News Release

Author says Canadians should stop worrying about the markets and start worrying about the real problem: their own toxic debt.

October 9, 2008

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 interest alone!

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 more information contact:
Robert Abboud, CFP
Phone: 613-841-8550
Email: rob@wealthstrategies.com
Website: http://www.lifegoalsplanning.com/media.html

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