Holiday debt: the gift that keeps taking

With all the bright lights and cheer of the holidays we can lose track of what’s really important – our money.

No one wants to be a killjoy, but runaway debt can really kill the joy when bills start rolling in come January.

As it stands, the average Canadian household owes $1.65 for every dollar it brings in each year. That’s way up from 20 years ago when we owed less than we made.

Sure, the high cost of housing accounts for most of the gain through mortgage debt, but according to credit rating agency TransUnion the average consumer owes $21,247 in non-mortgage debt.

And that debt can add up at a meteoric pace – especially on credit card balances. Here is a direct video link.