Quote:
Originally Posted by Slava
I'm not disagreeing that Canadians are in debt (and many are in too much debt). I just wonder if the "most telling" question is about what people would do if they won the lottery though. To me that just shows that people are prudent. It doesn't mean that they would spend all of the $1 Million paying off debt. In other words if the question is "What would you do with $100 million?" the answer of "pay debt" would still be there.
It doesn't mean that people have $100 Million in debts though, its just that paying debts is a high priority for people, and there is no harm in that mindset.
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I disagree. If 6/10 Canadians weren't living paycheque to paycheque then popular answers would be "share with immediate family", "give portion to charity", "travel", "take a break from work" or "invest properly".
The timing is also interesting. A few years ago when house prices were going up at unstainable rates, the answer would be much different like "buy a bigger house because real estate is a super wicked investment and will never fall in value. This time is different!" You are giving people the benefit of the doubt that they are prudent with their money which isn't the case, hence 6/10 Canadians living paycheque to paycheque. A good portion are trying to keep up with the Jones' finally realizing that the Jones' are deeply in debt.
When you're in debt and see no way out then Freedom 6/49 is the motto, not Freedom 55.