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Study shows Canadians are living with debt denial Dollars & O Sense itself. New research could mean Canadians are more destined to fail nancially. Canadian insurance company Manulife Financial released information last week that should be a cause for concern. People who owe money often do not think they are in debt. If the brain does not register the fact they have debt, then how is it likely they will ever be motivated to pay off that debt? ur changing attitudes towards personal debt are potentially more nancially destructive than the debt terest rates will mean many will not be able to afford their debt payment obligations. Guest Contributor 19 | Thursday, December 11, 2014 | OAKVILLE BEAVER | www.insideHALTON.com Peter Watson This is not as much of an issue now but when these historically-low interest rates creep up and approach more reasonable levels, the carry costs brought on by higher in- Debt major cause of nancial hardship My opinion is high personal-debt levels will be a major cause for nancial hardship. The hardship will be felt by a large part of our population and will be signi cant enough to hurt the Canadian economy. According to the research, 27 per cent of Canadians consider themselves debt free even when they have a mortgage. Slightly less, at 23 per cent, considered themselves debt free when they have a car loan. Finally, 11 per cent did not consider they had debt when they had borrowed on their line of credit. How is this possible? During recent years, our federal government have given many signi cant and clear warnings about the high personal-debt levels of Canadians. There have also been strong warnings from the nancial media. It appears the negative government and media opinions on the evil of debt have caused a denial and now many people are see Canadians on p.20 ents itamins, Supplem e selection of V g r a l a ry r a c We and Herbs! 0 2 Everything with Rewards Program % OF F COLD D&F FLU REE F DELIVERY * exceptions apply Prepare for the Walker's PICKS TOP Season! www.walkersvitamins.com ( South of the QEW, East of Trafalgar ) 511 Maple Grove Drive, Unit #11 Oakville (289) 837-3591 Some things you retire from. Others you retire to. Discover Amica Mature Lifestyles' newest retirement residence, currently under construction in the heart of Bronte Village. Amica at Oakville will offer a care-free, all-inclusive lifestyle featuring first class accommodations, amenities and services. We invite you to find out more and reserve your suite soon. CALL TODAY! Discover our unique approach to Wellness & VitalityTM today. Now reserving for Summer 2015 occupancy. All-Inclusive Retirement Living · www.amica.ca Amica at Oakville 160 Bronte Road, Oakville, ON 905.842.8167