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  #11  
Old 12-08-2008, 05:24 PM
Canadian Canadian is offline
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Quote:
Originally Posted by Jason View Post
I can tell you from personal experience that getting loan right now is close to impossible. It looks like Canadian banks are afraid to lend even to people with excellent credit. The problem is that in a credit-driven society, once the credit stops flowing the economy stops with it.
Exactly! That's why we see all the gloomy economic and unemployment reports, because the entire economy depends on cheap credit, and when cheap credit is not available there goes the economic house of cards.
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  #12  
Old 12-10-2008, 03:37 PM
BankAdmin BankAdmin is offline
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Yes, the Canadian economy is addicted to cheap credit and this was confirmed by the desperate interest rate cut by the Bank of Canada yesterday. Read more about it here:

http://forums.canadabanks.net/showth...=newpost&t=143
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