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Debt Trap (5 of 5)

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Some facts established in this documentary:- Canadians collectively owe $1,000,000,000,000+ of debt, almost 10 times that of 30 years ago.- in the last 20 years bank profits up 900%. Half is of debt interests.- avg household consumer debt: $70,000 - $80,000.- personal bankruptcies up 400% in 25 years.- savings rate now an all time low of 0%.- avg house price in 1978: $50,000+ (amortization: 15 years).- avg house price in 2008: $300,000+ (amortization: 25 or 30 years).- avg wage increase 0% while cost of living up 200% to 300% in the last 30 years.- "free trade" did not translate to a higher standard of living for all Canadians. Instead the rich got richer, the poor got poorer, and the middle class is struggling to stay afloat.- only 1 in 3 of the unemployed get E.I. (was 4 in 5 20 years ago).- avg student loan debt $25,000+.- politicans are pushing a U.S. style education system in which only the rich is able to afford higher education.- payday loan shops charge up to 3041% interests.- over 60% interests is considered usury according to law- federal government has not enforce the usury law against loan shops.

Channel: News & Politics
Uploaded: December 31, 1969 at 5:59 pm
Author: nibelungensohn

Length: 09:18
Rating: 4.00
Views: 1221

Tags: bank  bankruptcy  Canadian  card  credit  day  equity  foreclosure  interest  loan  money  mortagage  pay  rate  savings  student  usury  

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panther9mm (December 31, 1969 at 5:59 pm)
why don't the poor people just boycott the payday loan business? then they go bankrupt.
nbm34 (December 31, 1969 at 5:59 pm)
AlaskangirlIn the real world NO JOBS ARE SECURE generaly and you could take on a debt liKe a lot of people do, then they lose their jobs through no fault of their own. The banks are creating riop of debt interests, and you talk of reponsibility. THE fucking banks have createde THE DEBT CRISIS. Were is USURY and the corrupt banks at 60% interest RESPONSIBLE.
AlaskanGirlForever (December 31, 1969 at 5:59 pm)
That was absolutely the biggest load of bunk I've seen in a long time. That was a lovely chant of "Wah, government needs to do everything for me and take care of me, because I obviously can't take care of myself".
AlaskanGirlForever (December 31, 1969 at 5:59 pm)
Why can't people just take responsibility for their actions? Take responsibility for themselves? Be proactive, work hard, EARN what you want to have in your life.
AlaskanGirlForever (December 31, 1969 at 5:59 pm)
Wow...so you're recommending complete irresponsibility? Impressive moral standards you have there. BE AN ADULT. TAKE RESPONSIBILITY FOR YOUR ACTIONS AND DECISIONS.
nbm34 (December 31, 1969 at 5:59 pm)
The big secret is that you do not pay the debt. You leave the counttry if you have to, and make a new life in another country.They can only make you pay if they know were you live. DECLARE bankruptcy,BY DECLARING BANKRUPTCY YOU CAN ESCAPE FROM DEBT, aLSO GIVES YOU TIME tO WORK OUT HOW YOU AFE NOT GOING TO PAY BACK THE DEBT by any means possible.
angrywhitewomen (December 31, 1969 at 5:59 pm)
why not work while you go to school thats what im doing and my loan is very minimal. for this girl specifically having a child would be very difficult. but for the average person there is no excuse for monstrous debt
alpha0710 (December 31, 1969 at 5:59 pm)
that $500 clunker car with an insurance of $300/month and 1.40 gas prices... $4000 tuition fees
alpha0710 (December 31, 1969 at 5:59 pm)
actually it's sad.... :(
Thepiratejoe (December 31, 1969 at 5:59 pm)
Took $30K in maxed credit card debt over 4 months and cashed it out. Eat bankruptcy dust, credit card companies, haha! Paid off the new car nicely. They won't be seeing a cent of that money =]
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