Get Smart About Your Credit

Get Smart About Your Credit

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The biggest money mistakes Canadians make

When it comes to debt and spending, there are mistakes and then there are Mistakes. Small luxury purchases won’t necessarily derail your long-term financial goals, but consistently living beyond your means, amassing consumer and credit card debt, and not saving for retirement could cripple someone for years to come.

This year, the debt-to-income ratio in Canada clocked in at 1.63. Meaning for every $1 earned, Canadians owed banks, credit-card companies, auto dealerships and other lenders $1.63 in debt.

In some ways, the recession was almost too short, said Scott Hannah, CEO of the Credit Counselling Society (CCS), “because it didn’t really change our behaviours.”

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