people in debt

[heyjude]

Do you think the government will do something to help the people in debt? Does it have to?

[Canadian]

Originally Posted by heyjude

Do you think the government will do something to help the people in debt? Does it have to?

Of course the government can do something stupid like that, but this will be really bad for everybody. People who has borrowed more than they can afford to repay, must fail. This way everybody will know that reckless borrowing leads to bankruptcy, and you must spend less than you earn.

[ghak7]

Originally Posted by Canadian

Of course the government can do something stupid like that, but this will be really bad for everybody. People who has borrowed more than they can afford to repay, must fail. This way everybody will know that reckless borrowing leads to bankruptcy, and you must spend less than you earn.

I agree. I heard that in US they want to stop the foreclosures. This will not teach people to learn from their mistakes instead it will teach them that they can do stupid things and there will always be the government to bail them out with taxpayers money...

[Steven]

Yes, but I prefer the government to do something if the other option is severe recession. I hope Canada avoids a severe recession or even something worse.

[invest]

Originally Posted by Steven

Yes, but I prefer the government to do something if the other option is severe recession. I hope Canada avoids a severe recession or even something worse.

I think Canada is in recession and next year will be even worse. Of course I am pessimist but I don't see anything good comming...

[trent]

The personal debt carried by Canadians is well beyond the point where it can be repaid. Even with historically low interest rates, Canadians are struggling to service their debt and pay their bills. The only way to repay all these debts is trough liquidation - bankruptcies, foreclosures, etc. The sooner the bad debt is liquidated, the better for all of us.

[Canadian]

Originally Posted by trent

The personal debt carried by Canadians is well beyond the point where it can be repaid. Even with historically low interest rates, Canadians are struggling to service their debt and pay their bills. The only way to repay all these debts is trough liquidation - bankruptcies, foreclosures, etc. The sooner the bad debt is liquidated, the better for all of us.

Trent, do you have any numbers about the personal debt levels in Canada, maybe from Statistics Canada?

[BankAdmin]

I'll browse the Statistics Canada website and I'll try to find some data about the personal debt levels in Canada.

[Canadian]

BankAdmin, were you able to find some stats on Canadian personal debt levels? Please post here if you did.

[BankAdmin]

No, I didn't have to time to look for that, sorry. I'll try to do it over the weekend.