Debt, debt, debt!, page 1

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Topic started on 11-5-2010 @ 03:31 PM by leo123

www.ctv.ca...

Canadians' household debt reaches record levels

"Canadians' debt-to-income ratio now ranks first among 20-advanced countries in the OECD and a new study suggests the recession did little to dampen the country's enthusiasm for taking on household debt."

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You just KNOW this is not going to have a pretty ending.

reply posted on 11-5-2010 @ 04:00 PM by TortoiseKweek

reply to post by leo123

I can't understand how for the love of God Canadians spend their entire paychecks - the majority that is. I see it all the time at work. I just can't do that. I have to have a slush fund and a savings strategy for the future.

I remember reading about a year ago that the average Canadian would have trouble paying their bills if their paycheck was 2 weeks late. 2 Weeks!! That's nothing. Shocked me senseless.

Tried to find the article now, but no luck. Did find this from 2007:

www.ctv.ca...

[edit on 11-5-2010 by TortoiseKweek]

reply posted on 11-5-2010 @ 04:07 PM by DrumsRfun

From your source.
Consumerism has taken hold (in Canada) and people who have access to credit, are taking advantage of it," he said.
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I am Canadian and I have no debts.
Maybe people should have made better decisions instead of living off of credit.
My philosophy is,if you can't pay cash then you can't afford it,so live by your means.

I don't feel this ressesion one bit,as a matter of fact last month I ate lobster 3 weeks in a row.

reply posted on 11-5-2010 @ 04:14 PM by leo123

I am in the same boat, no debt.

What I find amazing is the wild mortgage sizes that are being approved by the banks owing to the low interest rates.When interest rates normalize, there is going to be a HUGE number of people that will lose their homes because they no longer can afford it.

It's not a matter of if, its a matter of when.

reply posted on 11-5-2010 @ 04:30 PM by DrumsRfun

reply to post by leo123

Even when thinking about a mortgage.
If you buy a $250 000 home,there is no reason for a mortgage other then you want it NOW!!!
If I had a spouse who made 25 grand a year and I made 25 grand a year and you are in a 2 bedroom apt,the spare room could be rented out to help you pay rent and you spend as little as possible for 5 to 10 years.
You pay for the house with a money order...in otherwords...CASH.
The money sitting in the bank also collects interest for YOU not the bank.
With a mortgage the bank makes money off your purchase.

The NEED for a mortgage comes from their desire to have it NOW instead of working for it straight up and taking their time and doing it themselves.
People don't NEED a mortgage....they just think they do.
The bank does a great job making people think(or not think) that they need them.

Again I say...if you can't pay cash then you can't afford it.

It sucks people are gonna have some tough times ahead but maybe they shouldn't have blindly believed what they were told and followed what everyone else was doing.

reply posted on 11-5-2010 @ 04:48 PM by dolphinfan

reply to post by leo123

The level of debt in a society is directly tied to the level of the welfare state. If the western societies did not have massive social programs and folks would be sitting on the street with tin cans were they to waste all of their money, they would save a little more.

[edit on 11-5-2010 by dolphinfan]

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