Many Canadians within $200 of being unable to pay bills

[InRich]

Anyone see this?!?! I'm in awe!

http://www.ctvnews.ca/business/many-...poll-1.2779545

Thoughts!?!? lets hear em

[r3ccOs]

I'm sure glad this is in the car forum and that you obviously would never have to worry about being in this situation

[dj_rice]

Was this thread created to boost your ego?

[ZenOps]

I'm amazed that people publically admit to it nowadays. Back in the day, you kept your finances private much like your favorite sex position.

Trump made it fashionable to be eyeballs deep in debt - and be proud of it.

Which IMO is the second sign of the financial apocalypse.

[r3ccOs]

Originally posted by ZenOps
I'm amazed that people publically admit to it nowadays. Back in the day, you kept your finances private much like your favorite sex position.

Trump made it fashionable to be eyeballs deep in debt - and be proud of it.

Which IMO is the second sign of the financial apocalypse.

its different for a business entity to borrow to make capital investments to offset revenues and corporate income taxes, even if it comes out at a wash or even purposely for a loss, as long as you either protect or grow your asset worth.

this article is really about people who #yolo #newsupercars4life who push their TDSR well beyond whats survivable.

simply put... in this recession, all my rig, driling, engineering neighbors with their fancy 1 ton trucks or matching his and hers M series (or packaged) BMWs are putting their houses for sale.

whereas you really aren't seeing houses for sale in affluent areas in the city where people may have a toy in the garage, but drive 5+ year old volvos.

[InRich]

Originally posted by r3ccOs
I'm sure glad this is in the car forum and that you obviously would never have to worry about being in this situation

eeep sorry, MODS PLZ MOVE to where ever its supposed to be. my bad.

Originally posted by dj_rice
Was this thread created to boost your ego?

no... wtf. havn't you heard. I'm InDEBT. My entire life is HELOC.

anyways I'm just curious about your opinions. cause.... well. if this is seriously true, Canadians are in some SERIOUS TROUBLE! I'm a little worried actually after reading it... I mean how can it be true... seriously, wtf.

I'm thinking maybe they poll'ed people that weren't the norm. At least I'm hoping so.

[InRich]

Originally posted by r3ccOs


its different for a business entity to borrow to make capital investments to offset revenues and corporate income taxes, even if it comes out at a wash or even purposely for a loss, as long as you either protect or grow your asset worth.

this article is really about people who #yolo #newsupercars4life who push their TDSR well beyond whats survivable.

simply put... in this recession, all my rig, driling, engineering neighbors with their fancy 1 ton trucks or matching his and hers M series (or packaged) BMWs are putting their houses for sale.

whereas you really aren't seeing houses for sale in affluent areas in the city where people may have a toy in the garage, but drive 5+ year old volvos.

wow. thats the smartest thing I ever heard you say. and so true! I started this thread cause I wanted to hear opinions just like these.

I heard a while back talking to some of my business friends, when there's blood on the street, some people gonna get seriously rich.

[ZenOps]

The more disturbing stat is that 1/4 are already not making enough to cover their debt, which seems to be correct.

163% debt to income ratio is the official stat for Canada back in 2014. So I can imagine its even more so now.

But look on the bright side, at least you don't owe $53 million US like Kanye.

[r3ccOs]

Originally posted by InRich


wow. thats the smartest thing I ever heard you say. and so true! I started this thread cause I wanted to hear opinions just like these.

I heard a while back talking to some of my business friends, when there's blood on the street, some people gonna get seriously rich.

only if you can

what I'm describing is this:
http://www.kijiji.ca/v-cars-trucks/c...ationFlag=true

#yolodenaliHDwhilelivinginaduplex

fact is... in the 90's it was attainable for independent individuals acquire plays from divestitures, but these days its a whole different game

no matter how much you heloc, you aint' picking up Nexen's long lake

[Maxt]

Originally posted by r3ccOs


only if you can

what I'm describing is this:
http://www.kijiji.ca/v-cars-trucks/c...ationFlag=true

#yolodenaliHDwhilelivinginaduplex

fact is... in the 90's it was attainable for independent individuals acquire plays from divestitures, but these days its a whole different game

no matter how much you heloc, you aint' picking up Nexen's long lake

It might be for sale because those trucks drive like the steering linkages are made of wet spaghetti... Yah he's probably broke to.

[Twin_Cam_Turbo]

I am starting a new job with a much lower may scale and will probably be close to this every month, however when I factor in my rent income I will still be saving $700-1000 per month comfortably.

[RealJimmyJames]

Why would you pay your bills in the first place? I'm pretty sure you can just ignore those.

[Sugarphreak]

...

[birdman86]

Originally posted by r3ccOs


only if you can

what I'm describing is this:
http://www.kijiji.ca/v-cars-trucks/c...ationFlag=true

#yolodenaliHDwhilelivinginaduplex

fact is... in the 90's it was attainable for independent individuals acquire plays from divestitures, but these days its a whole different game

no matter how much you heloc, you aint' picking up Nexen's long lake

"looking for some1 to take over payments"

yup, this guys screwed. probably 8 year financing too.

[lilmira]

I'm within 6 dollars to be retired every week.

[firebane]

I am some months definitely one of these people. It became really tough when I had my budget all laid out and actually was making some improvements but then my company decided to change pay schedules dates and now I've had to play catch on a bunch of things.

People take it for granted that everyone makes a shit ton of money and some of us do not. Beyond has a higher percentage of people who make good coin but that doesn't mean everyone around here does... some of us do struggle.

[SmAcKpOo]

I just don't understand how people can't be logical and rational when it comes to their finances.

[Twin_Cam_Turbo]

Originally posted by SmAcKpOo
I just don't understand how people can't be logical and rational when it comes to their finances.

They say if you weren't brought up knowing the value of money that it plays a huge part of your financials in your adult life.

Maybe that's part of it.

[firebane]

Originally posted by SmAcKpOo
I just don't understand how people can't be logical and rational when it comes to their finances.

Some things are taught, some are learned, and others are learned by trial and error.

If you don't have a good role model that is good with money how are you to know how to be good with money?

My girlfriend is a good example of this. She went out and financed a $12,000 car and was unhappy with it so she went and financed another $12,000 car and returned the first. Her once $12,000 car loan was now $24,000 and on top of that they sucked her into buying a $2,000 warranty program.

Her mom and dad was just like "Yup do it!" and now she regrets every minute of it because monthly she pays close to $900 for her car between payments and insurance.

[SmAcKpOo]

How did she not analyze that decision rationally and realize what a mistake it was?

I am genuinely curious. How people come to different decisions is fascinating.