Paisley Abbey gargoyle 4Are we just fooling ourselves.? Sure you’re carrying a balance month to month on your credit card, have car payment and a substantial mortgage on your house. But this is normal, right?

No, not necessarily. There’s a good chance you’re fooling yourself. While carrying a balance on your credit card may be par for the course these days, consumer credit rate site RateSupermarket did a poll of 6,000 Canadians and discovered that “27.5% of respondents [were] wrong in how they perceive their debt, with 22% mistakenly believing they owe less than the national average.”

According to RateSupermarket editor Penelope Graham, “Canadians want to believe their credit habits are sustainable and responsible. However, 42% of those who believe their debt is on par with the average are actually carrying more than the norm.”

The flip side of this is that 35.4% of people polled believed they had too much debt when it was actually lower than their peers.

An infographic put together by RateSupermarket points out that the average credit card debt in Canada is $2,627 and that 46% of people who believe they have normal credit card debt have balances exceeding $8,000.

Apparently it’t time for many of us to take a reality check. To overcome debt denial, it’s time to look at your real numbers in black and white. Check your credit card statements, loan papers and bills in arrears and put down on paper how much you owe whom.

You’ll be surprised. Many of us underestimate the size of our debt. Then prioritize your debts by size and urgency and start paying them off.

If you find that the size of your debt has become overwhelming, you may need some sound advice. Come in to a free first meeting at Richard Killen & Associates. We will assess your situation and give you your options.

You’ll know exactly where you stand and what you can do about it. There will be no need to fool yourself.