by the Financial Post

After 40 years working as a bookkeeper with little in the way of savings to show for it, Margaret Kelly found herself in what is becoming the new senior nightmare — mounting debt with not enough income to pay it off.

“I was putting the pickles in the jars,” says the Selkirk, Ont. woman, with a laugh, about the job at a pickle factory she was forced to take when her debt troubles got out of control. It started with a payday loan (not an uncommon place to start, credit counsellors say).

The 66-year-old, already dealing with a maxed out credit card and no money in the bank, needed $700 to pay for a car repair. She didn’t want to tell her husband about the situation so she borrowed the money.

“It was easy to slip into. I showed them my pensions going into the bank accounts,” says Ms. Kelly. “I tell you once you are in, you really are in.” (Read more)