Are Canadians addicted to debt? - MoneySense

Are Canadians addicted to debt?

Wealthy Barber author sounds alarm on overuse of credit lines


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.