Canadians Have the MOST DEBT In the World! Why Middle Class Canada Will Face MASS BANKRUPTCY!
In all of Canadian history, there has never been this much debt. Canada is drowning in massive levels of debt. Most individuals have financed their lifestyle with incredible levels of debt as they consume more and more. Big mistake. With rising interest rates becoming more apparent in Canada and the U.S, there will be no stopping the destructive effect that we will witness.
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Canadians owe $1.67 for every dollar of disposable income: Statistics Canada - National | Globalnews.ca
https://globalnews.ca/news/3126229/canadians-debt-to-income-ratio-creeps-higher-statistics-canada/
Congrats, Canadians: You're world leaders in debt - Macleans.ca
http://www.macleans.ca/economy/congrats-canadians-youre-world-leaders-in-debt/
OECD Warns on Rising Debt Risk as Canadians Most in the Red - Bloomberg
https://www.bloomberg.com/news/articles/2017-11-23/oecd-warns-on-rising-debt-risk-as-canadians-most-in-the-red
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Household accounts - Household debt - OECD Data
https://data.oecd.org/hha/household-debt.htm
20170904_CAD1.jpg (606×520)
Canadian households ‘nowhere near prepared’ for higher rates, survey finds - Article - BNN
https://www.bnn.ca/canadian-households-nowhere-near-prepared-for-higher-rates-survey-finds-1.892780#_gus&_gucid=&_gup=twitter&_gsc=eFVtpMm
Canada lost 88,000 jobs in January. Here’s why you shouldn’t read too much into it | Financial Post
http://business.financialpost.com/news/economy/canada-lost-88000-jobs-in-january-heres-why-you-shouldnt-read-too-much-into-it
Canada's mortgage debt has reached the levels in the US before the financial crisis — Quartz
https://qz.com/938570/canadas-mortgage-debt-has-reached-the-levels-in-the-us-before-the-financial-crisis/
Consolidated Canadian Government Finance Statistics, 2016
http://www.statcan.gc.ca/daily-quotidien/171122/dq171122a-eng.pdf
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I see this every day. In Toronto there is a major euphoria about real estate. It will never go down! Just a little bump in the road. Have no fear!
Do you believe that interest rates will rise, even a bit more? If so, will that have an impact on the economy?
Wow, I had no idea the level of debt in Canada was that crazy! What goes up, must come down... The euphoria can't last forever.
In my opinion, even a slight raise in interest rates, will have a big impact on the economy.
This problem isn't restricted to Canada. All western economies will suffer when the cost of debt increases, even slightly, because the indebted middle class have very little spare cash to cover an increase in costs or inflation. It's a slow motion train wreck.
In the Netherlands is 0.05% yearly interests on yours savings and inflation is 2% a year.
The mortgage rate is as low as 1,05% for 2 years or 2.47% for 30 years.
It is like this for years.
Nobody have savings any more and last year, the avg house prise when up by €1500 every month !
Witch economie will collapse first? Canadian or Dutch?