Every two years my bankruptcy firm, Hoyes, Michalos & Associates, analyzes all of the debtors we have helped in order to put a face on the average person who files bankruptcy or a consumer proposal. In what we call our Joe Debtor study we identified five dreams destroyed by debt.

BMO's recent decision to lower its mortgage rates and potentially trigger yet another mortgage price war among Canadian banks. This has triggered a debate among analysts and commentators about the merits of debt -- one outlining this week why "it's a great time for Canadians to be in debt."

Not everyone likes February. It can be cold and snowy, and it is the official start of tax season, so it is easy to see why it may get a bad rap. But the end of the month is also the deadline for Canadian employers to issue T4 slips, and they can lead to a tax refund.

There's been a rise in the pawn industry as people look to sell off personal items in order to do any number of things from pay off debts to maintain lifestyle, to grow new businesses where other financing avenues are not available to them. Here are five situations where pledging personal assets as collateral can save you money.

Women: pay attention to your disconnection from your money. The average age of widowhood is 56. Women, you need to take control. What is important to realize, as well, is that this isn't an all or nothing proposition. Many of the women who were direct investors also maintained a relationship with an advisor. You don't have to make an absolute choice to go it alone.

An overwhelming majority of Canadians say that they still manage to save for the future, while many acknowledge that they have had to cut back on both spending and saving since the economic downturn. While nine out of 10 Canadians have some form of savings, which is indeed good news, 72 per cent also carry some form of debt. But there are ways to help find a better balance between spending and saving.