EP290 Affordability and Debt Management with BDO

Young Money with Tracey Bissett

As inflation pressures rise, more and more Canadians find themselves compelled to reevaluate their spending habits, seek effective budgeting techniques, and even consider additional sources of income. In this episode, Jennifer McCracken, a Partner and Senior Vice President at BDO's Vancouver office, will be joining the show to discuss BDO Canada's Affordability Index Spotlight, providing a comprehensive assessment of affordability and debt management among Canadians. Jennifer highlights the warning signs of financial distress, such as cutting back on essential expenses to meet debt obligations, particularly concerning for younger Canadians who face an alarming amount of debt. Moreover, she emphasizes the importance of improving financial literacy and breaking the taboo surrounding conversations about personal finances.

For those listeners facing tight budgets and significant debt, Jennifer offers practical advice and effective debt management strategies. She addresses the overwhelming feeling of paycheck-to-paycheck living and provides guidance on where to begin in tackling debt-related challenges. Jennifer emphasizes that individuals should not feel embarrassed or ashamed about their debt and explores the options available, including the process and considerations involved when filing for bankruptcy.

“People shouldn’t be embarrassed or ashamed about having debt.” - Jennifer McCracken

This Week on Young Money:

• Who BDO Debt Solutions are and what they do.
• The findings of BDO Canada’s Affordability Index Spotlight.
• How people are currently coping with inflation pressures.
• The current issues with debt in Canada.
• The most surprising thing found in the study.
• Advice for those on a tight budget dealing with significant debt.
• The options available when filing for bankruptcy.

Key takeaways:

1. Know your options.
2. Create a budget.
3. Understand how to deal with your debt.

Connect with Jennifer McCracken:

• LinkedIn
• BDO

Resources Mentioned:

• BDO Canada’s Affordability Index Spotlight

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