Since the recent hikes in things like gas, utilities, and even our grocery bill, Canadians are trying to find ways to save their money and possibly invest it in the future. 

With credit card debt in Canada skyrocketing from a billion to over $10 billion since 2010, financial expert Donald Young underscores the urgency of debt consolidation and proper life insurance coverage, urging Canadians to reclaim financial stability.

Young says there are some reasonable ways to consolidate and even eliminate debt. 

"Your minimum credit card payments will drop, freeing up cash flow and helping you climb out of debt, invest your money, and get back on track. Then, you can consider putting proper protection in place, like life insurance."

56 per cent of Canadians have life insurance, but about 44 per cent don't over 18.

"Out of the 56 percent to do, I've come across many policies where the coverage is not what they think it is, and there is insufficient insurance. The last thing we want is a situation where we have a husband and wife working together, and an unfortunate event occurs. One of them passes away, and then the other one isn't left in a position where they can't afford it, and they end up having to sell their house and move back in with their parents or whatever the case may be." 

Young emphasizes the value of ensuring you know all of your options on how and where the best place to invest your money.

"Cutting down every expense you have is really not attainable. People still want to go to the movie theater; they want to be able to have some entertainment. You've just got to look at the money they're spending on debt and rescue that if you can. "

According to Young, given the current inflation rate, most Canadians will not have enough money invested to retire by the time they are 65.

"If they don't have a minimum of $2,000,000 of investments, they won't have enough money to retire. I think that within the next 10-15 years, we'll see the retirement age go from 65 to 75."  

Donald Young and his colleague Tyler Oesch will appear on the More Country Morning Show with Keesyn Glawson tomorrow morning (April 17) to discuss ways to invest your money while eliminating your debts. 

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