I ran across an interesting article in the Globe and Mail which shows a real turnaround in our views of retirement. Are you in a similiar situation and maybe in need of advice or even a debt management plan? mydebtsolution.com has a team of experienced professional credit counsellours with the answers you need. Remember, as with any financial decision you may find yourself faced with, do your due diligence, research and be informed. 

For many of us, the promise of retirement means rest, relaxation and some time to smell the roses. But for an increasing number of older Canadians, retirement means serious debt trouble.

According to a recent study by Hoyes Michalos & Associates in Ontario, 16 per cent of debtors who filed a bankruptcy or consumer proposal were “grandpa debtors” – over the age of 55, an increase from 12.5 per cent in 2008.

From the Globe and Mail, is this a good start to the new year? Our Full Review remains the best choice for those who find themselves in financial difficulty. Low interest rates and an entrenched culture of spending are changing the face of indebtedness in Canada, driving people who already are deeply in debt – particularly those over the age of 45 – to borrow ever more, even as incomes stagnate.

A new analysis by Canadian Imperial Bank of Commerce on consumer debt shows that families that already are borrowers are driving virtually all of the increase in the country’s debt load. Much of the rise is being driven by the baby boom generation, raising concerns that a demographic group that should be focusing on saving for retirement is instead digging itself faster into a financial hole.