CREDIT is like a looking-glass, which when once sullied by a breath, may be wiped clear again; but if once cracked can never be repaired. — Sir Walter Scott 1771-1832, British Novelist, Poet
Things have certainly changed in the world since the Victorian era when Sir Walter and his contemporary Charles Dickens plied their literary trade in the mean streets and grand salons of London. But it seems that credit and debt were major issues then too – just as they are today.
In the story The Old Curiosity Shop, Dickens graphically portrays some rather unsavoury scenes of British debtor prisons, and of the infamous system of indentured servitude, where people would work off their debts as virtual slaves. Today, fortunately, there are a few more options available to us when we start running into trouble with debts and credit!
WHAT ABOUT CANADA IN 2009?
Debt is a huge problem for Canadians, a problem that is only getting worse as the economic downturn continues to reverberate through the lives of ordinary working people. I definitely see this in my own practice, but this fact is also born out in recent studies across the country. The Ontario Association of Credit Counselling Services has reported a 25 to 30% jump in clients over the past three months. It turns out that more than half a million Canadians are behind on their credit payments. British Columbians, for example, saw a 27% increase in average delinquency rates. More and more Canadians are using their credit cards and lines of credit to finance day-to-day expenditures… and the bills are starting to add up! The Certified General Accountants Association of Canada tells us that, as of May, the total national household debt in Canada is at an all-time high of, get this, $1.3 trillion.
YOU ARE NOT ALONE!
Short of signing up as an extra on a Charles Dickens movie, what can the average person do when faced with mounting personal debts and a sense that they are losing control? The good news is that you don’t need to face this challenge alone. Help is available! If you are finding there is more month than money at the end of the month, you are not alone. Many of my clients are surprised to find out just how much it costs to make ends meet – and that’s not even for any luxuries. People are finding their whole pay is going to cover the rent, bills, groceries and the occasional dinner out. What about holidays, retirement savings and paying down debt?
KNOW YOUR NUMBERS
So what can you do? Well, the first step is to get real about your numbers. What does it really cost you to live? And how does that compare to your earnings? Is there anything left over for savings, goals or debt? Many people dread the thought of tallying up all their expenses, but I say it’s where the magic begins to happen. Once you know your numbers you might be surprised and how easy it is to start to take charge. I have seen people make amazing changes to their spending and their finances, once they are aware of their numbers.
THE SOLUTION
If you want to learn more and are serious about taking control of your money and handling your debts then let me offer you a simple solution — a solution that has already helped hundreds of other women. Take a few short minutes to check out the course that I offer called: Sheila’s Debt Free Challenge. Not only will it help you develop a spending and savings plan that works for you, it will also help you get out and stay out of debt! The program is designed for women just like yourself. It is simple and effective – and it works!
THE OPPORTUNITY FOR YOU
If you are curious and want to learn more – check out Sheila’s Debt-Free Challenge for more information or to enroll.
STAY TUNED – I’ll be offering a Debt-Free Challenge Preview Teleclass on Monday October 5th. Details to follow!