Consumer Debt “Staggering” Debt levels for the working poor are now “staggering,” says one of the country’s largest credit monitors. Equifax Canada

Canadians are so stupid.

I see huge trucks and huge houses everywhere I go. Brand new off-roading toys and boats all over. And this is middle-aged people, not boomers.

20 years ago this was more feasible. Now? Nothing screams ‘over-leveraged, debt slave’ then someone who’s still trying to keep up with the Jones’s.

Jones is already dead. Crippled by taxes and bad financial advice from selfish boomers.
 
Not all debt is bad, and you only willingly become a slave by agreeing to purchase that shit. So its natural selection at most or a very smart gambit.

You know what else Canadians seems to very good at? JUDGING OTHER CANADIANS!!
 
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@Squishybear

Agreed upon debt is a business deal between 2 parties, one who offers a product or service upfront and the other promising to pay the cost over a period of time. Of course interest is worked into that as well because you are fronting an asset to someone who does not have the capital to immediately pay for it, and you are covering your bases incase they ghost you afterwards.

I see no issues with this, and if you dont like debt then save and buy upfront.
 
@Trudeaus coke dealer

This is the problem people judging people instead of just enjoying their lives and sharing respectfully their lived perspectives. Social media is the real cancer which facilitates echo chamber thinking.

Judging others is the real divide and conquer method used to destabilize a nation. Rise above the rest my friend
 
@Squishybear a house is considered good debt. At least when you pay your monthly payment is going towards something but when you rent it's going towards nothing. Also, unless economy crashes is more than licky they're going to get your money back plus some.

I guess also a car. I mean if your car payments are $400 but because of that you get to go to work and make $2,000 a month.
 
@TOPDAWG So assets. You folks are talking about assets. Sure it’s good to have assets like paying mortgage for a house vs renting. Doesn’t make the debt related to those assets good though.
 
Not everyone was broke you know. I had my house paid off and Hell no debt. My household income a month was 10 grand net.

Mind you I don't own a boat or anything like that or any toys but still.
 
I see new 100k truck and cannot fathom how guys can afford it. Single guy renting a room sure, but if you have a mortgage and family...
 
I own one but I bought it used for 68k @ 68,000km beauty truck and I baby it. Buying something brand new for the high price is a massive gambit and would be beneficial if you ran your own business and put the truck to work because you can write off the payments.
 
I couldn't even imagine buying a home these days. 400k mortgage? Good luck paying that off.
 
My wife and I bought our place for 220k back in 2014. At the height of the market these places were going for just shy of 700k. Her and I being 5 years younger would have had us as permanent renters. Kids today are totally fucked but I also have no intention of boomering my kids out at 18.
 
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