High Priced Debt Hell In Calgary, Alberta?

Opulent High Priced debt hell in Calgary, Alberta...

I got an email from a lady in Calgary who described her basic financial situation to me.. I cringed. ( Living in Regina, I don't quite get how so many people can live in high priced Calgary ).

I've changed the details to keep this persons identity anonymous.

Here is what this lady wrote in point form..

• Single mother
• Living in Calgary, Alberta
• Recently divorced
• Three children
• House valued $550,000 - mortgage $350,000
• $75,000 in consumer credit including auto, credit cards etc
• Husband declared bankruptcy

As you could see, this could make anybody depressed.

I can imagine that there are thousands of couples quietly struggling in the booming city of Calgary. Every thing starts out fine when you first move there... However, you get into the life style, buy some consumer items, buy that nice house that you expect to live in for ever and settle in..

After a few years, when the dust has settled and the original romance with that lifestyle settles, you're stuck with huge debts and are getting pretty tired of trying to live with them...

USE THE EQUITY TO PAY OFF DEBTS
I hope that this single mother will make some decisions to clear off her debt... If she's got $200,000 in equity, she could sell her house, pay off her debts and move to a less expensive city.

While it's nice to live in a nice house.... if it's costing you your health and well being, it's just not worth it.. Things happen unexpectedly, such as divorce, bad health, loss of job etc that put your financial situation out of whack.. At that point, it's best to get back to ground 0, get out of debt and get back in control of the situation.

STAY IN CONTROL OF YOUR DEBT... PEACE OF MIND
If you're living in high priced, but lovely Calgary, Alberta.. I hope that you're doing well and staying out of debt.. Make sure that you keep your debt very controllable in case you run into an unexpected situation.

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3 Comments
On Feb 2, 2009, colleen underwood Said:
HI I ama reporter at CBC radio in Calgary and I am looking to speak with someone who is having to find a part time job now to help pay off mounting debt...in today's economy... thanks
On Sep 6, 2007, Monty Loree Said:
Hey Kay, That's rough. I'm going to start taking a hard stance on this topic... You need reserve funds. People need to save money and develop reserve funds. Stop buying things you don't need, simplify your life and start building up reserve funds. Saving up money will give you peace of mind and will help out practically should you suffer from a job loss , or any unexpected financial loss situation.. That's the hard truth that nobody wants to hear.
On Aug 31, 2007, Kay A Said:
I live in Calgary as well and face the same thing.. My husband lost his job, which paid really well, and we were easily able to maintain our debts and bills... Now we're stuck with a big mortgage, credit cards, car debts and it's frustrating as hell. I'm sure my husband will get a job quickly, however, it's been a few months and we're using up our reserves quickly. We've grown accustomed to our life style, and it's eating up our savings very quickly.