{"product_id":"crushing-debt-isbn-9781118092200","title":"Crushing Debt","description":"As the majority of Canadians are now spending much more than they make, their debt levels are reaching crisis proportions. Excluding mortgage debt, the average Canadian owes over $25,000 in consumer debt, which poses massive risks not only for the individuals carrying that financial load, but for our entire financial system. In \u003ci\u003eCrushing Debt\u003c\/i\u003e, bestselling author David Trahair (\u003ci\u003eEnough Bull)\u003c\/i\u003e warns Canadians that consumer debt is becoming an urgent problem but one that can be solved.  \u003cp\u003eTrahair clearly outlines the evils of debt and how easy it is for debt to spiral out of control with examples of real-life stories of debt disasters. If you are a Canadian who is already struggling with debt, \u003ci\u003eCrushing Debt\u003c\/i\u003e will motivate you to face your financial problems and will show you step-by-step the most appropriate solution to getting out of your personal debt hell. Filled with proven advice, \u003ci\u003eCrushing Debt\u003c\/i\u003e is a call to action on an urgent and debilitating problem for far too many Canadians.\u003c\/p\u003e  Acknowledgements ix  \u003cp\u003e\u003cb\u003eIntroduction\u003c\/b\u003e 1\u003c\/p\u003e \u003cp\u003eWhere I am Coming From 2\u003c\/p\u003e \u003cp\u003eA Word about Books 3\u003c\/p\u003e \u003cp\u003eThe World is on the Edge of a Cliff 4\u003c\/p\u003e \u003cp\u003eIt Ain't Gonna be Easy, But There is Hope 5\u003c\/p\u003e \u003cp\u003eWhy I Wrote This Book 6\u003c\/p\u003e \u003cp\u003eWhat You Will Learn 7\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1—Debt: The Snake in the Closet\u003c\/b\u003e 10\u003c\/p\u003e \u003cp\u003eMy Own Story 10\u003c\/p\u003e \u003cp\u003eMarie's Story 12\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2—Why is the Consumer Debt Crisis So Bad?\u003c\/b\u003e 16\u003c\/p\u003e \u003cp\u003eHuman Nature 16\u003c\/p\u003e \u003cp\u003eThe Environment 20\u003c\/p\u003e \u003cp\u003eA Financially Illiterate Consumer is a Bank's Best Customer 24\u003c\/p\u003e \u003cp\u003eConsumer Financial Education: Why is It Missing? 24\u003c\/p\u003e \u003cp\u003eLook at What Happened in the United States 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3—The U.S. Subprime Mortgage Disaster\u003c\/b\u003e 26\u003c\/p\u003e \u003cp\u003eThe Perfect Debt Storm 27\u003c\/p\u003e \u003cp\u003eMy Trip to Slavic Village, Cleveland, Ohio 28\u003c\/p\u003e \u003cp\u003eWhy the Crisis Spread 30\u003c\/p\u003e \u003cp\u003eHouses \"Under Water\" 31\u003c\/p\u003e \u003cp\u003eThe Current U.S. Consumer Debt Situation 32\u003c\/p\u003e \u003cp\u003eCould the U.S. Subprime Mortgage Crisis Come to Canada? 34\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4—Canada's Government Debt\u003c\/b\u003e 37\u003c\/p\u003e \u003cp\u003eCanada's Debt 38\u003c\/p\u003e \u003cp\u003eAccumulated Versus Annual Defi cits 40\u003c\/p\u003e \u003cp\u003eYou Say \"Deficit,\" I Say \"Loss\" 40\u003c\/p\u003e \u003cp\u003eHow Big is Canada's Debt? 41\u003c\/p\u003e \u003cp\u003eCanada's Annual Defi cit History 41\u003c\/p\u003e \u003cp\u003eFederal Debt or Accumulated Deficits 42\u003c\/p\u003e \u003cp\u003eFuture Federal Debt Projections 42\u003c\/p\u003e \u003cp\u003eRatio of Federal Debt to Gross Domestic Product 45\u003c\/p\u003e \u003cp\u003eA Word about Provincial and Territorial Accumulated Deficits 46\u003c\/p\u003e \u003cp\u003eCanada's Debt versus the Rest of the World 47\u003c\/p\u003e \u003cp\u003eDebt to GDP May be a Misleading Measure 48\u003c\/p\u003e \u003cp\u003eMGI's Five-Part Framework to Assess the Sustainability of Leverage 49\u003c\/p\u003e \u003cp\u003eA Personal Health Check 50\u003c\/p\u003e \u003cp\u003eA Health Check of Canada 50\u003c\/p\u003e \u003cp\u003eOne More Measure: Canada’s Debt Per Capita 54\u003c\/p\u003e \u003cp\u003eWhat’s It Like to be Bailed Out 55\u003c\/p\u003e \u003cp\u003ePerpetual Government Defi cits 56\u003c\/p\u003e \u003cp\u003eIs a Foreign Government Default Inevitable? 56\u003c\/p\u003e \u003cp\u003eWhat We Need to Do Now 58\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5—Canada’s Big Six Chartered Banks\u003c\/b\u003e 59\u003c\/p\u003e \u003cp\u003eWhy are They So Worried about Household Debt? 61\u003c\/p\u003e \u003cp\u003eAn Analysis of the Big Six Canadian Chartered Banks 62\u003c\/p\u003e \u003cp\u003eHow Much Debt Do the Banks Themselves Have? 66\u003c\/p\u003e \u003cp\u003eFor A Bank, A Billion Dollar Profi t is Peanuts 66\u003c\/p\u003e \u003cp\u003eReturn On Equity—A Good Measure? 68\u003c\/p\u003e \u003cp\u003eWhat about the Debt-To-Equity Ratio? 69\u003c\/p\u003e \u003cp\u003eWhy Debt is more Popular Than Equity 70\u003c\/p\u003e \u003cp\u003eDid Canadian Banks Get a Bailout? 71\u003c\/p\u003e \u003cp\u003eCMHC Financial Situation 73\u003c\/p\u003e \u003cp\u003eConclusion 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6—Canadian Household Debt Levels\u003c\/b\u003e 76\u003c\/p\u003e \u003cp\u003eCanadian Average Debt Levels 77\u003c\/p\u003e \u003cp\u003eThe Line of Credit Trap 79\u003c\/p\u003e \u003cp\u003eBeen There, Done That 79\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7—How to Get Out of Personal Debt\u003c\/b\u003e 81\u003c\/p\u003e \u003cp\u003eIt's the Principal of the Matter 82\u003c\/p\u003e \u003cp\u003eCanadians' Love Affair With Debt 83\u003c\/p\u003e \u003cp\u003eThe Options to Crush Your Debt 86\u003c\/p\u003e \u003cp\u003ePaying Off Your Debts Yourself 86\u003c\/p\u003e \u003cp\u003eAre You a Spender or a Saver? 91\u003c\/p\u003e \u003cp\u003eWould You Like to Earn $100 by Staying at Home and Watching TV? 91\u003c\/p\u003e \u003cp\u003eCredit Counselling: Debt Management Program (DMP) 92\u003c\/p\u003e \u003cp\u003eShirley's DMP Success Story 94\u003c\/p\u003e \u003cp\u003eConsumer Proposal 97\u003c\/p\u003e \u003cp\u003eBankruptcy 98\u003c\/p\u003e \u003cp\u003eChoosing Which Route to Take 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8—Your Credit Score\u003c\/b\u003e 109\u003c\/p\u003e \u003cp\u003eWhat is a Credit Score? 109\u003c\/p\u003e \u003cp\u003eHow to Find Out Your Credit Score 109\u003c\/p\u003e \u003cp\u003eThe Credit Reporting System is not Perfect 111\u003c\/p\u003e \u003cp\u003eYour FICO Credit Score 111\u003c\/p\u003e \u003cp\u003eWhat Determines Your FICO Credit Score 112\u003c\/p\u003e \u003cp\u003eWhat Your FICO Score Ignores 115\u003c\/p\u003e \u003cp\u003eIndividual Credit Ratings 115\u003c\/p\u003e \u003cp\u003eWarning: The Following Information Could be Dangerous 116\u003c\/p\u003e \u003cp\u003eCredit Score Secrets You Need to Know 117\u003c\/p\u003e \u003cp\u003eA Good Credit Score Can Save You Big Money 121\u003c\/p\u003e \u003cp\u003eWrap-Up 121\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9—Gaining Control Over Your Money\u003c\/b\u003e 123\u003c\/p\u003e \u003cp\u003eHow to Track Your Spending and Find