The Canadian Finance Thread
#166
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Re: The Canadian Finance Thread
#168
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Re: The Canadian Finance Thread
Reading the metro today I read:
'Canadians continue to carry balances on our credit cards at an average rate of 19.5 per cent and the average Canadian household owes $40,000 in some type of consumer debt.
Even more frightening is the fact that one in 10 families report that they would not be able to handle a $500 unexpected expense.'
http://metronews.ca/voices/fun-and-f...o-why-keep-up/
Seems pretty insane to me.
'Canadians continue to carry balances on our credit cards at an average rate of 19.5 per cent and the average Canadian household owes $40,000 in some type of consumer debt.
Even more frightening is the fact that one in 10 families report that they would not be able to handle a $500 unexpected expense.'
http://metronews.ca/voices/fun-and-f...o-why-keep-up/
Seems pretty insane to me.
#169
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Re: The Canadian Finance Thread
Surely not, if anything we've read on here is to be taken as gospel? Seems everyone has it 'together' when it comes to finances
Reading the metro today I read:
'Canadians continue to carry balances on our credit cards at an average rate of 19.5 per cent and the average Canadian household owes $40,000 in some type of consumer debt.
Even more frightening is the fact that one in 10 families report that they would not be able to handle a $500 unexpected expense.'
http://metronews.ca/voices/fun-and-f...o-why-keep-up/
Seems pretty insane to me.
'Canadians continue to carry balances on our credit cards at an average rate of 19.5 per cent and the average Canadian household owes $40,000 in some type of consumer debt.
Even more frightening is the fact that one in 10 families report that they would not be able to handle a $500 unexpected expense.'
http://metronews.ca/voices/fun-and-f...o-why-keep-up/
Seems pretty insane to me.
#170
Joined: Aug 2005
Posts: 14,227
Re: The Canadian Finance Thread
It's not surprising really as BE is a self selecting group. I know this doesn't apply to everyone, but a good number of posters here are people who emigrated in the last 6 or 7 years. The group of people who bought property in the 90's early 00's and have fair amount of equity to cash in to fund the move. The typical poster on here will be quite a lot better off than your typical Canadian.
#171
Re: The Canadian Finance Thread
It's not surprising really as BE is a self selecting group. I know this doesn't apply to everyone, but a good number of posters here are people who emigrated in the last 6 or 7 years. The group of people who bought property in the 90's early 00's and have fair amount of equity to cash in to fund the move. The typical poster on here will be quite a lot better off than your typical Canadian.
#172
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Joined: Jul 2004
Location: T. ON (so there!)
Posts: 1,354
Re: The Canadian Finance Thread
A Statistician writes:
Actually according to the bank of Canada, the average household debt is an eye watering 1.5 times annual income. Note this is not mortgage, but unsecured debt.
Stay scared my friends...
Actually according to the bank of Canada, the average household debt is an eye watering 1.5 times annual income. Note this is not mortgage, but unsecured debt.
Stay scared my friends...
#173
Re: The Canadian Finance Thread
That would be a high figure, but it might include car leases which can be broken (albeit at a cost). Probably also includeds small businesses which are financing themselves with consumer debt. Scary, nevertheless.
#175
Re: The Canadian Finance Thread
And, as another poster pointed out, it also includes student loans. If you're a graduate living alone and earning minimum wage and with $30-40K in unsecured debt (a common enough occurrence these days), you tend to skew that average a good deal.
#176
Re: The Canadian Finance Thread
I always wonder how so many people on modest salaries could afford speedboats, expensive motorbikes (mostly just for polishing), RVs, jetskis, snowmobiles...
#177
Joined: Aug 2005
Posts: 14,227
Re: The Canadian Finance Thread
When I go down the shops and see all the fancy new cars and expensive looking shiny trucks parked there I also wonder how people afford it. I assume it's on the never never.
Last edited by Alan2005; Nov 13th 2012 at 9:35 am.
#179
Joined: Sep 2008
Posts: 12,830
Re: The Canadian Finance Thread
Definitely not corporations of any type, private or public. How would one separate a private corporation run from a home to one run from an office building? Corporate debt would not form part of household debt, corporations are separate entities to their owners.
#180
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Re: The Canadian Finance Thread