortgage and credit card debt) has hit a high of $96,100. Canadians who use debt are carrying an average debt of $25,163-excluding their mortgage. And, perhaps worst of all, Canadians’ debt-to-income ratio is 148.1%. That means most of us are spending an average of 48% more than we make, and Canadians’ debt-to-income ratio is now higher than the average American’s (147.2%) for the first time in a dozen years. So be very worried that we could have a U.S.-style financial meltdown in this country. Canada’s big five banks and that Bank of Canada must be, or they wouldn’t be so concerned about getting consumer debt under control. Trahair explains why our largest financial institutions and even the federal government are so concerned that consumer debt levels are threatening the Canadian banks- and, therefore, the country’s financial survival-that they are introducing new policies to reduce debt. Most importantly, Trahair provides clear advice to those who are in debt: what the evils of debt are, real-life stories of debt disasters, and all the options for how to get out of debt hell. He also motivates and inspires readers with stories of people who have battled their debt demons successfully, showing that all is not lost and there is hope. Crushing Debt is a call to action on an urgent and debilitating problem for far too many Canadians.
Author Platform: Well known to the media, Trahair is regularly called upon to provide expert opinion and quotes. He has given hundreds of print, radio and TV media interviews over the last five years, largely spurred by the release of his previous books, Smoke and Mirrors and Enough Bull. His appearances have included CTV News, CityTV, Global News, CBC Radio One, The Globe and Mail, the Toronto Star and the Toronto Sun. He also speaks or delivers half-day courses regularly to groups such as the Certified Management Accountants Association of Ontario (CMA Ontario), CMA chapters in Toronto, Windsor and London, and the Institute of Chartered Accountants of Ontario (ICAO), to which he belongs. Shock Therapy for Canadians: We’ve been complacent about the financial crisis in the US, thinking it could never happen in Canada and that we’re bullet proof. Trahair reveals why that’s not true and just how bad it is. Newsworthy Topic: The media is full of stories pointing to the fact that Canadians’ debt problems are reaching crisis proportions. The average debt per household (including mortgage and credit card debt) has hit a high of $96,100; and Canadians’ debt-to-income ratio of 148.1% (according to Statistics Canada) is now higher than American’s (147.2%) for the first time in a dozen years. Urgent Message: Why a financial meltdown can happen here, and why Canada’s big five banks and the Bank of Canada are so concerned about reining in consumer debt. Simple, Sound Advice: Trahair offers a clear and simple plan for reducing the risk of personal financial disaster, including real-life stories of debt disasters and how to get out of debt hell.
About the Author
David Trahair is a Chartered Accountant who operates as a sole-proprietor, offering a broad range of accounting and tax services to a variety of businesses and individuals. Prior to opening his own public accounting practice, he worked for the firm of Clarkson Gordon (now Ernst he spent several years in two multi-national companies in various finance-related functions; then became part of a public accounting partnership before going out on his own. Trahair belongs to the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants of Ontario. He is a frequent speaker, appears regularly in the media, contributes regularly to financial publications, and is the author of several books. He was also a director of Credit Canada, a non-profit organization dedicated to helping people deal with credit problems, for six years.