Equifax Canada's Rebecca Oakes explains what's behind the sudden rise in consumer debt and warns credit card use among Canadians is rising.
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Yikes…
No NO NOOOO!!
So much of the consumer debt has more to do with poor budgeting and mismanagement than it has to do with not making enough.
Lines of Credit have much lower interest rates
$2.32 trillion, governments laugh at your debt. You owe more than that as a taxpayer.
It’s a completely different kind of debt. To conflate the two is a mistake.
This is fine, I’m sure our budgets will just magically balance themselves
Of course. We’ve stopped supplementing lifestyles with national debt. It’s a trickle down.
albertans and their jumbo trucks and suvs
You should take a drive through Northern Alberta in January with an EV show them how it’s done.
Based on my observation, most Canadians are pretty well off despite the credit card debt. Boc should hike interest rate by 2% every month for six months to stop this spending spree. Imagine GIC offers 10% rate, eneryone starts saving.
*I’ve been in so much debts till I found this life saver⬆️⬆️the dude is awesome*