Many Canadians in denial about personal debt: survey

[Locutus]

So do have a few merry-go-round credit cards on the go?

Unless we're getting are money for nothing and chicks for free, this doesn't surprise me:

Household debt has been rising by nearly five per cent a year for the past 30 years, outpacing gains in personal disposable income, in assets and in the economy, to hit a record $1 trillion last year, the Certified General Accountants Association of Canada said in a report on Canadians' attitudes towards debt and saving.

http://www.canada.com/globaltv/ontario/story.html?id=308ef739-14ad-42e0-b89d-80772ac24ce0&k=23562

 

[eh1eh]

$1 trillion . You can pay for a war with that.

 

[Kreskin]

The consumerism gravy train is alive and well. When the next bout of economic downturn appears some will regret past overspending.

 

[Locutus]

The consumerism gravy train is alive and well. When the next bought of economic downturn appears some will regret past overspending.

You've got that right Kreskin.

Hope they don't ask for bail out money too. We'll all pay dearly then. :-(

 

[#juan]

Gee, and I thought the credit limit on my credit cards was a goal....:roll::smile:

 

[Tonington]

I'm not in denial, I know how much I owe8O

 

[lone wolf]

I know how owe I go, oh no: I'm so so deep in debt. Workin' for a living's like the power to forget. We want them Golden Ages toys while money's to be made. Then, credit card's a prison wall when the job just goes away.

I'm not so far in now that I still can't dig my way out - if those stupid Ontario bureaucrats would quit messing with the loan forgiveness due to disability....

Wolf

 

[karrie]

I owe on my house, and that's it.

Hubby bought a second hand truck the other day, paid cash. It means not having the quad, the fifth wheel, the cabin on the lake, a huge wardrobe, or a vacation every year... but we have tons in RRSP's, and don't owe on stupid stuff that just depreciates the instant you buy it.

 

[Nuggler]

No mortgage; house paid for years ago
No consumer debt, some cash in rrsp's
One credit card; owe about 50.00
Good thing, cause according to the government, we are poor.
"For everything else", there's save for it.

Feel sorry for the young'uns these days, as good jobs with a pension and a future are hard to come by. Both people working just to pay rent and buy food, a happy life does not make.

But, yep a lot of folks are "in denial".

Sucks

:angry3:

 

[Locutus]

I'm so broke that I can't even pay attention. ;-)

 

[#juan]

We don't have any debt now but in my younger days I loved having new cars. Cars have to be one of, if not the world's worst investments. You buy this shiny new piece of junk and it sits in your driveway depreciating so fast you can almost hear it. We eventually learned and we have a reasonably comfortable retirement but some people I guess, don't learn..

 

[lone wolf]

We don't have any debt now but in my younger days I loved having new cars. Cars have to be one of, if not the world's worst investments. You buy this shiny new piece of junk and it sits in your driveway depreciating so fast you can almost hear it. We eventually learned and we have a reasonably comfortable retirement but some people I guess, don't learn..

A car's right up there. Generally, it has some resale value for around ten years. Ever bought a stereo, a TV or a PC on the card? Out of date in a year (before you walked out the door in the case of the PC) and virtually no resale value.

Wolf

 

[hermanntrude]

I recently paid off the last of my british debts. Having debts in more than one country really is a pain. My loan contract had a clause in it which said it had to be paid from a british account so I had to keep a current account there and make a fraudulent paypal account so I could take money out of my account here, put it into the canadian paypal account, pay myself in britain for a a fictitious item, then transfer the money from the british paypal and into the british current account and THEN pay my loan.

I'm very glad that's over.

 

[#juan]

A car's right up there. Generally, it has some resale value for around ten years. Ever bought a stereo, a TV or a PC on the card? Out of date in a year (before you walked out the door in the case of the PC) and virtually no resale value.

Wolf

As far as I know, the only cars that appreciate are the old ones. It does depend somewhat on what new car you buy, but it would be nice for the car to be worth at least the money you still owe on it after you drive it off the lot.

 

[Tonington]

I recently paid off the last of my british debts. Having debts in more than one country really is a pain. My loan contract had a clause in it which said it had to be paid from a british account so I had to keep a current account there and make a fraudulent paypal account so I could take money out of my account here, put it into the canadian paypal account, pay myself in britain for a a fictitious item, then transfer the money from the british paypal and into the british current account and THEN pay my loan.

I'm very glad that's over.

Dang, that does sound annoying.

My debt isn't in credit cards. I pay that off every month. Student loans, oh god the horror8O

 

[I think not]

No mortgage and a nice nest egg. I'm set for retirement and I'm still 25 years away from it.

I cut up all my credit cards long ago, except for American Express (a charge card anyway) and my debit cards.

I owe zero. If I don't have the money to buy something I want, I don't buy it.

Interest sucks up a HUGE portion of one's income. Don't fall for it.

People who need the least are the one's that are happier in life.

 

[mrmom2]

Good advice ITN to late for this guy :smile:I'm in debt up to my eyeballs i could get out in a hurry by selling my lake property but i love it to much up there .Besides if i sold the place i'd go insane stuck in this crappy city :lol:

 

[lone wolf]

As far as I know, the only cars that appreciate are the old ones. It does depend somewhat on what new car you buy, but it would be nice for the car to be worth at least the money you still owe on it after you drive it off the lot.

New car? The moment you left the lot, it lost half its value to the dealer. For around ten years, as long as parts are on the dealer's shelf, though it's depreciating, there is resale value - much less with every mile, scratch and year. About the time it hits twenty years - if the car is maintained in excellent shape, it starts getting some collector value. At thirty years - if the car is cherry (factory original and in pristine shape) you can get what you paid for it.

Get a three year old car....

 

[I think not]

Good advice ITN to late for this guy :smile:I'm in debt up to my eyeballs i could get out in a hurry by selling my lake property but i love it to much up there .Besides if i sold the place i'd go insane stuck in this crappy city :lol:

Load them up and them ****'em. Banks and Insurance companies are legalised thieves anyway. :smile:

 

[mrmom2]

Yea i know but the lot has apreciatted huge since i bought it a couple of years ago .Near tripled so far i got lucky ;-)