Canadian Household Debt at all-time high.

[pfi572]

In 81 my dad built his house. He paid 60000. 20000 down and the remaining 40000 was mortgaged at 18%. That 40000 was at like 20 years at 800 a month. Crazy.

If he would have taken the 20g and collected interest he could have paid the rent off it . Lol
Built when interest came down .
Looking backwards is so clear isn’t it ?
The $800 would have not even kept up with interest rate on loan .

 

[snochuk]

My wife was a receptionist at a bank in Fort Mac back in the mid 80 when Suncor went out on strike and she had guys throwing keys on her desk and walking away. She figured having all the new toys and new truck with a big house and TONS on debt was too much for these guys. After that time if I needed a new whatever I needed to work more overtime and save for the new toy. If I didn't have most of the cash I didn't get it. Sure was tough back then but sure is sweeeet now.

I have never bought a toy and borrowed money.
Life essentials is one thing but never for a toy.
Was always scared to get in money trouble and then at home trouble would be way worse.
Kids were always first consideration, post-secondary ESP school funds and then something for when I croak to set them up in life.

The amount people borrow on nonessentials is crazy.