These are the reasons you’re financially stuck in a rut

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By Rob Carrick

The Canadian economy is finally starting to build some momentum – that’s why interest rates are starting to move higher. Do you feel like you’re getting ahead financially? If not, here are some fresh insights about personal finance habits that may help. They come in the form of five misconceptions about money that touch on some important themes, notably that being in debt is the new normal.

There’s no doubt that low interest rates have made us more comfortable holding debt, be it a mortgage, line of credit or car loan. But rates have edged higher in the past few weeks and could do so again. As rates rise, I’d like to see debt reduction become the new normal.

There’s reason for optimism about Canadians finally curbing their appetite for debt. In the first quarter of this year, household income rose more than debt levels.

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