Average consumer debt load hits new high above $27K

People starting to buy cars again, I read a report elsewhere that mentioned a good year for car sales.

Both mortgages and car loans/leases are at super low rates. Naturally, people are going to buy when they can often upgrade and maintain their current payments.

Well, that's certainly good news for our Masters who run the banks.

Funny comment at the bottom of the page;



True dat!

Too true!

Is a mortgage counted as consumer debt?

I don't believe it is as it is considered good debt.

No. That $27K average would be extremely higher if mortgages were included.

The CBC story linked in this thread does not specify that but the same story on the CTV does specify:

Link to CTV's story:



Over $37K average here in BC... un-freaking-real . Too many people living way beyond their means. Glad I am not one of them.

No. That $27K average would be extremely higher if mortgages were included.

The CBC story linked in this thread does not specify that but the same story on the CTV does specify:

Link to CTV's story:



Over $37K average here in BC... un-freaking-real . Too many people living way beyond their means. Glad I am not one of them.

Ya and that's all short term without the mortgage.

that 37k is only 30% of total debt owned.

Why is an auto payment considered "bad"? Is anyone out there able to pay off a vehicle in one payment anymore? Is everyone willing to drive around with their family in an ancient $500 deathtrap just to keep the credit masters happy?

I hate these articles. If everyone had a debt balance of zero the banksters would be shitting themselves instead over a stagnancy crisis. "No one's borrowing and we're not making any interest profits!". We just can't win with these two-faced fuckers.

Very bad return on investment, not saving money, short term debt, depreciation, and you probably bought more car then you need / can really afford.

The Banks are loving it!! Record profits