Crushing debt : why Canadians should drop everything and pay off debt

Book - 2012

332.02402 Tra

2 copies / 0 on hold

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Community Centre	Adult	332.02402 Tra	Available
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Subject

Finance, Personal > Canada.
Debt > Canada.

ISBN: 1118092201
ISBN: 9781118092200
Physical Description ix, 149 pages
Publisher Toronto : John Wiley & Sons Canada, [2012]
Copyright ©2012

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Bibliography, etc. Note:	Includes Internet addresses (pages 142-144) and index.
Immediate Source of Acquisition Note:	LSC 19.95

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Crushing Debt : Why Canadians Should Drop Everything and Pay off Debt

by Trahair, David

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Table of Contents

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Crushing Debt : Why Canadians Should Drop Everything and Pay off Debt

Section	Section Description	Page Number
	Acknowledgements	p. ix
	Introduction	p. 1
	Where I am Coming From	p. 2
	A Word about Books	p. 3
	The World is on the Edge of a Cliff	p. 4
	It Ainâ²t Gonna be Easy, But There is Hope	p. 5
	Why I Wrote This Book	p. 6
	What You Will Learn	p. 7
Chapter 1	Debt The Snake in the Closet	p. 10
	My Own Story	p. 10
	Marieâ²s Story	p. 12
Chapter 2	Why is the Consumer Debt Crisis So Bad?	p. 16
	Human Nature	p. 16
	The Environment	p. 20
	A Financially Illiterate Consumer is a Bankâ²s Best Customer	p. 24
	Consumer Financial Education: Why is It Missing?	p. 24
	Look at What Happened in the United States	p. 25
Chapter 3	The U.S. Subprime Mortgage Disaster	p. 26
	The Perfect Debt Storm	p. 27
	My Trip to Slavic Village, Cleveland, Ohio	p. 28
	Why the Crisis Spread	p. 30
	Houses "Under Water"	p. 31
	The Current U.S. Consumer Debt Situation	p. 32
	Could the U.S. Subprime Mortgage Crisis Come to Canada?	p. 34
Chapter 4	Canadaâ²s Government Debt	p. 37
	Canadaâ²s Debt	p. 38
	Accumulated Versus Annual Defi cits	p. 40
	You Say "Deficit," I Say "Loss"	p. 40
	How Big is Canadaâ²s Debt?	p. 41
	Canadaâ²s Annual Defi cit History	p. 41
	Federal Debt or Accumulated Deficits	p. 42
	Future Federal Debt Projections	p. 42
	Ratio of Federal Debt to Gross Domestic Product	p. 45
	A Word about Provincial and Territorial Accumulated Deficits	p. 46
	Canadaâ²s Debt versus the Rest of the World	p. 47
	Debt to GDP May be a Misleading Measure	p. 48
	MGIâ²s Five	p. 49
	A Personal Health Check	p. 50
	A Health Check of Canada	p. 50
	One More Measure: Canada's Debt Per Capita	p. 54
	What's It Like to be Bailed Out	p. 55
	Perpetual Government Defi cits	p. 56
	Is a Foreign Government Default Inevitable?	p. 56
	What We Need to Do Now	p. 58
Chapter 5	Canada's Big Six Chartered Banks	p. 59
	Why are They So Worried about Household Debt?	p. 61
	An Analysis of the Big Six Canadian Chartered Banks	p. 62
	How Much Debt Do the Banks Themselves Have?	p. 66
	For A Bank, A Billion Dollar Profi t is Peanuts	p. 66
	Return On Equity-A Good Measure?	p. 68
	What about the Debt-To-Equity Ratio?	p. 69
	Why Debt is more Popular Than Equity	p. 70
	Did Canadian Banks Get a Bailout?	p. 71
	CMHC Financial Situation	p. 73
	Conclusion	p. 74
Chapter 6	Canadian Household Debt Levels	p. 76
	Canadian Average Debt Levels	p. 77
	The Line of Credit Trap	p. 79
	Been There, Done That	p. 79
Chapter 7	How to Get Out of Personal Debt	p. 81
	Itâ²s the Principal of the Matter	p. 82
	Canadiansâ² Love Affair With Debt	p. 83
	The Options to Crush Your Debt	p. 86
	Paying Off Your Debts Yourself	p. 86
	Are You a Spender or a Saver?	p. 91
	Would You Like to Earn $100 by Staying at Home and Watching TV?	p. 91
	Credit Counselling: Debt Management Program (DMP)	p. 92
	Shirleyâ²s DMP Success Story	p. 94
	Consumer Proposal	p. 97
	Bankruptcy	p. 98
	Choosing Which Route to Take	p. 102
Chapter 8	Your Credit Score	p. 109
	What is a Credit Score?	p. 109
	How to Find Out Your Credit Score	p. 109
	The Credit Reporting System is not Perfect	p. 111
	Your FICO Credit Score	p. 111
	What Determines Your FICO Credit Score	p. 112
	What Your FICO Score Ignores	p. 115
	Individual Credit Ratings	p. 115
	Warning: The Following Information Could be Dangerous	p. 116
	Credit Score Secrets You Need to Know	p. 117
	A Good Credit Score Can Save You Big Money	p. 121
	Wrap-Up	p. 121
Chapter 9	Gaining Control Over Your Money	p. 123
	How to Track Your Spending and Find the Fat	p. 123
	Analyzing Your Spending Results	p. 132
	How Much Do You Make?	p. 134
	How Big a Mortgage Could You Get?	p. 135
	The Gross Debt Service Ratio (GDS)	p. 135
	The Total Debt Service Ratio (TDS)	p. 136
	How Much Mortgage Can You Get?	p. 136
	The Government Tightens the Insured Mortgage Rules	p. 137
	What about Regular Uninsured Mortgages and Other Debt?	p. 139
	Conclusion	p. 140
	Resources	p. 142
	Index	p. 145

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