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Mortgage Broker News | 03 Mar 2016, 08:15 AM Agree 0
Bank of Canada warns that currently record-high levels of household debt could amplify the effects of a recession
  • Gayle Peddle | 03 Mar 2016, 10:51 AM Agree 0
    In my opinion, credit card debt is the major problem. People need to live somewhere. If they are not making mortgage payments they would be paying rent. I think it is better to invest in a home. Interest rates on mortgages are very low - interest rates on credit cards are exorbitant if the full amount owing is not paid when due.
  • John | 03 Mar 2016, 12:29 PM Agree 0
    Gayle, I completely agree with your opinion. No attempt has been made to restrict access to unsecured debt.

    It's shocking how the government is fixated on housing and not the true problem - unsecured debt/vehicle loans...

    I've just recently had a client come to me after purchasing a vehicle that have a loan that is $20k over the purchase price of their new car.

    Apparently dealerships are now doing debit consolidation and using the vehicle for security.

    Tell me that isn't going to be an issue in the future.

    At least real estate values don't drop 20% as soon as you move in...
  • tom | 04 Mar 2016, 12:28 PM Agree 0
    A home is not an investment
  • Keith | 04 Mar 2016, 05:23 PM Agree 0
    Why... Why oh why do mortgage broker continue to harp about credit card debt? When will brokers realize that credit card debt is self imposed? Consumers have choice!! They CHOOSE to over spend buying things that they cannot afford.

    People need to take accountability for their choices, and I think that when brokers complain about credit card debt they only look foolish.
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