Monday, August 29, 2011

Canadians Unrealistic About Debt Freedom

Most Predict Debt Freedom In 10 - 15 Years

A recent survey conducted by CIBC showed that most people tend to predict they will be free of debt within 10 - 15 years, regardless of what age group they occupy. For example people in the 18 - 24 range felt they would be debt free by 32, and the 35 - 44 group chose  54. Only 35% of the people surveyed between 55 and 64 were actually debt free.

I have noticed an ad on the telly for a life insurance company which is actually presenting a term life policy as an option to consider to clear your debt when you die. I am not sure whether to laugh or cry to think that life insurance is an acceptable plan for getting out of debt.

You have to wonder just what kind of a society we have constructed these past 50 years or so and what it would look like if you removed consumer debt from the picture. There would be no grossly overpriced homes on the market or shiny new pieces of tin in the driveway every four years or so. You could kiss goodbye to all those 'must have' electronic gadgets we would all perish without. Student debt of thousands would be a thing of the past as would the designer clothes and all those meals out.

Of course we would then be pretty much at a loss of what to do with all those unoccupied people who would be hanging around with nothing to do. What did we do with them before? I only pose the question I don't pretend to have the answer. I will leave those answers to all those highly intelligent guys and gals we have appointed to taking care of such issues ....... how they doing so far??

It seems that the world's answer to the BIG debt issues are to simply borrow more money and pay off debt with even more debt. Enough for now, I think I am getting a headache!


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