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Old 10-28-2019, 06:21 PM   #1
White Out 403
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https://www.bnnbloomberg.ca/canadian...says-1.1338497

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Nearly half of Canadians are facing a debt trap, according to a new survey that thrusts highly-leveraged households into the spotlight ahead of an upcoming interest rate decision by the Bank of Canada.

Forty-seven per cent of respondents to a survey conducted on behalf of insolvency firm MNP said they donít expect to be able to cover basic living expenses over the next year without taking on more debt.

A slightly greater proportion (48 per cent) of respondents said they have less than $200 remaining at the end of the month after covering living expenses and debt payments; that was up four percentage points compared to the previous survey in June.

On average, respondents to the survey said they had $557 left after paying their monthly bills and obligations, marking a decrease of $142 from June.
If this keeps up for a couple more decades, it will be a real mess. I imagine the USA is even worse.

Capitalism is failing.
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Old 10-28-2019, 06:33 PM   #2
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Taking the lead from their governments I see.
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Old 10-28-2019, 06:34 PM   #3
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HELOC the #### out of it. Future btimbit will figure that crap out
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Old 10-28-2019, 06:35 PM   #4
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Maybe people shouldn't buy so much crap they don't need, and try to live more like their parents did? How many people are fine with buying a vehicle they can afford, instead of leasing a new SUV, or not getting the tricked out pickup? We mostly had used vehicles, the truck was a base model.

How many TV's do they have in their house? Growing up we had one, and it sucked. No cable until my teens, I think. We survived.

Cell phones? No one forces you to have a data plan, or even a phone. You certianly don't need a new one on a payment plan every year.

People have just given up, or never learned how to live within their means. This is the result. I sure hope my tax dollars don't need to bail them out.
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Old 10-28-2019, 06:37 PM   #5
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Originally Posted by White Out 403 View Post
https://www.bnnbloomberg.ca/canadian...says-1.1338497



If this keeps up for a couple more decades, it will be a real mess. I imagine the USA is even worse.

Capitalism is failing.
no, our education system is failing, there was a time you didn't see perfectly good working TV's in the lane with a remote taped on, I know its amazing to think that we used to only buy new things when the old one broke beyond all hope of fixing, but it is true, you didn't buy a new phone or car or TV just because it was old, anyway that's my crotchety old got sermon for the day, now you can all get back to your craft brewed advacado kambucha's
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Old 10-28-2019, 06:39 PM   #6
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Maybe people shouldn't buy so much crap they don't need, and try to live more like their parents did? How many people are fine with buying a vehicle they can afford, instead of leasing a new SUV, or not getting the tricked out pickup? We mostly had used vehicles, the truck was a base model.

How many TV's do they have in their house? Growing up we had one, and it sucked. No cable until my teens, I think. We survived.

Cell phones? No one forces you to have a data plan, or even a phone. You certianly don't need a new one on a payment plan every year.

People have just given up, or never learned how to live within their means. This is the result. I sure hope my tax dollars don't need to bail them out.
beat me to it.
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Old 10-28-2019, 06:40 PM   #7
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Old 10-28-2019, 06:46 PM   #8
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Food is a good point. I see lots of people complaining about their grocery bills yet I see what they're cooking and while a good meal is awesome, you don't need to pretend to be a foodie 7 days a week.

I'm not in debt and I still had meatloaf tonight
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Old 10-28-2019, 06:50 PM   #9
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If it wasn't for all that green crap the scrambled on the shingle in the top right hand corner with the bacon would be lovely
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Old 10-28-2019, 06:51 PM   #10
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If you make a decent wage but struggle to get by, give www.mrmoneymustache.com a look. It completely changed my life by making me think about finances in a completely different way. A lot of people probably think many of the measures are extreme but I’ll be damned if it doesn’t give you results in your balance sheet and many spending behaviours I used to have are just kind bogglingly alien to me now after following the advice for a few years

I’d prolly be one of the people in the article but instead I’m on my way to retiring before I turn 43
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Old 10-28-2019, 06:58 PM   #11
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I would wager that at least 90% of the people in this situation would be fine if they knew how to budget and didn't spend money on stuff they can't afford.
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Old 10-28-2019, 07:02 PM   #12
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If you take the 10% at the poverty line or below, and then the next 10% tier out of this because they're borderline, that still leaves apparently 28% of people who are seemingly unable to budget.

I always feel horrible about money, these people must be so stressed it's unbearable and too many of them have put themselves in that spot.
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Old 10-28-2019, 07:05 PM   #13
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I was just talking about my wife with this, after a conversation with a friend about folks who feel "forced" to take overtime to make ends meet despite a well paying job in the first place.

