WINNIPEG – The Christmas trees may be down but the gifts that were under them still need to be paid for.
“It’s all on my credit card, still working on paying it off… it’s a task,” said shopper Erin Buchanan.
And she’s not the only one struggling.
Stats Canada says last month the country’s household debt-to-income ratio was pegged a 162 per cent, meaning for every dollar Canadians made, we owe $1.62.
“People aren’t planning ahead for starters,” said credit counsellor Sandra Fry. “I mean we’re in a buy now pay later society right, so it’s far too easy for us to put it on credit and not think about it.”
She suggests shoppers make a holiday budget and stick to it — like this woman. Now her Christmas is complete paid off.
“We say we’re going to spend $1,200 and that’s all we’re going to spend,” said shopper Tanis Kydd. “So we kind of categorize how much we’re going to spend on each member of the family and then once we do that then we follow through.”
Now that we’re in the depths of winter, a lot of Manitobans are looking at piling on even more debt, booking a warm weather getaway down south, to beat the winter blues.
“Those are the nice to haves… that’s not a necessity,” said Fry. “That’s something that should come after… balancing your budget and paying your debts down.”
A new year’s resolution that’s easier said than done for many.
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