Consumerism: The Ghost of Christmas Past?

Brian Pybus, CDA

We often tease about being victims of consumerism; perhaps this rings true for some of us more than others, but Christmas is one time of the year that we all recognize our consumer weakness. This could be due to a combination of things, but perhaps the greatest of these are social pressure combined with a lack of knowledge and information about the credit industry. The consequences of not recognizing these two factors can be devastating to individuals and families well past the turkey and gift opening. PeDebt Consolidation, Bankruptcy, Settlements The Debt Solutionrhaps, this holiday season is a perfect time to re-evaluate the true meaning of Christmas?

A well-known story by Dr. Suess, "The Grinch Who Stole Christmas," reminds us of what Christmas is really about. After trying to steal Christmas by taking away the gifts, the Grinch realized that the joy of Christmas was still alive. He realized then that Christmas was about so much more than gifts. The Grinch proclaimed, "It came without ribbons. It came without tags. It came without packages, boxes or bags. . . . maybe Christmas he thought doesn't come from a store, maybe Christmas perhaps means a little bit more."

With this wisdom in mind, why then do we still get caught up in consumerism? In December of 2002 alone, Canadians spent $30 billion in retail stores. This brings us to the true cost of the Christmas debt that we incur. According to Visa, British Columbian's were estimated to have spent approximately $828.00 during the 2005 holiday season. If the minimum payments are maintained on this amount alone at an average interest rate of 18% (most department stores are much higher), it will take almost 8 years to pay off and will cost $1,541.01, ($713.01 of that in interest alone).

If we are still to believe in the true meaning of Christmas and understand what the Grinch came to understand, then it would be a lot easier for us to enjoy the holiday season. Our growing Christmas list, from family and friends, neighbors, teachers, practitioners and so forth, will lead many of us to resort to the use of credit cards and lines of credit; abandoning the idea of a nice home made gift. Gifts that I remember most were: a charitable donation made in my name by my mother; smoked salmon prepared by my father-in-law; a winter sweater knitted by a friend's mother for our dog; and homemade jams made by a friend. As a working professional in the Debt Arbitration field, these gifts carried much more meaning for me, far exceeding any monetary value.

Whatever your personal beliefs about the spirit of Christmas; we all deal with the realities of financing our gift giving. Canada's Office of Consumer Affairs reports that between 1989 and 2003 our debt-to-income ratio increased from 73.8 percent to 103.2 percent, and our savings declined from 14.1 percent to 1.3 percent.

As a Debt Arbitrator and a fellow British Columbian, I challenge you this holiday season to put your credit cards away, evaluate your cash flow, and rediscover the meaning behind gift giving. Give a busy mother a jar of homemade jam, or make your neighbor a nice wooden box to put his coins and receipts in. Donate to your favourite cause in someone else's name. The possibilities are endless and will truly be appreciated. Not to mention the pleasant surprise you'll have in January when the credit card bill arrives!

And have yourself a very Merry Christmas!

Brian Pybus, CDA
K&G Debt & Credit Professionals
604-522-0194
www.kgdebt.ca

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