Mainly Mattias Posted September 5, 2012 Share Posted September 5, 2012 ...DEBT? Does it keep you awake at night? http://www.cbc.ca/ne...rd-paydown.html On Wednesday, Bank of Canada governor Mark Carney will announce if he's going to raise, lower or keep interest rates at one per cent, and people with high debts are worried rates could rise. Diane Fisher has racked up $33,000 in debt after moving to Kemptville when she remarried, and she said she worries about how she's going to pay it off. (CBC) The average Canadian is now more than $26,000 in debt, excluding mortgages. A higher interest rate would make it harder to pay that debt down. Diana Fisher, 44, moved from the city to Kemptville, Ont., after getting remarried. But as a freelance writer, she found it hard to get enough work. Soon enough, she racked up a $27,000 line of credit and another $6,000 in credit card debt. "It actually keeps me awake at night," Fisher said. "I'm flipping around trying to figure out how I'm going to pay that off. "For me it was a car purchase. And Christmas every year is a little bit out of control I think because we've got five daughters and they all need stuff, so we tend to save it until Christmas and then buy them the furniture or whatever it is they need. We helped a daughter buy a car this year. Just little things here and there, and helping one pay for OSAP. It just adds up."Scott McBride, a finance instructor at Algonquin College, said the average Canadian's debt is reaching historic highs. (CBC) Fisher has acquired debt and then paid it off in the past. This time, she said, her plan is to work harder to find more freelance work, sell some household items, and spend less. Scott McBride, a finance instructor at Algonquin College, said Canadians are faring almost as bad as people in the U.S. and the UK. "It raises some level of concern because we're at historic highs," he said. "Recent data was showing that debt level to income is at around 155 per cent (in Canada), which is quite significant. … We're awfully, awfully close to other countries that have had a miserable time in looking at their own debt or credit crisis situations," said McBride. "So we have to at least be aware of the possible consequences of having debt, both on a national level … and on an individual level." Link to comment Share on other sites More sharing options...
Jägermeister Posted September 5, 2012 Share Posted September 5, 2012 Enormous Oh.. debt... I don't have any. Link to comment Share on other sites More sharing options...
NightHawkSniper Posted September 5, 2012 Share Posted September 5, 2012 I have more important things keeping me up. Link to comment Share on other sites More sharing options...
لني Posted September 5, 2012 Share Posted September 5, 2012 Zero. And for those who think Canadas massive personal debt load (higher than US when the crash happened) doesnt affect them. Start thinking taxes, taxpayer backed mortgages through the CHMC etc Link to comment Share on other sites More sharing options...
:D Posted September 5, 2012 Share Posted September 5, 2012 $3000 $2000 to Visa, $1000 to a family member Link to comment Share on other sites More sharing options...
Guest Posted September 5, 2012 Share Posted September 5, 2012 I probably owe around 4k all said and done Link to comment Share on other sites More sharing options...
Grapefruits Posted September 5, 2012 Share Posted September 5, 2012 excluding my mortgage, I have no debt. Link to comment Share on other sites More sharing options...
لني Posted September 5, 2012 Share Posted September 5, 2012 excluding my mortgage, I have no debt. Link to comment Share on other sites More sharing options...
Grapefruits Posted September 5, 2012 Share Posted September 5, 2012 And with mortgage? Link to comment Share on other sites More sharing options...
VICanucksfan5551 Posted September 5, 2012 Share Posted September 5, 2012 No debt. I hope to keep it that way. Link to comment Share on other sites More sharing options...
Mainly Mattias Posted September 5, 2012 Author Share Posted September 5, 2012 well. i'm not going to dick around with semantics. 180k. Link to comment Share on other sites More sharing options...
hudson bay rules Posted September 5, 2012 Share Posted September 5, 2012 no debt, no cc debt, no car payments, no mortgage. If your house is worth a million but is 90% payed for then you still have debt and interest. Link to comment Share on other sites More sharing options...
لني Posted September 5, 2012 Share Posted September 5, 2012 Still zero. My mortgage is roughly 40% of the value of my house as it sits. Link to comment Share on other sites More sharing options...
