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Developing a strategy to reduce personal debt is necessary Continued from page 8 9 · Thursday, September 6, 2012 OAKVILLE BEAVER · www.insideHALTON.com added $50 billion to household debt annually. This came from the aggressive use of mortgages, personal lines of credit and credit cards. At some point this growing debt "house of cards" will collapse and that will start when interest rates begin to rise. Interest rates fluctuate over time and our rock bottom rates will increase at some point. Add this pending reality of rising interest rates to our aging population and more of us are either in or close to retirement when our incomes decline and we still have personal debt. Recent reports show that older consumers are increasing their debt levels. For some reason, Canadians have ignored the financial misfortunes of the U.S. and Europe and continue to overspend. What is puzzling is where we are spending. My guess would be that we are increasing mortgage loans. Mortgage debt increased by seven per cent, which is high; however, the largest growth in debt was for car loans. Car loans have increased by just over 13 per cent. When people purchase real estate many are under the false illusion that the value of their house will continue to increase. Everyone accepts that cars decline in value so to stretch to buy a depreciating asset means that we have reached the irrational stage of our spiraling debt problem. It is time to tighten our purse strings. Our recommendation is for all who have personal debt to develop of strategy of reducing that debt. Create a target savings amount every month that will be used to reduce debt. Pay down the most expensive one first. Try to shift high cost debt, like credit cards, to a lower cost line of credit. Be careful, because when you free up room SEATSARE LIMITED to borrow on your credit card you might be tempted to keep spending. Discipline is key. Decide if you have the skills to fully understand your debt problem and if not seek advice. Ask your financial advisor, speak to your accountant. If needed, find someone who can help. For many of us in Oakville our growing consumer debt is going to be the cause of future financial problems. -- Submitted by Peter Watson, MBA, CFP, R.F.P., CIM, FCSI. Raymond Aaron New York Times Bestselling Author, Leading Success and Investment Coach, Syndicated Radio Personality, author of "Chicken Soup for the Parents' Soul" and "Chicken Soup for the Canadian Soul." Kevin Flynn, MPP­Oakville Do you have a question or concern relating to the provincial government? Please don't hesitate to contact me at my community office­we're here to help. working, until Raymond Aaron finally discovered... 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