46% of Canadians on the brink of insolvency

[Ka-El]

I voted Conservative nearly my entire life and consider PM Harper to be one of the greatest PM's our country has ever had. Just because I don't criticize PM Trudeau or blame him for all of the world's ills, it doesn't mean I all of a sudden lean left on economic issues and support him on everything he does.

I twice voted for Harper, but like most Canadians, in this last election I voted to remove him from office. I would personally not consider him to be one of our best Prime Ministers (hmmm, tough one), although he did do some pretty good work in his first term working with a minority government. Trudeau has definitely made some gaffes in his time and there are even some substantive issues we should be criticizing him on. This blind-folded shotgun approach really diminishes the impact of some of the more significant issues, especially when the shots get as silly as this. For any still wondering where we might put our next vote, few are going to be persuaded by this nonsense. In fact, many might get quite turned off by all the “fake news” and misinformation being pushed by the right posters here. Is that really the best they got?

[jimmy4321]

I voted for Harper the 1st term, he couldn't go fast enough after all the BS toying with media and question period Calandra and crew with all their scripted unrelated responses to questions blowing millions on self promoting BS billboards and tv ads ,that'sjust a start. Bunch of arrogant *bleep* 's

[hobbyguy]

You don't follow the market too much do you? TSX is resource heavy index especially in Energy, now why do you suppose it's not doing so hot compared to the Dow or the US markets. Oh yes, it's JT's fault.

Well, what has JT done to get our energy products on to the market?

About 10 times more than the previous government.

[Gone_Fishin]

*removed*

[Gone_Fishin]

Well, what has JT done to get our energy products on to the market?

About 10 times more than the previous government.

Harper oversaw 8,000 km of pipeline built.

Trudeau has overseen 0.00 mm of pipeline built.

Your math is off. Again.

[Pete Podoski]

https://www.castanet.net/news/Kelowna/2 ... inate-debt


It’s no surprise MNP released its Consumer Debt Index on Blue Monday, which is billed unofficially as the most depressing day of the year.

The report indicated 41 per cent of British Columbians are within $200 of insolvency, 58 per cent are concerned about their ability to repay debt and 27 per cent believe they don’t make enough money to cover bills and debt obligations.

All of those numbers are up from the last report in September, and the situation is only getting worse, according to Kelowna MNP insolvency trustee Darrin Surminsky.

“I’ve never noticed a time where it’s so negative, the sentiment,” Surminsky said. “Everyone’s talking, ‘When’s the recession going to hit? When are interest rates going to go up? When is the housing bubble going to burst?’ No one’s talking about when something good is going to happen. They’re all seeing these clouds on the horizon, and it does make people pause.”

If that isn’t bad enough, getting out of the cycle by becoming fiscally responsible could lead to other problems.

[floppi]

If that isn’t bad enough, getting out of the cycle by becoming fiscally responsible could lead to other problems.

What problems are we talking about becoming fiscally responsible and ending the debt cycle? Being responsible for one's finances is a given. Too bad more peeps don't do that instead of blaming other people for their choices. But I'd like to know what kind of problems are we talking about being debt free and financially responsible.....which trip to take? ...which car to buy? Those are nice problems to have, imo.

Excluding mortgages, Canadians carry an average of $22,800 each in debt. Some other highlights from the report include (all figures exclude mortgage debt):

Those between the ages of 46 and 55 have the highest average debt loads, at $34,100.

That age group is also seeing the largest increase in debt, year-over-year, at 4 per cent.

https://business.financialpost.com/pers ... -this-year

[Pete Podoski]

What problems are we talking about becoming fiscally responsible and ending the debt cycle? Being responsible for one's finances is a given. Too bad more peeps don't do that instead of blaming other people for their choices. But I'd like to know what kind of problems are we talking about being debt free and financially responsible.....which trip to take? ...which car to buy? Those are nice problems to have, imo.

You could ask Justin Trudeau about that.

Why isn't he being responsible with finances and ending the debt cycle before 2045?

Why do you and he blame others (hint: Harper)?

Why isn't Trudeau sticking to his promise to taxpayers that the budget would balance itself in 2019?

[floppi]

What problems are we talking about becoming fiscally responsible and ending the debt cycle? Being responsible for one's finances is a given. Too bad more peeps don't do that instead of blaming other people for their choices. But I'd like to know what kind of problems are we talking about being debt free and financially responsible.....which trip to take? ...which car to buy? Those are nice problems to have, imo.

