Personal Consumer debt hits 100% of gross domestic product in Canada

[Angstrom]

Were number one. Canada has the highest ratios of personal consumer debt in the world.
Canadians are the most indebted in the world, OECD says, as it warns on rising debt risk | Financial Post

Keep up the sunny ways Canadians. !!!

Look at that beautiful graph

Id like to congratulate everyone for a great job of borrowing the most money world wide.

 

[petros]

Don't thank me. I have no debt.

 

[captain morgan]

Wonder what that graph would look like without including mortgage debt for Vancouver and Toronto

 

[petros]

Exactly.

 

[pgs]

Wonder what that graph would look like without including mortgage debt for Vancouver and Toronto

At 2 - 3 % interest rates that debt is more sustainable then credit card debt .

 

[darkbeaver]

It seems too many Canadians do not learn about how to avoid debt slavery. The media education system is to blame. Is all that shiney stuff realy worth the years of work?

 

[captain morgan]

At 2 - 3 % interest rates that debt is more sustainable then credit card debt .

Folks are already on the edge with respect to their ability to service that debt that's at 2-3%..... The feds are talking (and I believe them) about raising interest rates.

That will be the straw that breaks the camel's back for many people, especially in the high value real estate markets

It seems too many Canadians do not learn about how to avoid debt slavery. The media education system is to blame. Is all that shiney stuff realy worth the years of work?

This is what comes of living in a society that demands immediate gratification coupled with an ultra optimistic outlook and inability to plan past the immediate future

 

[MHz]

Follow the US and what they do we do the same. That way our future is assured.

 

[Angstrom]

Once you remove consequences via communism, the population no longer live in reality and simply will borrow without any worry infinitely until a consequence is reached.

 

[Dixie Cup]

Well I'll have a job for some time to come - geesh! I want to retire someday LOL.


Apparently there are those who don't understand the concept of .... if you don't have it in cash, you can't afford the credit either and using credit cards as a source of income rather than a convenience is .... BAD!!


I've had clients tell me that they didn't know that they could ask the credit card company to lower their credit limit or they'll tell me that that "it's the credit card company's fault that they're so deep in debt because they kept sending them application forms". When they tell me that, I can't help but ask them "did it ever occur to you to shred those application forms?" Seriously?


I've always considered myself to be fairly average but I tell yuh, sometimes I think I'm a bloody genius compared to some people LOL.


Then, of course, there's those on the other side of things; lost job, devastating illness, no medical coverage for prescriptions, unable to work.... there are those who I really do feel that have been handed a bad break but for the most part, it's people's stupidity and lack of foresight.


JMHO

 

[Angstrom]

Its part of who we are as a culture. Hockey and debt defines us.

Well I'll have a job for some time to come - geesh! I want to retire someday LOL.


Apparently there are those who don't understand the concept of .... if you don't have it in cash, you can't afford the credit either and using credit cards as a source of income rather than a convenience is .... BAD!!


I've had clients tell me that they didn't know that they could ask the credit card company to lower their credit limit or they'll tell me that that "it's the credit card company's fault that they're so deep in debt because they kept sending them application forms". When they tell me that, I can't help but ask them "did it ever occur to you to shred those application forms?" Seriously?


I've always considered myself to be fairly average but I tell yuh, sometimes I think I'm a bloody genius compared to some people LOL.


Then, of course, there's those on the other side of things; lost job, devastating illness, no medical coverage for prescriptions, unable to work.... there are those who I really do feel that have been handed a bad break but for the most part, it's people's stupidity and lack of foresight.


JMHO

You’re smarter then you gove yourself credit for.

 

[Hoof Hearted]

I agree...it's what defines us as Canadians.

The fact that we all love hockey...we all have to save up just to be broke...and the way we all say 'thank you' to ATM machines.

 

[Angstrom]

When the Liberals downloaded much of the costs to provinces during the Chrétien years, The provinces downloaded the costs to the municipalities. So the municipals downloaded the costs down to the population who decided to download the costs to their credit cards

 

[Johnnny]

Well I'll have a job for some time to come - geesh! I want to retire someday LOL.


