13% of British Columbians Say They Will Never Be Out of Debt
One in 10 British Columbians say they will never be out of debt.
This comes from a survey conducted on behalf of MNP Ltd.
Licensed Insolvency Trustee Jeane Herman says the number one cause for debt is your credit card. "If we accumulate so much debt that we can only make the minimum payment, even with budgeting, we're going to have to look at are there other solutions for dealing with debt. That's when people might call our office to go 'I need help, I can't do it.'"
Herman says it's extremely important to stick to a budget.
She recommends setting monthly allowances for spending on things like groceries, eating out, and shopping.