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Old 02-05-2009, 01:06 PM
Canadian Canadian is offline
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Join Date: Jun 2008
Posts: 415

Originally Posted by trent View Post
Here is an interesting article from Toronto Star about the credit card debt problems Canadians face:

For all of you that believe in the "Canada is different" story, read the article, as it offers a few sobering facts like:

1. Canadians' debt-to-disposable income ratio stands at 130 per cent, which is higher than US.
2. Canadians had $80 billions outstanding credit card debt a year ago.
3. Delinquencies were up over 5 per cent at the end of last year
4. Credit card interest rates are going up
I've repeated this to my friends so many times that I completely lost count - we are in worse shape than Americans. They get higher salaries for the same type of work and qualification, they have much lower taxes, everything is cheaper in US, and Canada exports and by extension the economy is totally dependent on the US one. If US is in trouble so are we.

As for the debt carried by Canadians, it's finally good to see somebody admitting in public that we have a problem, big problem!
Bear with me please
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