[Newsbot]

Title: Canadians owe $1.71 for every dollar of disposable income they have � a new record high
Category: Economics
Posted By: shockedcanadian
Date: 2017-12-14 12:03:16
Canadian

[uwish]

but everything is fine, it's the new way isn't it?

[Tricks]

I wonder how much of that is student debt as well as mortgages.

[Robair]

Predictable result of cheap debt...

[DrCaleb]

It increased because the value of our assets fell, not because debt increased.

[housewife]

Tricks Tricks:

I wonder how much of that is student debt as well as mortgages.

Can’t find both but mortgages and mortgage lines of credit are a huge part. No one seems to want to give an average percentage well that I could find.

https://debtsolutions.bdo.ca/bank-canad ... hold-debt/

Some of the numbers are scary. I know when we were getting our mortgage the bank kept saying you can get more. They encourage people to borrow more. Apparently people take them up on it and now they are worried.

[Thanos]

DrCaleb DrCaleb:

It increased because the value of our assets fell, not because debt increased.

Basic cost of living is so high now, thanks to excessive taxation and the stagnation of working/middle class wages, that average folks have no choice but to live in constant debt now in order to survive. Just another layer of chains the Ubers and their government flunkies have laid onto the lives of anyone unfortunate to not be part of the in-crowd.

[BartSimpson]

uwish uwish:

but everything is fine, it's the new way isn't it?

I've been debt-free since 2009 and I am not going back. Fuck the banks.

[Thanos]

BartSimpson BartSimpson:

uwish uwish:

but everything is fine, it's the new way isn't it?

I've been debt-free since 2009 and I am not going back. Fuck the banks.

Congrats and all, but you're part of a very lucky few. And the vast majority of people in permanent debt weren't reckless with their money, blowing it on stupid toys and brain-dead entertainment all the time. Not saying that you'd say it but a lot of the scolds out there seem to think that saving pennies can still counter-act sudden emergency spending or spending on basics. It doesn't, and it most likely never did.

PS: yes, fuck the banks indeed.

[xerxes]

BartSimpson BartSimpson:

uwish uwish:

but everything is fine, it's the new way isn't it?

I've been debt-free since 2009 and I am not going back. Fuck the banks.

Good for you!

[Tricks]

housewife housewife:

Tricks Tricks:

I wonder how much of that is student debt as well as mortgages.

Can’t find both but mortgages and mortgage lines of credit are a huge part. No one seems to want to give an average percentage well that I could find.

https://debtsolutions.bdo.ca/bank-canad ... hold-debt/

Some of the numbers are scary. I know when we were getting our mortgage the bank kept saying you can get more. They encourage people to borrow more. Apparently people take them up on it and now they are worried.

It's about 24 billion for students from the looks of it. So no where near what this article has.

[housewife]

BartSimpson BartSimpson:

uwish uwish:

but everything is fine, it's the new way isn't it?

I've been debt-free since 2009 and I am not going back. Fuck the banks.

Nice congrats

[Coach85]

DrCaleb DrCaleb:

It increased because the value of our assets fell, not because debt increased.

Value of which assets? Home values are up and the markets are doing quite well.

[DrCaleb]

Coach85 Coach85:

DrCaleb DrCaleb:

It increased because the value of our assets fell, not because debt increased.

Value of which assets? Home values are up and the markets are doing quite well.

$1:

While borrowing continues to climb, Canadians' household net worth dipped 0.1 per cent in the quarter, a function of the pullback in housing prices. Statscan said residential real estate values suffered their first quarter-to-quarter consecutive decline since 2009.

https://www.theglobeandmail.com/report- ... e37324237/

[Freakinoldguy]

All I can say is that I hope our Gov't doesn't do something as colossally stupid as their predecessors did in 1981 because, even a couple of point interest rate hike in the prime rate could prove to be more disastrous to our economy than the sub prime mortgage debacle was to the Americans in 08.