Economy 53,144 Posted October 16, 2016 Share Posted October 16, 2016 https://www.google.ca/amp/business.financialpost.com/news/economy/canadas-household-debt-is-now-bigger-than-its-gdp-for-the-first-time/amp Canadian consumer debt has hit a new milestone. Its now higher than the entire Nations GDP of about $2 Trillion Out of Control home prices forcing new home buyer to borrow asteonomical amounts and the wealth effect for older owners making them feel confortable to party on their credit cards is to blame While the Government is in good finances, Private debt is at a critical level. To compare, the highest it ever got in the USA was 134% of peoples incomes and it never surpassed the Nations GDP. In Canada consumer debt is now 167% of average incomes Link to post Share on other sites More sharing options...
ShockPop 7,747 Posted October 16, 2016 Share Posted October 16, 2016 This is what happens when you cannot regulate lending and import too much. Link to post Share on other sites More sharing options...
Delulu Rogers 7,678 Posted October 16, 2016 Share Posted October 16, 2016 Well looks like i'm in trouble Link to post Share on other sites More sharing options...
Economy 53,144 Posted October 16, 2016 Author Share Posted October 16, 2016 @A Gaga Lad @VANTABLACK @juicyjuicy Link to post Share on other sites More sharing options...
OBEY 57,109 Posted October 16, 2016 Share Posted October 16, 2016 Glad to have no debts to my active (yet) Link to post Share on other sites More sharing options...
Economy 53,144 Posted October 16, 2016 Author Share Posted October 16, 2016 Just now, OBEY said: Glad to have no debts to my active (yet) Same Link to post Share on other sites More sharing options...
LaLuna 12,732 Posted October 16, 2016 Share Posted October 16, 2016 Guess I'm part of the problem, I recently had to cancel my credit card and negotiate lower payments because I'm so broke I can't pay off my debts It was a true wake up call though, I've been reckless with my finances over the past few years but I'm working on it now. Link to post Share on other sites More sharing options...
Economy 53,144 Posted October 16, 2016 Author Share Posted October 16, 2016 1 minute ago, Scathach said: Guess I'm part of the problem, I recently had to cancel my credit card and negotiate lower payments because I'm so broke I can't pay off my debts It was a true wake up call though, I've been reckless with my finances over the past few years but I'm working on it now. It comes down to saying no to things u want when u have to Link to post Share on other sites More sharing options...
LaLuna 12,732 Posted October 16, 2016 Share Posted October 16, 2016 Just now, Economy said: It comes down to saying no to things u want when u have to I know... But the problem is, over the past 10 years it's been very hard for me to find and keep a job, so I always end up using my credit card and getting loans from my bank because that's the only way I can buy what I actually need and pay the bills. But yes, I have made mistakes, I've bought things I didn't need and I realize that. Like I said, I'm trying to be smarter when it comes to managing my finances now. Link to post Share on other sites More sharing options...
lennon 293 Posted October 16, 2016 Share Posted October 16, 2016 I only use my credit card to book hotels or buy online and I pay it in full the same day. however I have a mortgage and a car loan. Fortunately I got a steady job and I guess I am ''middle class''. If I had a kid that would be another story... Link to post Share on other sites More sharing options...
DeanWinchester 41,390 Posted October 16, 2016 Share Posted October 16, 2016 Welp I got mortgage and car insurance to pay Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
Goosey 3,017 Posted October 16, 2016 Share Posted October 16, 2016 Thanks Trudeau "I am the world's greatest person that does not want to let people into the country."—US President Donald J. Trump Link to post Share on other sites More sharing options...
Economy 53,144 Posted October 16, 2016 Author Share Posted October 16, 2016 6 minutes ago, Goosey said: Thanks Trudeau Nothing he did. This trend was going on way before he was elected He also hasnt been in office long enough to impact the economy massively Also most of the tax codes havent changed all that drastically from the conservatives platform. The NDP had bigger changes in mind Link to post Share on other sites More sharing options...
toewsy 1,842 Posted October 16, 2016 Share Posted October 16, 2016 It's times like these I'm glad that I'm just a student whose parents pay for everything Link to post Share on other sites More sharing options...
StarstruckIllusion 53,727 Posted October 16, 2016 Share Posted October 16, 2016 Is this bad Link to post Share on other sites More sharing options...
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