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Denial isn’t a river in Egypt. It’s in Canada flowing with debt.

by:
Laurie Campbell

True enough, that old joke about Egypt. But denial certainly can be found in Canada these days. It winds its way across the land as many of us continue to overspend through credit card debt and personal loans that are putting household debt levels at ever-growing record highs.

That’s not even counting mortgage debt, which also is flourishing thanks to what many experts say is an overheated housing market. Indeed, so-called jumbo mortgages seem to be no big deal nowadays in cities such as Toronto, where the cost of a single detached home is now set at more than $900,000. Our own federal government is getting anxious about these matters.

The fact is, as a people we have become so habituated to debt that we now accept it as an everyday, mundane part of life worth little more consideration than blisters and bus stops. I believe too many of us have become too comfortable with debt. As a result, we get ourselves into financial fixes by failing to come to grips with truths surrounding our spending practices and the emotional factors driving them.

For many, a rude awakening could soon be on the way, with perhaps the only sane course of action being debt consolidation through the kind of not-for-profit credit counselling services we offer at Credit Canada Debt Solutions.

As an agency specializing in debt consolidation, Credit Canada has for years counselled untold numbers of people who are in debt denial. We've seen that the afflicted almost always carry on through life with no written monthly budget. They make no effort to track spending and prioritize needs over wants. They put no thought into planning for important life goals. We see people without financial skills and with little or no consciousness of the psychology behind the way they treat money.

Need I say that debt denial can wreak havoc in one’s life. Serious debt problems inevitably follow from the refusal to face reality. Stress, fear and panic, anger, depression – they all come with the territory. It’s a landscape riddled with grief surrounded by persistent patterns of self-destructive financial behaviour and wrong-headed beliefs about money.

The problems mostly stem from what can be described as financial flash points in life. Most of us experience such flash points by degree in youth and as growing adults. The flash points consist of often painful, emotionally powerful events relating to finances that can lead to money-related disorders, with debt denial topping the list in my opinion.

Overcoming the disorder first requires recognition of it through honest self-reflection. Over time, problems can be overcome through courage, determination, and the practical application of debt management programs such as debt consolidation.

Services such as those offered by Credit Canada can have a lasting, life-long effect since we not only teach money skills, but we help sort out issues involving the flash points I mentioned. We also strongly promote self-reliance and personal responsibility.

I’m pleased to say that most who seek our aid come away believing that there’s no denying the joy of self empowerment.

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