Debt Struggle For Two Thirds

[DisobeyTyranny]

Debt Struggle For Two Thirds​

Most mortgage holders are struggling to pay household expenses, says a federal report. The Financial Consumer Agency of Canada noted more people are relying on credit card debt at 19 and 20 percent interest to get by: "Two thirds of mortgage holders are struggling to meet their financial commitments." READ MORE

 

[border_humper]

I just read that 60% must renew their mortgages in 2025 and 2026 from what were historically low rates 5 years ago.

Carney going to turn on the money printer this summer, just as he was hired to do.

 

[ex_libris]

Without HELOCs I'm pretty sure the majority of my friends who own homes and have kids would be bankrupt. I look at the pics they send of their multiple vacations, home renos, new cars, hockey equipment for the kids, new decks, etc. and I'm thinking, how the fuck do you do all this on your salaries?

 

[DisobeyTyranny]

I believe you are exactly right!!

A Home Equity Line of Credit (HELOC) in Canada is a form of credit that uses your home equity as collateral. It allows you to borrow funds up to a limit that is typically 65% of your home's value.26 This type of loan is a revolving line of credit, meaning you can borrow money whenever you need it up to a predefined credit limit, and you can continue to borrow against it as long as you have credit available.36

HELOCs are often used for major purchases or to consolidate debt, and they usually offer a lower interest rate than credit cards or personal loans.4 However, the interest rates on HELOCs are adjustable, which means your payments could fluctuate.3 Additionally, falling behind on payments could result in losing your home, so it's important to have a sound repayment plan before using this type of loan.3

Unlike a mortgage, a HELOC does not require you to make regular payments that include both principal and interest; instead, you can choose to make interest-only payments, which can ease cash flow.1 However, this flexibility also means there is a risk of increasing debt if not managed responsibly.

 

[RightOfSask]

People are getting more and more retardedz especially when it comes to finances. I have work colleagues who cry about inflation and how life is getting more and more expensive and two weeks later then show up with a new Sierra 1500 Denali. Dude, I know how much you make and you buy a $120k truck while you complain paying 20 cents more for milk ...