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By MoneySense Staff on May 27, 2011
Estimated reading time: 1 minute

Are Canadians addicted to debt?

By MoneySense Staff on May 27, 2011
Estimated reading time: 1 minute

Wealthy Barber author sounds alarm on overuse of credit lines

This article is 14 years old. Some details may be outdated.

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Canadian personal finance author David Chilton is releasing an updated version of his 1989 best-seller The Wealthy Barber –The Wealthy Barber Returns – this fall. In it, he repeats his golden rule: save more by paying yourself first. But, two decades later, he says another message needs emphasizing: spend less. It’s not enough to pay yourself first if you’re also jumping to take on lines of credit that banks are pushing, he says. It’s a bank’s job to try and get you to take on a line of credit and it’s the government’s job to keep you spending – but neither of those two things is going to help you retire with money.

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