Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Canadians naive about how long they’ll be in debt

chemgear · 06-10-2015, 02:38 PM

http://www.cbc.ca/news/business/the-...orry-1.3106533

For the Toronto-area couple, it all started back in 2009 with a lavish $78,000 wedding.

Then came numerous overseas vacations. When touring Egypt, Ali bought four souvenir papyrus scrolls for $6,000. In Italy, Haji picked up a $7,000 Chanel bag.

After the birth of their daughter, the couple moved into a newly built home and spent more than $100,000 on upgrades, including a custom kitchen, hardwood floors and a high-tech fireplace.

The wedding, trips and high-end purchases were made possible with cash from two home equity lines of credit secured against a couple of investment condos the family owns. The debt from those loans now totals $370,000. They also recently got an unsecured $30,000 line of credit to buy solar panels for their new house.

"We are addicted for sure. Who wouldn't be addicted to something so easy [to get]?" says 35-year-old Ali about the free-flowing lines of credit that have enabled him to splurge on the finer things in life.

But the place is still largely unfurnished and he's yearning to install a $40,000 glass railing for the staircase.

"Without the glass railing, the look of my stairs is not doing it justice," he says.

06-10-2015, 02:38 PM	#255
chemgear Franchise Player Join Date: Feb 2010 Exp:	http://www.cbc.ca/news/business/the-...orry-1.3106533 For the Toronto-area couple, it all started back in 2009 with a lavish $78,000 wedding. Then came numerous overseas vacations. When touring Egypt, Ali bought four souvenir papyrus scrolls for $6,000. In Italy, Haji picked up a $7,000 Chanel bag. After the birth of their daughter, the couple moved into a newly built home and spent more than $100,000 on upgrades, including a custom kitchen, hardwood floors and a high-tech fireplace. The wedding, trips and high-end purchases were made possible with cash from two home equity lines of credit secured against a couple of investment condos the family owns. The debt from those loans now totals $370,000. They also recently got an unsecured $30,000 line of credit to buy solar panels for their new house. "We are addicted for sure. Who wouldn't be addicted to something so easy [to get]?" says 35-year-old Ali about the free-flowing lines of credit that have enabled him to splurge on the finer things in life. But the place is still largely unfurnished and he's yearning to install a $40,000 glass railing for the staircase. "Without the glass railing, the look of my stairs is not doing it justice," he says.