Did you pay some debt this year?

How are you doing? Are you getting any closer to being debt-free or are you just hanging on?

About half of the Canadian surveyed in a poll at the first quarter of 2010 said that they either gained more debt or just maintained their current debt levels.

When asked about 70% of Canadians say that they want freedom from debt as their number one financial goal. Low interest rates didn't seem to make a big difference as most respondents said they did not make an extra mortgage payment as yet in 2010.

Almost 30% said their debt actually went up with only 16% saying that they actually reduced their debt.

What sort of emergency funds do you have in place? When asked over 40% said that they would be in trouble with mortgage payments within three months if the prime income earner lost his/her job. Over 15% of these people said they'd be in trouble in one month.

If you do not have a strategy in place for setting up that emergency fund then you might meet with your financial adviser, accountant and/or banker. There is no guarantee that we won't see another down turn in the economy and this time it could hurt you a lot worse!

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