It’s the time of year for making resolutions, and paying down debt and getting our finances in order is close to the top of the list.

But most research shows that resolutions don’t stick. That’s why BDO Debt Solutions recommends getting the year off to a fresh financial start by creating a 2024 Financial Plan instead.

Nancy Snedden, President of BDO Debt Solutions, says it’s time to check with a financial advisor when 40 per cent of your after-tax income goes toward debt. Household debt is at an all time high with the average Canadian household applying 15 cents of every after-tax dollar to service debt.

Everything is continuing to rise in cost such as food prices, gas, interest rates. So it’s no surprise to her that people have to utilize debt in order to increase their income each month.