“J.Y. Fores-Pimentel, a single parent in Richmond with two children, says society encourages people to think they can spend more than they earn — and gives them credit cards that make it easy to tumble into unmanageable debt.
Fores-Pimentel, 31, became caught in the debt trap but freed herself by curtailing spending and cutting up her credit cards. She moved back with her kids to her parents’ house earlier this year and has paid off everything she owed.
By living frugally, Fores Pimentel expects to have enough saved to make a down payment on her own home in about 18 months.
“You have to change your lifestyle and it’s really difficult,” she says. “But there is such a sense of freedom in being debt-free.”
- from Average British Columbians unprepared for ‘tsunami of debt-related problems’, Paul Luke, The Province, 29 Oct 2011
Can’t. Make. This. Stuff. Up.
Somebody with a net-worth of zero, sees path to fiscal responsibility via leveraging up meagre savings 20:1 and ‘purchasing’ (promising to pay-back over lifetime) a property, almost definitely a condo, for hundreds of thousands of dollars.
We’re living within a cult; the majority are brainwashed.