I posited that to me that meant they were likely living beyond their means. My friend did not take kindly to that, stating that it's just an expensive world and you have to take on debt to live.

I let the conversation drop.
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Old 10-28-2019, 07:07 PM   #14
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The lack of education on finance and economics in grade school is going to have negative consequences for our society. Most people have zero understanding of finance unless they study it at post secondary or learn on their own through an interest in investing. I’d argue that most schoolteachers lack a keen understanding of these topics as well. This reality is reflected in people making poor personal financial decisions and supporting governments that take on unsustainable levels of debt.
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Old 10-28-2019, 07:09 PM   #15
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Warning signs like this have been happening for years and still nothing is done.
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Old 10-28-2019, 07:15 PM   #16
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Quote:
Originally Posted by afc wimbledon View Post
no, our education system is failing, there was a time you didn't see perfectly good working TV's in the lane with a remote taped on, I know its amazing to think that we used to only buy new things when the old one broke beyond all hope of fixing, but it is true, you didn't buy a new phone or car or TV just because it was old, anyway that's my crotchety old got sermon for the day, now you can all get back to your craft brewed advacado kambucha's
People throw things out because it's cheaper than fixing them. I have an employee that I caught trying to fix a dolly in my shop. He was sitting there with the casters pulled off and he was taking the bearings out of the wheels. His next step was to run around trying to find new bearings, which is the point at which I stopped him. Shutting down his production so I'm not billing his hours while he fatas around with a 20-year old dolly is the worst use of 2-3 hours I can imagine. Chuck it out, let me know, and I'll have a brand new delivered here by lunch for half the cost.

TVs are an even more pronounced example. Taking a couple hours off and hauling an old TV to some repair shop in the industrial park to pay a guy $90 an hour to fix it is really dumb. Just shoot over to Costco and have a new warrantied TV for the same or less than messing around with the old one is a no brainer.

New goods are so cheap and Calgary labour rates are so expensive that it no longer makes sense to fix your stuff. It's like if your dishwasher fails...just buy a new one. Taking the day off to have a guy come to your house to tell you your dishwasher isn't repairable and then handing you a $150 bill for his time is a bad way to spend your money and time off.
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Old 10-28-2019, 07:15 PM   #17
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Wages have stagnated, the cost of living is increasing, and interest rates are at historic lows. Can't say I'm surprised people are taking on debt.

Can we please stop with the generational stereotyping? Kids these days are not better or worse at saving than their parents were. The older generations spent more on optional things like music, smokes, and alcohol while the younger generations spend more on the necessities of life such as rent and education. Looking at what wages, house prices, and interest rates were 40 years ago it was easier to save enough to buy a house or have a nest egg.

Oh and you NEED a phone with a data plan to exist in today's society. It's not something you can budget out to save money.
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Old 10-28-2019, 07:17 PM   #18
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It's really distressing to see in this thread people blaming half the country for eating avacado toast.... and no one is talking about how wages have stagnated for , what, 30 years? And costs have kept going up, year after year and decade after decade.

What's the % of budget people spend on housing and education now vs 1970? No, must be the avocado toast.
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Old 10-28-2019, 07:19 PM   #19
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It's really distressing to see in this thread people blaming half the country for eating avacado toast.... and no one is talking about how wages have stagnated for , what, 30 years? And costs have kept going up, year after year and decade after decade.

What's the % of budget people spend on housing and education now vs 1970? No, must be the avocado toast.
One person posted it, and it was clearly facetious. Try calming down, maybe it will let you budget better.
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Old 10-28-2019, 07:24 PM   #20
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Wages have stagnated, the cost of living is increasing, and interest rates are at historic lows. Can't say I'm surprised people are taking on debt.

Can we please stop with the generational stereotyping? Kids these days are not better or worse at saving than their parents were. The older generations spent more on optional things like music, smokes, and alcohol while the younger generations spend more on the necessities of life such as rent and education. Looking at what wages, house prices, and interest rates were 40 years ago it was easier to save enough to buy a house or have a nest egg.

Oh and you NEED a phone with a data plan to exist in today's society. It's not something you can budget out to save money.
My wife and I do just fine without a data plan, and I don't even really have a cell phone, but I do have a home phone, so I can see a person choosing to have a cell instead, you can spend $30 a month on that. But no, you don't NEED a data plan. Otherwise I guess I'd be unemployed and dead? You also don't need a brand new phone every 2 years, but most people don't keep them longer than that.
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