Apparently there are those who don't understand the concept of .... if you don't have it in cash, you can't afford the credit either and using credit cards as a source of income rather than a convenience is .... BAD!!


I've had clients tell me that they didn't know that they could ask the credit card company to lower their credit limit or they'll tell me that that "it's the credit card company's fault that they're so deep in debt because they kept sending them application forms". When they tell me that, I can't help but ask them "did it ever occur to you to shred those application forms?" Seriously?


I've always considered myself to be fairly average but I tell yuh, sometimes I think I'm a bloody genius compared to some people LOL.


Then, of course, there's those on the other side of things; lost job, devastating illness, no medical coverage for prescriptions, unable to work.... there are those who I really do feel that have been handed a bad break but for the most part, it's people's stupidity and lack of foresight.


JMHO

4 days ago i called my banks Fraud Prevention people to let them know that i would be travelling to Minneapolis to watch a Timber wolves basketball game and to not cancel my debit card.

After doing that the person on the other end told me i qualified for a $10,000 increase to my credit card and that i could use the money to buy some nice things for myself when i went to America.

I asked him if he was a licensed financial advisor and he said no. I told him that he just gave some really poor advice and that if i wanted advice on my accounts i would talk to someone with a license as opposed to someone who has no clue and was trying to super size me. He was kinda offended, lol.

 

[captain morgan]

If dude that is licensed happens to work for the bank, they will say the same thing with the only difference being they will cover their asses by suggesting responsible use of that 10,000 of available debt

 

[Johnnny]

If dude that is licensed happens to work for the bank, they will say the same thing with the only difference being they will cover their asses by suggesting responsible use of that 10,000 of available debt

That even bugs me more....

It reminds me of the time i was at the bank 3 years ago before i started my first school year in my new program. I had a ton of money in my account, like a lot. Anyways i went to the bank to update my personal information at the teller, i told her im going to school to begin a new chapter in my life, i just quit my surveying job etc etc.

After i say all that she tells me i qualify for a mortgage and that it will be a good deal for my situation. I looked at her and said "Did you not just hear what i said?, i'm going back to school, what do i need a house for right now?". She was just like "Ah sorry it just popped up on my screen".

These are not the best practices for a bank to be using in my opinion and they really need to stop treating us like naive sheep.

Had i listened to my bank id be up here complaining about interest rates even though now i have a great paying job because id be buried in debt.

 

[Angstrom]

That even bugs me more....

It reminds me of the time i was at the bank 3 years ago before i started my first school year in my new program. I had a ton of money in my account, like a lot. Anyways i went to the bank to update my personal information at the teller, i told her im going to school to begin a new chapter in my life, i just quit my surveying job etc etc.

After i say all that she tells me i qualify for a mortgage and that it will be a good deal for my situation. I looked at her and said "Did you not just hear what i said?, i'm going back to school, what do i need a house for right now?". She was just like "Ah sorry it just popped up on my screen".

These are not the best practices for a bank to be using in my opinion and they really need to stop treating us like naive sheep.

Had i listened to my bank id be up here complaining about interest rates even though now i have a great paying job because id be buried in debt.

That would have locked you up into surveying. Shows how much she was listening

 

[Hoid]

This is simply a function of the fact that the average Canadian home is now selling for about half a million dollars.

There is no way you can have house prices increase without a corresponding increase in indebtedness - and also in net worth, which is the side of the coin not being shown here.

 

[WLDB]

Meh, I’m not one of them fortunately. My only debt is student debt which wouldn’t show up on this graph.

 

[taxslave]

Its part of who we are as a culture. Hockey and debt defines us.



You’re smarter then you gove yourself credit for.

Speak for yourself white boy.

I agree...it's what defines us as Canadians.

The fact that we all love hockey...we all have to save up just to be broke...and the way we all say 'thank you' to ATM machines.

^
See above.