OTTAWA, Sept. 25 /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' savings rates have fallen to historic lows while spending rates are
at historic highs. The combination of these two elements is economically
Based on data published by Stats Canada, Abboud is convinced we are
facing a Spendemic. The term coined by Abboud is similar to a Pandemic but
affects our financial health as opposed to our physical health. In the early
eighties Canadians owed about $0.52 for each dollar of disposable income, by
2005 they owed $1.16.
Abboud believes Canadians don't understand how this excessive spending
will affect them down the road. "Consumers are constantly bombarded by "don't
pay a cent" or "no money down" ads. They are making it too easy to get credit.
If consumers are constantly trying to pay off their debts, how will their
retirement and life goals ever be met. I don't think people realize how long
it takes to pay off debt."
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 put everything into
perspective. Consumers should ask themselves, "Do I really need to buy into
Abboud's book, No Regrets, offers up a tried and true solution to this
crisis called The Envelope System.
For further information:
For further information: Robert Abboud, CFP, (613) 841-8550,