the Fat 123\u003c\/p\u003e \u003cp\u003eAnalyzing Your Spending Results 132\u003c\/p\u003e \u003cp\u003eHow Much Do You Make? 134\u003c\/p\u003e \u003cp\u003eHow Big a Mortgage Could You Get? 135\u003c\/p\u003e \u003cp\u003eThe Gross Debt Service Ratio (GDS) 135\u003c\/p\u003e \u003cp\u003eThe Total Debt Service Ratio (TDS) 136\u003c\/p\u003e \u003cp\u003eHow Much Mortgage Can You Get? 136\u003c\/p\u003e \u003cp\u003eThe Government Tightens the Insured Mortgage Rules 137\u003c\/p\u003e \u003cp\u003eWhat about Regular Uninsured Mortgages and Other Debt? 139\u003c\/p\u003e \u003cp\u003eConclusion 140\u003c\/p\u003e \u003cp\u003eResources 142\u003c\/p\u003e \u003cp\u003eIndex 145\u003c\/p\u003e \u003cb\u003eDavid Trahair\u003c\/b\u003e is a Chartered Accountant, speaker and author. He currently operates his own public accounting firm and gives seminars on his books to CAs in B.C., Alberta, Saskatchewan, Manitoba and Ontario. He frequently appears in the media, contributes regularly to financial publications, and is the author of several books, including the bestsellers \u003ci\u003eEnough Bull and Smoke and Mirrors\u003c\/i\u003e. He was also a director of Credit Canada, a non-profit organization dedicated to helping people deal with credit problems, for six years. www.trahair.com  \u003cb\u003eDEBT is everyone's problem.\u003c\/b\u003e  \u003cp\u003eIf you're an average Canadian, you've got about $24,000 worth of consumer debt, making only minimum payments is the norm and you consistently spend more than you make. You probably don't even know how poorly you're really doing. And yet you're still being offered more easy credit. Even if you think you're doing alright, there's more to debt than just the personal cost. Debt is stressful. It can be embarrassing. And the consequences can be devastating.\u003c\/p\u003e \u003cp\u003eCanadians are intrinsically linked to their financial institutions. Banks make a lot of money based on people's debt, and the longer personal debt lasts, the more money banks make. But if too many people get in too deep and default on their debts, the banks will default on their obligations as well. And if the banks default, it becomes the deeply-indebted government's problem to bail out the institutions. And that means it's a problem for everyone. What currently exists is a storm cloud of debt that will be hanging over future Canadians for generations, and we, as individuals and as a nation, need to take control immediately and start living within our means.\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eCrushing Debt\u003c\/i\u003e, author and educator David Trahair guides readers through the problems with debt, how different kinds of debt relate to each other, the traps many people fall into, and how to identify and solve any personal debt problems. With the world's economy in such a mess, getting debt-free is the best defensive strategy you can use. Taking care of your finances now by getting rid of your debt will allow you to protect what you have and build for the future.\u003c\/p\u003e \u003cp\u003eIs debt scary? Undeniably. But it's time for Canadians to face their fears and crush their debts.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989009416421,"sku":"NP9781118092200","price":19.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118092200.jpg?v=1761782417","url":"https:\/\/k12savings.com\/products\/crushing-debt-isbn-9781118092200","provider":"K12savings","version":"1.0","type":"link"}