7 | O akville B eaver | T hursday,June 10,2021 insidehalton.com Managing personal debt could become the most im- portant financial challenge for many households. Historically the two most significant financial objec- tives were preparing for re- tirement and saving enough money to help children with the cost of post-secondary education. These two priori- ties will likely continue. However, now we have entered an era of alarming personal debt. If debt levels are out of control, it could overshadow other family fi- nancial priorities. For at least the past de- cade the federal govern- ment and the Bank of Cana- da warned us that personal debt levels were getting alarmingly high. Then along came the pandemic and many fami- lies faced harder economic times than others. Some will have assumed more debt. Recently, Statistics Cana- da reported an increase in the inflation rate to 1.8 per cent. The Bank of Canada targets an inflation rate of 2 per cent. If inflation rises above 2 per cent, the most probable way to slow down the econo- my will be to increase inter- est rates. That for some could lead to debt payments beyond their financial abil- ity. Adding fuel to the fire will be governments rolling out significant stimulus packages. This is needed to prop up lagging economies that have suffered because of the pandemic. That will likely fuel addi- tional inflation. Again, the way to fight inflation is by increasing interest rates. Acknowledging there are strong forces in our economy that could lead to higher interest rates is meant to warn families of what financial difficulties they could face. Managing household ex- penses is something you should consider carefully. Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestment- s.com. TAMING THE PERSONAL DEBT MONSTER OPINION HOUSEHOLD DEBT IS THE MOST SIGNIFICANT FINANCIAL RISK FOR SOME FAMILIES, WRITES PETER WATSON PETER WATSON Column June is National Indige- nous History Month and this year marks Canada's sixth annual Indigenous Reads campaign. Works by First Nations, Inuit and Métis authors broaden our understanding of Indigenous issues, cul- tures, and history. As we walk the path of reconcilia- tion, we must listen, learn, and be guided by the voices of Indigenous peoples. Each year my team se- lects a book by an Indige- nous author to read throughout the month, and we encourage everyone to join us. At the end of the month, we host a Zoom event to reflect on the book and discuss our reactions. The recent horrific news from Tk'emlúps te Secwé- pemc First Nation, about how officials uncovered the remains of 215 children bur- ied at the site of the former Kamloops residential school, places even more importance on hearing and valuing the words of Indige- nous voices. Incorporating Indige- nous perspectives, history and culture into all spaces as we move forward in the spirit of truth and reconcili- ation, while acknowledging the harms of Canada's past and present, is imperative to ensuring a future for our country that is equitable for everyone. In this spirit, I have cho- sen "21 Things You May Not Know About the Indian Act" by Bob Joseph this year. The book is an essen- tial guide to understanding the Indian Act and its reper- cussions on generations of Canada's Indigenous peo- ples. Joseph explores how In- digenous peoples can step out from under the Indian Act and return to self-gov- ernment, self-determina- tion, and self-reliance -- and why doing so would re- sult in a better country for every Canadian. I hope you will join us in reading the book and partic- ipating in the conversation online by using the hashtag #IndigenousReads. Follow my social media channels for details on the Zoom book club event with author Jo- seph later this month. Pam Damoff is the Mem- ber of Parliament for Oak- ville North-Burlington and the parliamentary secretary to the minister of Indige- nous Services. She can be reached at pam.da- moff@parl.gc.ca. TIME TO EXAMINE OUR PAST TO BETTER OUR FUTURE PAM DAMOFF Column sreetnuovyb nurnoitzinagro tiforp-nonasi sreppotSemirC