www.insideHALTON.com | OAKVILLE BEAVER | Thursday, December 31, 2015 | 8 C Canadian debt is a risk, time for the government to lead ting ready to say "it was not our fault"? Is Ottawa attempting to shift the blame to greedy consumers on a consumption binge? Let's start with the basics. The use of personal debt, including mortgages, has many advantages. These advantages can turn into negatives if excess debt is used. Debt comes with two obligations -- lenders pay interest and eventually the principal debt has to be repaid. At a certain point, too much debt will cause great economic hardship. For many years, the Department of anada's continuing conversation on excessively high household debt levels is getting hypocritical. Excess personal debt has been a topic in the media for many years. Debt is still a problem, but it is time to view the danger of debt from a different perspective. The more you look at the problem of increasing debt, the more you realize it is turning into a public relations battle. Who is to blame? Is our federal government predicting a national economic collapse under the weight of excess debt and are they get- Dollars & Sense Guest Contributor Peter Watson Finance and the Bank of Canada have preached the soundness of a more conservative strategy of using less household debt. Excessive debt is a risk to individuals. FREE Happier Holidays from Maid Right. Our Unique Services SM SPECIAL HOLIDAY CLEANING OFFER CLEAN Schedule 3 cleans, get the 4th free* *Receive the 4th of four cleans at no charge up to $150 value. Offer does not apply to prior services and is not transferable. Applies to new customers only. 289.809.9823 · Oakville.MaidRight.com A domino effect of too many consumers defaulting on their personal and mortgage loans could have negative economic repercussions for Canada's fragile economy. Earlier this month, Ottawa introduced another measure aimed at slowing down the red-hot housing market. Finance Minister Bill Morneau introduced small restrictions on mortgage borrowing. For the sake of simplicity, let's acknowledge that too much debt is an economic risk for individuals and our country. Also, we should acknowledge household debt is at historic highs. The debt conversation needs a reset. The problem is not just with Canadians, but it includes the Canadian government. Our federal debt is approaching $700-billion and Ontario owes approximately $300-billion. If our federal government thinks excessive debt is that bad, it should stop pointing the nger at us and look in the mirror. Governments are part of the problem and it is about time for politicians to provide leadership into better scal management of our country. Stop worrying about the consumer and get your own house in order. For individuals to have nancial prosperity, we have to properly manage our money. Our task is to earn money, manage our debt and invest, so we can achieve our nancial objectives. see Hoping on p.9 Store closed December 25 to December 27. Open Dec.28 @9a.m. ©2015 Maid Right Franchising LLC. Maid Right and JAN-PRO International are subsidiaries of Premium Franchise Brands LLC. SAVE Starts December 28/15 LARGEST APPLIANCE STORE OAKVILLE'S · Filtered Ice & Water System & Cantilever Shelves *Limited Stock, Floor Stock and Uncrated Stock. First Come, First Served ALL APPLIANCES ON SALE BOXING SALE DAY SAVE For the way it's made. 476 KERR ST., OAKVILLE (JUST SOUTH OF SPEERS RD) 905-845-2933 www.oakvilleappliance.com SAVE APPLIANCES 1400 OVER TO CHOOSE FROM! Panasonic MICROWAVES ON SALE · Stainless Steel Washer drum SAVE SAVE