Today's guest is David Trahair, Chartered Professional Accountant and author of several books about personal finance including the book we talked about today: Crushing Debt: Why Canadians Should Drop Everything and Pay Off Debt. David makes an excellent case for why consumers should pay off their debts rather than save money.

David explains that most of us have bought into the dream that we can have anything we want because debt allows us to do that. This is particularly true in today's tempting low interest rate environment. But as David points out, things can change, and not for the better. A prime example of this is what happened in the US housing market melt-down of 2008 - 2009. And it looks like it's happening again in Fort McMurray. So many Canadians earning a good income, taking on huge debt only to find that, suddenly, their economic circumstances took a sudden u-turn.

Find out more on today's show.