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  1. #1
    Senior Member M1917 Enfield's Avatar
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    Personal Finance Survey Finds 1 In 5 Canadians Expect Debt To ‘Disappear Or Be Forgiven’

    Why not, I'm fully expecting PM Sockboy McBlackface to write off all my debt and let me keep everything I bought with borrowed bank money!

    Time to load up to the max those mortgages, personal loans, lines of credit, student loans, credit cards and go finance a expensive new car, truck or boat or maybe even all 3.


    Boy are Canadian sheeple gullible and really dumb!





    https://www.huffingtonpost.ca/entry/...ef=ca-business



    BUSINESS

    11/19/2020 14:30 EST | Updated 11/19/2020 15:14 EST

    Personal Finance Survey Finds 1 In 5 Canadians Expect Debt To ‘Disappear Or Be Forgiven’

    Are Canadian households waiting for a government bailout?


    When it comes to their debts, it appears many Canadians are taking a page from Leonard Cohen, and waiting for a miracle.

    In a survey of 1,500 Canadians’ financial state ahead of the holidays, more than one in five (21 per cent) said they “expect their personal debts to disappear or be forgiven.”

    Credit Canada, the credit counselling agency that commissioned the Angus Reid study, called that number “shocking.”

    Household debt experts say this isn’t normal; it’s a sign that, amid the stress and uncertainty of the pandemic, many people are simply giving up on any sort of strategy to fix their finances ― and are perhaps hoping instead for a government bailout.

    The attitude makes sense given the ongoing pandemic, said Stacy Yanchuk Oleksy, director of education and community awareness at the Credit Counselling Society.

    Typically, crises are time-limited, “whereas this is dragging out. People are feeling unhopeful. People have a lack of control,” she told HuffPost Canada by phone.

    But “wishing and hoping is not a good financial strategy. We all like to stick our heads in the sand now and then. And that’s a good strategy, for a day,” she said.

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    It is true that ignoring debts will make them go away over time, Oleksy noted ― but not before a lot of bad things happen first.

    “There are a lot of consequences. There are collection calls and letters, possibly legal action, garnishing of wages if you’re employed.”

    The consequences of defaulting on a debt will follow you around for six or seven years. In that time, it may be more difficult, if not impossible, to get a credit card or a car loan, and you may face higher mortgage rates than borrowers with good credit.

    Those in financial trouble should “resist the urge to borrow for everyday expenses,” Oleksy said, as that is almost certainly going to get you into trouble. Try to actively save money, however much or little you can, as that develops good spending habits. And don’t be afraid to reach out for help, Oleksy said ― there are non-profit credit counselling agencies you can turn to.

    Grant Bazian, president of licenced insolvency trustee group MNP Ltd., is fairly blunt about these poll results. He attributes the attitude to “naivete… There is not a lot of financial literacy out there. Part of it may be wishful thinking.”

    The government was so proactive in helping out households and businesses when the pandemic came that there may be an expectation among some that “the government will come and save the day,” he told HuffPost Canada.


    People giving up?

    That’s not to say Canadians are in the throes of a delusional fit of optimism about their future. In fact, Credit Canada’s survey shows respondents seem to be pessimistic on a number of fronts.

    Twenty-one per cent say they are uncertain about their income over the next six months. One in eight (12 per cent) said they don’t expect ever to fully recover from the pandemic, and ― perhaps most tellingly ― 9 per cent said they don’t expect to find work, and expect to remain on government income supports.

    That level of pessimism is based on feelings, not an actual budget assessment, Oleksy said.

    “It’s based on the current experience of feeling helpless and hopeless, and not in proper control,” she said.

    Bazian calls it “Covid fatigue.” People are “tired of what’s going on, depressed, lonely, uncertain. People don’t thrive in uncertainty.”

    He adds: “I would encourage people to revisit hope. This will come to an end. Put some mindfulness to what you’re doing. Life will return to normal, the history of the world shows that.”

    The Angus Reid survey for Credit Canada was carried out online from Oct. 21-23, 2020, surveying 1,500 Canadians who are members of the Angus Reid Forum. Online polls typically don’t have a margin of error, but a conventional poll of this sample size would have a margin of error of +/-2.5 percentage points, 19 times out of 20.
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  2. #2
    Senior Member M1917 Enfield's Avatar
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    Of course they expect to be bailed out. Trudeau has trained them well.

