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Fri, Jun 16th, 2017, 01:10 PM #1
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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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Fri, Jun 16th, 2017, 01:31 PM #2
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.
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Fri, Jun 16th, 2017, 03:00 PM #3
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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.
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Fri, Jun 16th, 2017, 03:14 PM #4
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- Who knows ... but I Would Rather Be Someone's Shot of Whiskey, Than Everyone's Cup of Tea
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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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Fri, Jun 16th, 2017, 03:57 PM #5
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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.
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Fri, Jun 16th, 2017, 04:42 PM #6
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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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Fri, Jun 16th, 2017, 08:57 PM #7
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.
Friends don't let real friends pay full price.
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Fri, Jun 16th, 2017, 09:35 PM #8
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Oh yes..
we had a mortgage when Black Wednesday happened...
Short answer : no Long answer : NOOOOOOOOOOO!
Welcome to the Penguinocracy..One Penguin, One vote..I am The Penguin..I have the One Vote
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Fri, Jun 16th, 2017, 09:54 PM #9
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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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Fri, Jun 16th, 2017, 10:32 PM #10
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Fri, Jun 16th, 2017, 11:18 PM #11
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Sat, Jun 17th, 2017, 11:57 AM #12
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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.
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Sat, Jun 17th, 2017, 12:08 PM #13
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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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Sat, Jun 17th, 2017, 04:19 PM #14
Great article. These people in this story only have themselves to blame.
Thanks for making me feel better about my financial situation.
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Sun, Jun 18th, 2017, 01:45 PM #15
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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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