We're really just copying what we saw Americans do around... 2007? We always do that. ;)
Wang has a theory on why debt levels are starting to crest in Alberta: “People are starting to brace for a somewhat worse economic outlook. That just shows that consumers are being more prudent than ever.”
"More prudent than ever"?! In a city where people owe $24,651? Holy crapola! And this figure is just an average--it means many, many people owe more than that. And there are guys like me with zero, dragging the number down.
I'd like to think it's all pretty funny, but I don't. Makes me sick to my stomach and keeps me up at night when I think what people are out there doing and getting themselves into. When the house of cards falls down they'll blame the government, the banks, and the 1% of their own complete insanity. The mad outcry will certainly push politicians into slapping savers through lower interest rates and higher taxes on gains. ...Ersh.
http://www.moneysense.ca/debt/canadians-fall-deeper-into-debtThankfully, nobody can blame the Millennials for this one either--numbers show it has very little to do with them. Rather a big chunk of it is my Generation X--which was supposed to be all antimaterialistic 'cause we listened to the Sex Pistols, the Ramones, the Clash, Nirvana, and REM. And now suddenly everyone thinks they're fancy people?
So--$21.5K. Fuuuuu... No wonder people look at me like I have three heads when I say I owe nothing. And critics out there like to say Mustcahianism could cause an economic collapse. (My ass it will!) :(