You could ask Justin Trudeau about that.

Why isn't he being responsible with finances and ending the debt cycle before 2045?

Why do you and he blame others (hint: Harper)?

Why isn't Trudeau sticking to his promise to taxpayers that the budget would balance itself in 2019?

Oh now we're writing about JT instead of what this thread is about.....personal finances.

But if you want to change the subject.........why aren't you complain about Harper who incurred a massive deficit for future Canadians to carry? JT's deficit compared to the previous government is a molehill.

[seewood]

If the title of the thread is true, Canada may well have a contraction if interest rates continue to climb and business's start to slow down.
Currently I don't see the rates getting to a point where most will have an issue, some readjustment in living wants and needs will have to take place.

Not my business really, but thinking about the title and then as I drive around I see pretty nice pick ups with a stenciled business on the side: Odd-job Harry, or Jim's pressure washing. Some of these vehicles I suspect are leased and the desire to drive a real nice truck is paramount to realistic business operation, cash flow be dammed.
As mentioned, their financial dealings are not my business, if it works and they continue to pay the bills, good for them.

[hobbyguy]

I came across this article from another country with a similar education system to ours. https://www.abc.net.au/news/2019-01-23/afterpay-whyte-janda/10737708

Note the complete lack of financial literacy demonstrated.

Seems to me the new "normal" for many is just shop away, fly away, etc. and not realize the hole they digging for themselves. The age of "instant credit" seems to overwhelm people. For some reason folks who would not go to the bank and take out a $5,000 personal loan to spend on junk will think nothing of racking up the same amount buying junk with credit cards. I suppose part of that is the peer thing - but somehow underlying it it seems like folks don't get it that when they use a credit card, a line of credit, or "buy now pay later", they are taking out a loan.

I can recall when it was very difficult to even get a credit card, let alone a line of credit. I have to wonder if all that "easy credit" out there is good for society.

[Pete Podoski]

Sounds like the typical victim shaming we've come to expect from the left wing peanut chuckers on this forum.

She got raped? Well, she deserved it because she wore those pants, and she obviously experienced the interaction differently from the guy who raped her, who can't recall any negative interactions that day.

You have to borrow to pay for groceries? Well, it's your fault you learned a trade only to lose your job when Trudeau cancelled the pipeline construction and slapped regulatory and tax burdens on the company you worked for.

[OKkayak]

About 10 times more than the previous government.

Such as?

[Jonrox]

People have been bad at managing personal finances since long before PM Trudeau was PM and they'll be bad with them long after he's gone. I'm not sure why all of a sudden this is his fault.

I know some of you guys like to blame him for all that is wrong in the world, but this is a stretch. Are you under the impression that under a Scheer government, people would magically be good at personal finance and insolvencies will go away?

I'll add that if the election was today Scheer would have my vote - but I don't think his powers are magical enough to turn Canadians into responsible spenders.

[hobbyguy]

About 10 times more than the previous government.

Such as?

It was obvious that the "Harper/Oliver nasty" approach was going to fail and it did. Like much of the nonsense "tough on crime" stuff that the Conservatives peddled - and then it got stuck down in the courts (the last one in December as I recall). All the COnservatives did was stir up a great big hornet's nest with their know nothing "my way or the highway" antics.

Now we have FNs that want to buy the pipeline, not fight it. We are down to two minor issues and a real solution for Alberta - a tidewater pipeline, will be built. BOTH of those two hurdles were created by the high handed and know nothing CONservatives. As usual, the Liberals are fixing all the problems that CONservatives created with their know nothing "this quarter" excuse for thinking.

The CONservatives in government displayed as much prudence as the young woman in the article I posted who got herself into financial trouble by NOT asking the simple question: "and then what?".

The Harper CONservative short term thinking gave us longer mortgages, (which they rolled back when they saw the US real estate market implode), super low interest rates for far too long, deficits, and unnecessary and stupid tax cuts (which is the root cause of the deficits we see today).

You can't fix such bungling incompetence overnight. But it is being fixed, as with all repairs, one step at a time and in the necessary order.

It is just like the young woman in Australia that built a mountain of debt - it takes much longer to dig out of that foolishness than to create it.