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The Globe and Mail

Why do we spend more than we can afford?

Are you in debt?

Apparently, a lot of us are. To the tune of $1.41-trillion.

Canadian household debt is more than double what it was in 1989, according to a report released Tuesday by the Certified General Accountants Association of Canada. If divided among all Canadians, that's $41,740 per person in outstanding debt.

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Is this a sign that many of us simply can't make ends meet without borrowing? A result of an economic downturn we haven't fully emerged from yet? Or is this the outcome of a culture of consumption and irresponsible spending? Is having the right house, right car, right clothes worth going into debt for?

Globe personal finance columnist Rob Carrick, Globe Life columnist Sarah Hampson and Lesley Scorgie, author of Rich by 40, were online Wednesday to talk about money and why we spend more than we have.



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