    Canada is finished.

    Up until the late 70s, it was a pretty good run.

    Last 30 years have been just sad, and merely a taste of what's to come.

    Only a socialist leaning country would even think like that.

    They're probably the same people who believe the liberal's climate plan will get the country to zero emissions by 2050.


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  4. #3
    Senior Member Macds's Avatar
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    Looking at how people live around me, Im not surprised.
    Young couples, new million dollar home, 2 new beemers in the driveway, new 100K fishing boat, disney vacations every year....

    Thats entire subdivisions, not the odd house.
    Mind blowing.

  5. #4
    Senior Member M1917 Enfield's Avatar
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    There was an article in the news the other day about record levels of money sitting in wealthy Canadian's savings accounts, investments and retirement funds.. something like $80 Billion.

    Seems logical to use all this money just sitting around in the top 10% of productive and smart Canadians accounts to pay off all the debts of the masses who were unable or unwilling?

    Personally, I don't agree with this idea.. but I'm just trying to think more like the NDP / Lieberals do.
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  6. #5
    Senior Member M1917 Enfield's Avatar
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    JT's rationale for dropping the TFSA contribution from 10k back to 5k is 'those accounts help the rich get richer.' Well, the same thing goes today. If you have savings and investments and no debt, you are in the top tier of Canadians.

    You are wealthy. Why should you benefit from your own prudence and productivity when there are fellow Canadians that need that money? So, they'll find a way to tax it all somehow.

    What this survey really shows is how our governments virtue signalling has created weak, entitled people. It is also a scathing report on the absolute failure of Canada’s educational system, where entitled teachers think they should be sent home for months with full pay.

    People would never have been anywhere near this entitled before in human history.
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  8. #6
    Senior Member GTW's Avatar
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    Hah!
    If Blackface McFukface and the rest of the “give-me-free-cash scumbags” think they’re getting what I worked my butt off for, they’re going to be awfully disappointed when they find out I’ll have blown it all snorting coke of the a$$es of many many gorgeous hookers before they get one thin dime. I’ll even hire a few pool boys to keep the missus happy too.

    Bite me, Trudeau.
    "Mr. Speaker, we really could replace Justin Trudeau with a cardboard cutout, and his peanut gallery wouldn't know the difference"

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  10. #7
    The Gunsmithing Moderator blacksmithden's Avatar
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    I keep thinking I should sell my physical gold and silver stash and buy more stocks with electronic blips in a bank's computer......then I read something like this, and the feeling goes away.
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    June 2013 - The High River Gun Grab - NEVER FORGET !!!!
    Feb 26 2014 - Swiss Arms prohibition and ordered confiscation by the RCMP - NEVER FORGET !!!!!
    May 1 2020 - Liberal un-democratic mass prohibition order in council. - NEVER FORGET !!!!!

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  12. #8
    Senior Member Camo tung's Avatar
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    Quote Originally Posted by M1917 Enfield View Post
    JT's rationale for dropping the TFSA contribution from 10k back to 5k is 'those accounts help the rich get richer.'
    It did help the average Canadian, not the just the uber wealthy shelter their money from the Government.
    Last edited by Camo tung; 11-21-2020 at 02:10 PM.
    "It is an absolute truism that law-abiding, armed citizens pose no threat to other law-abiding citizens."

    Ammo, camo and things that go "blammo".

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  14. #9
    Senior Member M1917 Enfield's Avatar
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    Quote Originally Posted by Camo tung View Post
    It did help the average Canadian, not the just the uber wealthy shelter their money form the Government.
    I and you and most here understand that but to Trust Fund and off shore bank account holding Lieberals who are upset the peons get a little tax free break and the cash strapped Canadian sheeple who spend every cent and more that they get their hands on, see it differently!
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  15. #10
    Senior Member 2012Cvoguy's Avatar
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    Buckle up, the talk that the national debt is simply the money the feds have poured into the economy but have not taxed back yet is making the rounds.......

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