Most Canadians comfortable with their debt

# 93 per cent believed paying down debt is more or just as important as saving for the future.

source

Additionally, three-quarters of respondents believed they were in better shape with their non-mortgage debt than their friends and neighbours.

"The majority of Canadians feel confident that they are in a better debt position than everyone else, but the reality is that effectively managing credit takes discipline and proper planning," RBC vice-president of personal lending Richard Goyder said.

The results are based on an online poll of 2,000 Canadians conducted from August 18 to 23.

Really now they feel comfortable with their debt? with high unemployment?

Who are these people? With the high unemployment, I would like to know who are these individuals who are comfortable with their debt. I can tell you, it is certainly not me.

Im not speaking for everyone, but I think...

As Canadians we think that somehow we are better off to deal with things then americans are. Im not going to argue for or against. I think in some ways we are already used to paying high prices for things, so inflation isnt so scary to us..

(seriously... weve been paying over 4 dollars a gallon for gas for the last 5 years... get over it already)

but I think it is also dangerous to be too cocky.. so who knows

PS... for me, putting money in my savings, or on my credit card, is the same thing. to answer your question. dealing with debt is just another way of saving,

really we are! this is news to me....altho i dont own a credit card and never will my debt works just like a credit card online but it takes money i actually have over money i dont but i promise to pay back....


but aside from that i dont agree with taking money i dont have and saying yeh ill pay you back MORE for giving it to me...if i dont have it to spend then i dont have it... but thats a whole other story but as for canadians i dont speak for everyone but when i talk to friends in the states about are prices n tax's and i say yeh its between 14-16% which is where it generally sits they go WHAT! we pay like 7% or w.e im not sure how each state works....but anyways id say we are just used to a higher tax n price so when things go up we go aww hell and we learn to cope we dont go OMFG WE ARE SO F*D.....but at this point n time with high unemployment and the cost of living going up and nothing else helping off set it i think the world in general is feeling it...not just americans and canadians. but as history shows will climb out of it and things will get better then go down hill then back up ect its a cycle...

Originally posted by osirys
Im not speaking for everyone, but I think...

As Canadians we think that somehow we are better off to deal with things then americans are. Im not going to argue for or against. I think in some ways we are already used to paying high prices for things, so inflation isnt so scary to us..

(seriously... weve been paying over 4 dollars a gallon for gas for the last 5 years... get over it already)

but I think it is also dangerous to be too cocky.. so who knows

Canada has one of the worlds most free-market economies. Therefore, its in a much better position in the US to handle debt.

Originally posted by seachange

Originally posted by osirys
Im not speaking for everyone, but I think...

As Canadians we think that somehow we are better off to deal with things then americans are. Im not going to argue for or against. I think in some ways we are already used to paying high prices for things, so inflation isnt so scary to us..

(seriously... weve been paying over 4 dollars a gallon for gas for the last 5 years... get over it already)

but I think it is also dangerous to be too cocky.. so who knows

Canada has one of the worlds most free-market economies. Therefore, its in a much better position in the US to handle debt.

You're blowing smoke. NO IT DOES NOT! Canada has enormous corporate monopolies in banking, communications and natural resources. You have no clue! There are legal laws limiting competition by licensing and designation. In the states, it was possible to open a bank with little overhead, but in Canada it is almost impossible. In communications, they have major monopolies making new start ups virtually impossible. The same goes for natural resources.

What safe guarded Canada somewhat from the global economic meltdown was the lack of competition and heavy banking regulations. It's a great country with a lot of land and resources to sell, but it all depends who you are.

What also makes Canada a wonderful country is it's social support policies for it's public. It is more socialist than the US. There is nothing wrong with supporting the poor and helping them financially, medically and educationally. Limiting support only erodes the fabric of society between those who have and those don't and are not given a chance like in the US. The obvious is true, Canada had a social support policy in affect for many decades and come the financial crisis they're not in serious debt like the US with a badly broken social support policy. I bet there are many in the US who hated support social programs for the poor but now need the support themselves. Canada is an example to the world that heavy regulation and good social support programs make a better country in the hard times.

reply to post by seachange

Therefore, its in a much better position in the US to handle debt.

In hoesnty to answer your prahse

Personal Debt For Some Yup they are better off, exmaple Rich class,Middle Class wise
Country Debt, no not better off.


Toronto has the highest unemployment rate, for the first time i saw a homeles at wall mart, i have been avoiding wall mart for a while.

Originally posted by CantSay
You're blowing smoke. NO IT DOES NOT! Canada has enormous corporate monopolies in banking, communications and natural resources. You have no clue!

Every country in the world has an enormous corporate banking monopoly. So you are correct that Canada isn't free. Of course neither is any country. But it is slightly more free than the USA. What you are not paying attention to in the USA is the extremely heavy regulations that for some reason people describe as "capitalist deregulation". No, its pro-fascism regulation and there is a lot of it going on in the US. Its what makes the USA less free economically than Canada overall. Oh, and Canada does not have as much of a debt load which reflects a less powerful banking Mafia there.

I spend a lot of time researching the effects of free-market vs. high-regulation vs. low-regulation economies. There are a lot of studies out there. So, I do have a clue. I suggest you do web searches to start looking at those studies.

One important factor among a very large number of factors is the debt-to-GDP ratios. Here is a decent look at a number of different countries:
www.usdebtclock.org...

2000 people can NOT speak for an entire country. Statistics have shown that statistics can prove anything you want them to. Being it was an online survey, I can tell you most working folks I know are so busy working as much as they can to pay off their debt, they have just enough time to go home, eat and sleep in order to get up for work the next day. There isn't a whole lot of time to go online... I choose to use my spare hour to drop by here these days.

Perhaps Canadians have been in debt for so long they're finally good with it. Perhaps it's the idea that I'm in debt.. so is everyone else. Either way, who cares? People, companies, and countries are all in debt these days. It's almost like the economy is rigged so you can't get ahead.

So what do you do? Pay your mortgage, pay just enough heat and hydro so it doesn't get cut off, eat what you can and try to live a little in between all the hours you beg the boss for.

~~shrugs~~ common folk can't get a bail-out package

Their opinions will change soon enough when they find out we are the first country to be hit by a new financial crisis. ca.news.yahoo.com...