One thing I’ve learnt as I have gotten older is to manage my money better.  I don’t need a lot of “stuff” to make me happy, I try to live a modest lifestyle and most importantly I live with in my means.  On my way to work this morning I read an article in the Metro and had to blog about it.  Sigh Canadians are borrowing like there’s no tomorrow and we may have a credit bubble problem too…

Marc is in charge of mortgages at a large bank, and he’s getting nervous.

“Many cases are scaring me. One customer owes $60,000 in credit card debt, and he wants to refinance his mortgage to repay it.”

Another uses his house as an ATM. “He’s refinanced his mortgage eight times. To buy a Ski-doo, a truck, a boat … The day his house’s value starts falling, this guy will lose everything.”

Is this scene taking place in the U.S.? No. In Montreal. Forget about Canada Day. Partly thanks to our politicians, we’ve all become Americans — version 2007, a few months before their economy collapsed.
Source: Metro Toronto

I don’t know what the future brings but I’m going to be sure I’m not strung out on credit (ever!) if this bubble pops!