Sharing Daily Discoveries About Personal Finance And Business Topics

Thinking Debt Is Normal Based On Statistics

There were quite a few reports about this Equifax case study lately that evaluates how much consumer debt people in Canada have. You can read the report at http://www.equifax.com/international/canada/documents/Equifax_Canadian_Consumer_Credit_Trends_Q3_2014.pdf

From what I gather it is emphasizing how consumer debt has grown up to a new record of $1.5 Trillion. The interesting thing I noticed was that a lot of people would look at this in comparison with their own situation and figure since so many other people are in the same boat it’s acceptable. Example, having a $10,000 credit balance is okay where they figure they don’t need to do anything about it.

In my personal view, money statistics like these can be a way a great way to educate yourself as oppose to accepting it as a standard way of life. No difference if I read a report that is health related that talks about weight issues for example. Instead of saying that’s just the way it has to be, I usually find statistics are a good way to show you what people in a certain category are doing to put themselves in a particular situation for you to avoid that. Or likewise, what specific groups of people are doing to be a good financial position that you would like to be in. Learn from it as opposed to abiding by it I say.




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