(Globe and Mail series on Canada's Debt Binge) A house-rich couple confronts a looming cash crunch

Vicky and Sandhya Bhardwaj are expecting their first child in August. Once their son arrives, the couple will be living dangerously close to their financial edge.

Mr. Bhardwaj’s entire paycheque ”“ he earns $73,000 a year ”“ goes toward the mortgage payments on the four-bedroom, five-and-a-half bathroom Mississauga house they bought in 2011 for $747,000. Mrs. Bhardwaj’s salary of $55,000 covers everything else, from utilities, groceries, and gas and insurance on their cars, to the interest on their two lines of credit and credit card.

“I’ve made a spreadsheet of our expenses ”¦ and right now, we are $1,000 a month short for what we will need to live on, once my wife is on mat leave,” says Mr. Bhardwaj, 39.

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