OTTAWA, Oct. 2 /CNW Telbec/ - Robert Abboud, a Certified Financial
Planner (CFP) and author of the book, No Regrets, A Common Sense Guide to
Achieving and Affording Your Life Goals wants to get the message out
-"Canadians need to worry a lot more about their own finances and stop
focusing on the financial health of the banks or stocks." "If Canadians took
the time to do an analysis of their own cashflow, they may be shocked to find
out how fragile their own finances are." Says Abboud
"Canadians have forgotten what it is like to experience a real recession.
It's been over 15 years since the last one." "There is no doubt that we are in
or on the cusp of a recession and this can prove fatal to those with too much
toxic personal debt including credit cards and lines of credits". Abboud adds
"the easy days of consolidating your debt into the equity of your home are
about to end."
In Canada, savings rates have fallen to historic lows while spending
rates are at historic highs. The combination of these two elements is
economically lethal. In the early eighties Canadians owed about $0.52 for each
dollar of disposable income, by 2008 they owed $1.30.
A typical credit card debt of $10,000 would take 20 years to pay off at
$150/month. Over the lifetime of the debt it would cost almost $26,000 in
Abboud says people need to put the brakes on and start thinking about
what they can control.
"It's time to clean up our personal balance sheets because there won't be
any personal bailouts coming our way."
Abboud's book, No Regrets, offers up a tried and true solution to this
crisis called The Envelope System. The Envelope System helps people live
within their means which is the remedy to this toxin.
For further information:
For further information: Robert Abboud, CFP, (613) 841-8550,