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Old 10-02-2009, 02:05 PM
Canadian Canadian is offline
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Join Date: Jun 2008
Posts: 415
Exclamation Canadians crushed by debt

Here is another evidence that Canadians have borrowed more that they ever can hope to repay:

Moody's Investors Service, the New York-based financial rating agency, says the amount of unpaid Canadian credit card debt written off by issuers rose nearly 60 per cent to record levels in the second quarter compared with the same period last year.

What's more, credit card delinquency rates - the number of accounts 30 days past due - rose 23 per cent in the April-June period versus last year.


"What we are seeing here is definitely higher debt loads - but more frighteningly - the serious inability to pay this debt," Campbell said.

Why am I not surprised...
Bear with me please
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