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Thread: Drowning in debt is the new normal in Canada

  1. #1
    Smart Canuck
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    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.

    This thread is currently associated with: Gap


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    Senior Canuck
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    OK, that was an excellent article. I know people who were in situations just like that described in the article. It was awful watching and not being able to help. I realized that they had to get out of it themselves as they got into it themselves.

    This is the norm now days and it really is a ticking time bomb.

  3. #3
    Canadian Genius
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    That is not the norm. That is just trying to keep up to the Jones'. Leased car worth that much? Stupid. She is renting a car. An expensive car.

  4. #4
    Easy Glider in London UK GoodBoy's Avatar
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    For many it is an unfortunate situation. For many others they are the creators or their own situations.


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    Such a sad and shocking article. It's so easy to live way above your means. Eventually though it will catch up and crash on you, like a house of cards.

  6. #6
    Easy Glider in London UK GoodBoy's Avatar
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    Sadly with so many already on the edge mortgage wise, when rates go up they will be in dire straits.


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    Smart Canuck lilo0003's Avatar
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    Wow. Glad I am not normal if this is the new normal. The sad thing is people confuse want with need. I want the new iPhone I don't need the new iPhone.
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    Quote Originally Posted by GoodBoy View Post
    Sadly with so many already on the edge mortgage wise, when rates go up they will be in dire straits.


    Sent from my iPhone

    Oh yes..

    we had a mortgage when Black Wednesday happened...
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    University Couponer
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    Hope I never end up like this. Right now the only debt I have is OSAP loans, but still in school. Sadly my debt will continue to grow until I graduate (I'm expecting to graduate with $30,000 in debt, however, down from my estimate of $50,000 which is good I guess?) and paying it all off is gonna be a nightmare, but, it's what I need, a good education to help me later in life (Or so I hope, getting a BBA should help me further on in life)
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    Smart Canuck
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    Education is a good investment in your future. With your fantastic couponing skills, you are going to continue to keep your household costs down and pay off your student loans quicker than many students.

    Quote Originally Posted by johnb56789 View Post
    Hope I never end up like this. Right now the only debt I have is OSAP loans, but still in school. Sadly my debt will continue to grow until I graduate (I'm expecting to graduate with $30,000 in debt, however, down from my estimate of $50,000 which is good I guess?) and paying it all off is gonna be a nightmare, but, it's what I need, a good education to help me later in life (Or so I hope, getting a BBA should help me further on in life)

  11. #11
    Dancing bean paste bun Ciel's Avatar
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    Quote Originally Posted by johnb56789 View Post
    Hope I never end up like this. Right now the only debt I have is OSAP loans, but still in school. Sadly my debt will continue to grow until I graduate (I'm expecting to graduate with $30,000 in debt, however, down from my estimate of $50,000 which is good I guess?) and paying it all off is gonna be a nightmare, but, it's what I need, a good education to help me later in life (Or so I hope, getting a BBA should help me further on in life)
    Are you able to snag one of the student jobs on your campus? Every bit of money coming in helps if there are no benefit clawbacks to worry over.
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    Quote Originally Posted by Ciel View Post
    Are you able to snag one of the student jobs on your campus? Every bit of money coming in helps if there are no benefit clawbacks to worry over.
    I probably could, but I don't want to worry about school and work. Even though the student jobs fit more to your class schedule, it doesn't necessarily fit to my class work schedule. My parents did the same during university (Work & School) and it didn't work the best for them. However, I may start up a small portion of my business idea that I could maybe get some small cash flow in from, tuck that into my savings account to help pay off my debt later.
    Ciel likes this.

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    Smartie Canuck greentires4me's Avatar
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    My parents didn't teach me how to balance a check book or how to deal with my finances it's sad and pathetic now I am doing a debt management program it's going to take me four years to pay it off it's $87 a month


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    Great article. These people in this story only have themselves to blame.

    Thanks for making me feel better about my financial situation.
    Ciel likes this.

  15. #15
    Canadian Guru
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    Quote Originally Posted by greentires4me View Post
    My parents didn't teach me how to balance a check book or how to deal with my finances it's sad and pathetic now I am doing a debt management program it's going to take me four years to pay it off it's $87 a month


    Sent from my iPhone using Tapatalk
    For some reason they teach Math, Trignometry, Algebra, Geometry , Calculus in our Schools, but they never have a subject called MONEY or BUDGET in our schools.

    I think at least High School should have a subject called MONEY/BUDGET - where they teach you how Credit Cards, Debt, Mortgage, Compound Interest on loans and balances, leasing, financing, RRSP, TFSA, Bank accounts etc works. This will help students more in life than complex Calculus !

    I see College and University students using Credit cards like they are Debit cards or something ! No idea how much interest they are paying on the outstanding balance and how expensive it is !

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