Quote:
Originally Posted by username
There's no question I need to ask. How many people really have addictions that cause them to run up debt? Certainly not the "average" Canadian.
Similiarly with student loans, the "average" Canadian doesn't even have one. Maybe the age bracket of 20 - 27 or so might have them but that's about it. Hardly a sample size indicitive of your average Canadian.
I call BS on this article or at least the research methods used to come up with that 40K.
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I'm fairly sure the average amount of student loans these days are in the neighbourhood of 30,000. That plus some credit card debt would put someone in the 40,000k range pretty quickly..
You also make the assumption that a 25 yr old fresh out of uni with 25,000 in student loans would be able to pay those off in several years. Well living in Calgary with rent costs, etc. Good luck. Most I know will be lucky to have them payed off within 10 years. So that means a lot who are in the 30-40 range have student debt of several thousand as well. Don't forget the federal government charges prime + 2% for their student loans.
I remember my first couple years of student loans, 2/3 were going to interest alone... The last year or so hasn't been so bad though!
The average Canadian having 40,000k of debt seems pretty close to me..