IT manager, 30, wants to end cycle of debt and begin path to savings

by Winnipeg Free Press


Paying off his tax debt is a top priority for Kirk in order to avoid stiff government penalties for his outstanding balances.

Kirk has a nightmarish vision of a mid-life crisis that he'd rather not see play out in reality.

"I don't want to be 45 and have a bunch of loans outstanding," says the 30-year-old IT manager. Yet every time he scrapes and claws his way out of a debt hole, he seems to jump right back into the pit.

"It usually takes me about six to eight months to pay off the cards, and then they go back up again," he says.

Kirk works full-time with a salary of about $40,000 a year, and he also has a part-time job earning another $7,000. He owes about $16,000 on two credit cards and a consolidation loan, but he also has a Canada Revenue Agency bill of $7,060. (Read more)