Quote:
Originally Posted by CliffFletcher
For a lot of people, higher interest rates are still an abstraction. As others have remarked, after 20 years of low interest rates many Canadian adults today have never felt the sting of debt servicing costs. It will take some time of feeling that sting before it will change behaviour for a lot of people (ie saving to pay for most of a new car in cash rather than taking out a 72 month loan).
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People will never change. We need regulation. 60 month terms for car loans and 32/40 debt servicing maximums. Should change it for mortgages too.