According to an article in the Globe and Mail this morning it says we are carrying too much debt in comparison to our assets. However don’t worry CIBC conomist Benjamin Tal said that it is because of the economy! So let me get this straight, we are spending more than we make, putting ourselves deeper in debt and it is not really our fault it is the economy. He is right about one thing, the economy is not as rosy as it was just few short years ago. That should not be an excuse to over do it! What people fail to realize is that we make this economy go round, and if we are forced to cut back our spending to keep up with our debt service needs, what will happen then?
The point that I am trying to make is this, we are responsible for our own situation. We are where we are because of the choices that we have made, good or bad. Some thing that I have just read recently sums this all up ” We are not our circumstances, our circumstances are us! When we change, then our circumstances change”. If we want things to change, then we must first change!