Laurie Campbell, Executive Director of Credit Canada says “It is becoming more evident that many Canadians simply do not know, or don’t follow, the golden rule of financial management – do not spend more than you earn.”
Well, apparently this is a lot harder than it seems, with 37% of Canadians paying only the minimum required amount on their credit card each month.
Has keeping up with the Joneses gotten out of control? Are we such simpletons that this is actually the root cause of the problem? Credit crisis or spending crisis? If we could eliminate all advertising and product marketing for a month, would that curb our spending enough to gain back control? Or more feasibly, could we all be like Sarah Lazarovic just for one month? Have I asked enough rhetorical questions?
According to her website, Sarah loves clothes but had recently decided to forego shopping for a year, inspired by none other than designer Vivienne Westwood. Instead, she will repair old clothes and write about new clothes. July 11th, 2008 marked a slight relapse after nearly 16 months of dedication, but it appears she is recommitted to the pursuit.
Since December is damn near impossible to refrain from frivolous spending unless you are Judith Levine, let’s commit to making November the month we avoid any non-Maslowian spending (assuming one’s esteem doesn’t stem from material possessions). This nicely coincides with Credit Education Week Canada presented by Credit Canada.
Credit Canada is a non-profit charitable service that has assisted thousands of people with credit counselling and debt management programs since 1966. Credit Canada is a member of the Ontario Association of Credit Counselling Services and a Charter Member of Credit Counselling Canada.