Three Shocking Stats That Drive My Bus


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Last week I had the opportunity to attend a seminar put on by one of my colleagues in the debt elimination space and it got me thinking. “Why do I do what I do?”

The colleague of mine spent a lot of time working through the nuts and bolts of a personal debt elimination plan. It’s a pretty straight forward process when you think about it. But something he said at the beginning of his presentation struck me. He started by telling his story with debt and why he got into the financial coaching business.

When people ask me what I do this is what I generally say;

I help people get and stay out of debt so they can retire with dignity.

In most cases the conversation either dies there or moves into the nuts and bolts of how I do that. I know I have really engaged someone when they follow that up by ask me why I do it?

Here are three shocking statistics that have helped shape my determination and drive my career.

1 – The Average Canadian Household is carrying debt equivalent to 164% of their annual income.

That’s a huge number. That means by making only minimum payments they will remain in debt for over 30 years. Banks make all of their profits from the interest they charge on loans. Everything from credit cards to car loans and mortgages is essentially designed to create money out of thin air by charging interest on top of the money borrowed. The Bible calls that usury and declared it a sin because it binds people into a type of slavery. Getting out of debt is nothing short of emancipation and should be the goal of every free human being.

2 – The Number one cause of divorce in North America is money fights and money problems.

There is nothing more stressful than trying to live life with no margin. The stress debt and poor money management puts on families is tremendous. I believe that the foundation of society is the family unit, however you define it. When families are torn apart it tears the fabric of society in ways we are just beginning to understand. I want you to live an abundant life, not just financially but socially and mentally as well and the best way I know to do that is to by keeping your family strong and debt free. I’m not a marriage counselor but I can at least help you manage what for many will be the root cause of a lot of other problems.

3 – More than Half of Retired Canadians are Carrying Debt.

Retirement is supposed to be your Golden Years. A time when you can take your foot off the gas and relax safe in the knowledge that your bills are paid and you can take a well deserved “cruise into the sunset”. But increasingly that is just not the case, (see point one). Retiring with debt limits your ability to enjoy your time away from work. Living on a fixed income makes it more difficult to make extra payments, prolonging the amount of time you spend in debt and increasing the amount of money you pay in interest. Thankfully people are living longer and are able to work well into what has traditionally been considered the ideal retirement age but that’s not really a blessing. The sooner you get out of debt, the sooner you can invest and plan for the type of retirement you deserve.

So there you have it, that’s why I do what I do. Debt creates bondage, destroys families and makes it impossible for people to retire with dignity. I hate debt. Let me show you how to be free of it – forever!

For information on my 6 step plan to financial freedom write to: themeekonomicsproject@gmail.com

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