Canada #1 in personal Debt

[tonytiger55]

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I was stunted how easy someone with a job, new to the country, 2 year of cell phone history was able to get a (20% down) mortgage without issue.

Dial back another decade or so, it's unheard of. That's why so many realtors are pushing rent to own schemes for people with no access to credit.

I fell on that program. I changed jobs and I was on a permanent contract. The new company refused to add a word on my employment letter. Even the director got involved.The Bitches at HR refused to budge. I was going to get refused a mortgage. I have over 20% down, good credit history, savings and steady income.
Then this program came out, immigrant scheme. I had to also get a letter from my old landlord. It saved my ass.

[J-hop]

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It's incredibly easy to rack up consumer debt in this country. Once you're making a decent income and have a solid credit score, there is no shortage of letters
and calls from credit card companies telling you "you're approved for xxx dollars."

I now get a letter every month and every time i call my bank for something they try to up my CC limit. They tell me the offer expires soon and then sure enough next month I get a new letter.

[syscal]

My credit must be full, we never get offers :P

Never get refused either though. I'm a sucker for 0% payment plans. Renting Money FTW!

[revelations]

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My credit must be full, we never get offers :P

Never get refused either though. I'm a sucker for 0% payment plans. Renting Money FTW!

0% on a car thats over priced and that loses 20-30% the first year? On a 30,000$ vehicle that could be 10k you just pissed away, at 0%.

[eblend]

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Back on topic, not only do we have lots of debt, but almost 50% of seniors in Canada have less than $100K saved for retirement and 62% are postponing retirement because they haven't saved enough:

http://business.financialpost.com/in...#comments-area

This is a lot of our parents, so make sure you aren't counting on an inheritance!

I believe this. My parents came to Canada in their 40s, bought a house, and by the time they finished paying it off and all that, there just wasn't anything left. Now in their 60s they only got about $60k in savings mainly due to my mom's RRSP from her job she got laid off from, other than that, nothing. They have two cars and a small house in Silverado, that's all they got. My parents basically said that the house is the only thing that will be left of value for inheritance. I wish they sold the place and just enjoyed life, I don't need anything from them, they have done more than enough, but they insist that they want the house left to me and my sister as inheritance. They will be relying on OAS and pension once my dad retires, luckily everything is paid off. I will support them in any way I can because after all, if it wasn't for them, I wouldn't be in Canada in the first place, making more by myself at 33 than they ever combined at almost twice my age.

[syscal]

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0% on a car thats over priced and that loses 20-30% the first year? On a 30,000$ vehicle that could be 10k you just pissed away, at 0%.

There's a few other variables to consider, but black and white I guess you'd be correct.

[Hallowed_point]

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0% on a car thats over priced and that loses 20-30% the first year? On a 30,000$ vehicle that could be 10k you just pissed away, at 0%.

Totally. Such a basic thing that people forget with "0%" financing

[Xtrema]

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0% on a car thats over priced and that loses 20-30% the first year? On a 30,000$ vehicle that could be 10k you just pissed away, at 0%.

It's 0% funded by manufacturers's profit who is paying 2-3%. So it's a deal especially you can combine with a factory rebate and have them dial back dealer margin on top.

[J-hop]

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It's 0% funded by manufacturers's profit who is paying 2-3%. So it's a deal especially you can combine with a factory rebate and have them dial back dealer margin on top.

The whole idea (90% of the time) is to trick people into thinking they can afford a car they really can’t. Manufacturers/dealers are exactly like insurance companies. They aren’t in the business of losing money and they aren’t your friend

[blownz]

Lots of fun chat about YOLO, people to dumb to save, people with bad circumstances, etc.

But for fun, here are some actual stats taken from a company I just made up... But the averages probably are similar for many other AB companies.

Out of 142 hourly employees (salary staff seem to be more reliable...):

44 made over $100K Jan to Nov (31%)
28 made $80 - $100K Jan to Nov (20%)

So over 50% of the employees have made over $80K in 11 months which most people would agree is decent and something you can live on.

Of the 70 people below that, 52 worked for less than the full year so there are a lot more actually making decent money if they worked the full year.

Now of these people, only 61% take part in the GRRSP. And only 17% do the max (4%)

That is a huge portion of people not even taking the free money available to them to help them save for retirement! And I assume if you don't take advantage of that free GRRSP money, you aren't saving much outside of that as well. And lets face it, even if these guys do the max (4%EE/4%ER) 8% is not enough total savings. And I have talked to many and they all have an excuse but it all comes down to living beyond your means. Once you start that it is hard to get out. I can show you a shit load of jacked up new trucks driven by these same people who don't save anything too.

It is true some people have seriously bad circumstances but the majority of people that don't save or plan for the future or are just plain bad with money have no one to blame but themselves.

This same group above includes 7 with garnishments...


If 50% of retired people were considered broke because they haven't saved, I would feel bad for maybe 5% of them that really just were dealt a bad hand. But the majority of them, I have absolutely zero compassion towards. You can't go through life expecting the government to one day take care of you.

[88CRX]

Not maxing out GRRSP money is idiotic. No excuse.

[Xtrema]

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Not maxing out GRRSP money is idiotic. No excuse.

$100K, 3 kids, single income family. I can understand it to a degree.

Son need hockey gears, daughter need dancing lesson fee, need keep a roof, 2 cars, lights on and people fed. There isn't much left for RRSP even if it's great deal.

SINK or DINK, yeah that would be idiotic not to take advantage.

[holden]

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$100K, 3 kids, single income family. I can understand it to a degree.

Son need hockey gears, daughter need dancing lesson fee, need keep a roof, 2 cars, lights on and people fed. There isn't much left for RRSP even if it's great deal.

SINK or DINK, yeah that would be idiotic not to take advantage.

How much is spent on organized hockey? Isn't there a more cost-efficient hobby?

[J-hop]

Even more difficult to justify when you realize how much you’re getting taxed off that if you don’t put it into an RRSP

[mr2mike]

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How much is spent on organized hockey? Isn't there a more cost-efficient hobby?

Yes there is but tell your kid, no more hockey and see the pain on their face.

[Xtrema]

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Yes there is but tell your kid, no more hockey and see the pain on their face.

That's it. Know someone stopped driving to work and take public transit so daughter can continue with dance classes. Sometimes, you will sacrifice a lot for your kids.

[J-hop]

I got the ‘sorry kid community soccer is what youre doing’ growing up

I will admit I missed out on a lot of valuable male bonding as a kid not able to play hockey which if I ever want to have kids I would do that part differently.

That said if it’s truly a decision between hockey or RRSP your priorities are effed anyways

[Tik-Tok]

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How much is spent on organized hockey? Isn't there a more cost-efficient hobby?

But it's also a partial investment. If you're kid grows up on hockey, and makes it to the NHL... you don't need retirement savings anymore!

[suntan]

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That's it. Know someone stopped driving to work and take public transit so daughter can continue with dance classes. Sometimes, you will sacrifice a lot for your kids.

Does he know about the Impark lot on 9th ave near the c train station?

[J-hop]

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Does he know about the Impark lot on 9th ave near the c train station?

How can a cheaper lot make up for gas expenses, added wear and depreciation on your vehicle and increased insurance premiums?

Monthly pass costs $5/working day (assuming you work 20 days/mo