Drowning in debt is the new normal in Canada
An interesting article I just read in Macleans.
http://www.macleans.ca/news/canada/d...mal-in-canada/
Overall, the sheer normalizing of personal debt in Canada is what struck me.
One sentence in particular really grabbed my attention: "When the gap between what people need or want, and what they can afford with their incomes becomes too great, credit is used to fill the gap." To me, this is telling that we really need to ensure we all understand the difference between need and want. They are different. It should be normal that we can't have everything we want, and have it right now. But I'm not certain that is the norm anymore.
As someone who is debt averse (my parents were born during the Depression, and their financial attitudes rubbed off on their kids), it's been surprising to see the stats, with Canadian debt loads increasing so significantly.
Drowning in debt is the new normal in Canada
Sadly with so many already on the edge mortgage wise, when rates go up they will be in dire straits.
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