• Debt Crisis in Canada - VIDEO

    this is a great video that talks about the debt situation in Canada.

    I like the fact that the commentator puts the blame for the too high level of credit squarely on the consumer. We need to take responsibility for the amount of debt that we're in now..

    Nobody forced the consumer to buy , and take on more credit.

    Currently the Canadian consumer has $1.3 trillion in consumer debt, this includes mortgages



    Debt Trap Part #1


    Debt Trap Part #2

    I like this second video as it gives an actual example of a lady who's quickly accumulated $10,000 in debt. The industry calls her a revolver, as she can't pay off her balances completely.

    Credit card companies like revolvers as that's how they make their money.

    This lady has figured out that "perhaps the credit card companies want you to carry balances!!"


 
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9 Comments
On Apr 23, 2009, Annuity Ratings Said:
It's not good sign for canada economy.great video and thanks for sharing.
On Apr 19, 2009, custom joomla development Said:
That's a big debt crisis in Canada. I hope people will start to act responsibly and know their limits when borrowing money before it's too late.
On Apr 13, 2009, Richard Said:
Great video series, I watched all 5. I'm happy to see a Canadian production on this matter. Most of the stuff out there is a US story.
On Apr 13, 2009, Mike R. Said:
IMHO 80000 isn't so bad considering home ownership, as long as the majority of consumers are being responsible enough to borrow only what they can afford to pay back.
On Apr 10, 2009, all about loan Said:
good video, so many people make a new debt more and more everyday
On Apr 7, 2009, James Said:

I will recommend using http://DesktopBudget.com to manage personal finances and investment portfolio. Its the best, free, offline personal finance manager I have seen so far.
On Apr 6, 2009, Monty Loree Said:
thanks..i thought these were pretty well done.. i believe they're done by global tv... so they have a bigger budget than most Youtube people.

The debt problem is huge.. the best thing to do is calm down ones lifestyle and get out of debt.
On Apr 6, 2009, leisure home sales France Said:
Great video mate, thanks for putting it up
On Apr 6, 2009, john nfld Said:
wow.. they're saying that average canadians owe $80000 .. i can't see that. i only owe $12000 including my line of credit that i used for house renovations.
i'll probably have that paid off by the end of this year.

canadians owe alot of money, that's for sure. good video
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