Unfortunately, the same survey indicates that many are struggling to get out of debt. For example, just over half of survey respondents had less debt than a year ago. Even among homeowners in their 50’s, just 15% have successfully paid off all of their debt. For many, this can be an increasing source of stress as retirement approaches. The survey found that half of homeowners considered the idea of retiring with debt to be extremely stressful.As most of you already know, getting out of debt can be a challenge. The good news is, it’s not impossible and you’re not alone. I can help you take stock of your debt, provide you with some strategies, options and tools, and help you develop a plan for becoming debt-free – hopefully well before you’re ready to retire. If you’d like to set up a plan for becoming debt-free, please contact me at firstname.lastname@example.org or visit www.timweichel.ca.
(1) The Manulife Bank of Canada poll surveyed 2,003 Canadian homeowners between ages 30 to 59 with household income of more than $50,000. It was conducted online by Research House between March 5 and March 16, 2012. Full survey results are available at manulifebank.ca/debtresearch.