Source: http://www.cbc.ca/news/business/consumer-debt-snowballs-to-1-4t-1.2530528
Article Date: February 10, 2014
Hello everyone, I have a great article to share with you. The article explains where Canadians consumer debt is held at the present moment, and the cities and provinces that have the highest delinquency rate. I was amazed to find, we have almost double the credit card debt than what is owed on financed car loans.
The figure of $1.4 Trillion is slightly up from last years $1.3 Trillion. WOW! Where did we as consumers just happen to spend another $100 Billion? I wonder, is it because people are used to carrying debt and become accustom to living outside their means? It feels normal to some.
The Atlantic Provinces are second behind Toronto for delinquency rates. This means, the percentage of loans that have gone unserviced for 90 days or more. Edmonton gathered the greatest amount of debt in the run of a year, and the best province or the people who settle debt the easiest is, Quebec.
I really don't know how to comprehend all this information, but, we all carry a little debt from time to time. There are not many people who can say they paid cash for their house! The main theme is to stay within self-protecting limits. You are your own worst enemy! Protect yourself friends.
I think you hit the nail on the head when you said, people are "living outside their means." And I find it interesting that there are so many delinquent accounts, because no doubt the delinquent rates will get passed off to consumers in different ways. I agree that many people are their own worst enemy because they should know their limits and be able to pay their debt. It's nice to have established credit and in todays world, you won't have much if you don't have credit, so it's wise to protect it and pay your bills.
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