VoiceOfReason_ Posted September 5, 2012 Share Posted September 5, 2012 Zero. Own my condo. No student loans. No car payment. Actually saved up a nice chunk of money already. I don't understand debt other than mortgages. The woman in the OP's post says she has XXXXX amount of debt and then in the next sentence talks about Christmas being crazy and having 5 kids. if you have 5 kids, spend money like an idiot on Christams and have a low income; you deserve to be in debt. You're an idiot. Everybody just wants to live over there means. Same with the idiots I hear complaining about living costs in DT Vancouver being to high for the average Joe. Hello! The rent didn't jump overnight. It's been trending upwards for like a decade. If you wanted to live in a 3000 dollar a month condo and have a nice car you should have went to school and got an education/job that allows you to live DT. I don't want to hear about some idiot who got his grade 11, ended up being a security guard bitching about not being able to live DT. you aren't allowed. That's life. It comes down to people not living in reality and understanding the world they live in. Be more cautious of your situation. no education and barely making payments? Don't have kids. If you can't afford it - Don't buy/spend it. if you want it, work for it and buy it. It's a fairly simple idea. Cliffs: Hate poor people. Link to comment Share on other sites More sharing options...
لني Posted September 5, 2012 Share Posted September 5, 2012 Rent is actually reasonable in GVRD. Especially when you compare the cost of "owning" or more precisely renting from the bank. The price of housing has inflated because of cheap borrowing cost. This encourages people to spend beyond their means using borrowed money to buy houses they cant afford then using the "unrealized equity" in the house to borrow using HELoCs. Canada and Vancouver in particular has a debt crisis thats about to blow up. Add to that ~50% of baby boomers have less than $100,000 saved for retirement with most of their "retirement fund" tied up in deflating, illiquid home equity. Zero. Own my condo. No student loans. No car payment. Actually saved up a nice chunk of money already. I don't understand debt. The woman in the OP's post says she has XXXXX amount of debt and then in the next sentence talks about Christmas being crazy and having 5 kids. if you have 5 kids, spend money like an idiot on Christams and have a low income; you deserve to be in debt. You're an idiot. Everybody just wants to live over there means. Same with the idiots I hear complaining about living costs in DT Vancouver being to high for the average Joe. Hello! The rent didn't jump overnight. It's been trending upwards for like a decade. If you wanted to live in a 3000 dollar a month condo and have a nice car you should have went to school and got an education/job that allows you to live DT. I don't want to hear about some idiot who got his grade 11, ended up being a security guard bitching about not being able to live DT. you aren't allowed. That's life. It comes down to people not living in reality and understanding the world they live in. Be more cautious of your situation. no education and barely making payments? Don't have kids. If you can't afford it - Don't buy/spend it. if you want it, work for it and buy it. It's a fairly simple idea. Cliffs: Hate poor people. Link to comment Share on other sites More sharing options...
Mr. Ambien Posted September 5, 2012 Share Posted September 5, 2012 Rent is actually reasonable in GVRD. Especially when you compare the cost of "owning" or more precisely renting from the bank. The price of housing has inflated because of cheap borrowing cost. This encourages people to spend beyond their means using borrowed money to buy houses they cant afford then using the "unrealized equity" in the house to borrow using HELoCs. Canada and Vancouver in particular has a debt crisis thats about to blow up. Add to that ~50% of baby boomers have less than $100,000 saved for retirement with most of their "retirement fund" tied up in deflating, illiquid home equity. Link to comment Share on other sites More sharing options...
SukhKular Posted September 5, 2012 Share Posted September 5, 2012 Debt is debt and everyone will have some at some point in their life. Better it be as a result of a good investment like a home rather than be money lost to partying. Link to comment Share on other sites More sharing options...
لني Posted September 5, 2012 Share Posted September 5, 2012 This is a huge problem in the GTA as well. It's like dealing with the California housing market all over again. Soon as government eases standards on borrowing and keep interest rates unjustifiably low it was a guarantee this would happen. Link to comment Share on other sites More sharing options...
لني Posted September 5, 2012 Share Posted September 5, 2012 Debt is debt and everyone will have some at some point in their life. Better it be as a result of a good investment like a home rather than be money lost to partying. Link to comment Share on other sites More sharing options...
JohnLocke Posted September 5, 2012 Share Posted September 5, 2012 http://youtube.com/watch?v=4vhHMIXc-rA Link to comment Share on other sites More sharing options...
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