Pay Up or Get Out: MACLEANS

When did things change so drastically? Debt used to be a dirty word in Canada. Yet, over the past few decades it seems it's become necessary to survival. I found this article in the most recent issue of MACLEANS magazine. It discusses the reality of debt in the average, middle class, Canadian lifestyle.
According to the article's author, Jason Kirby, in the past "people spent years saving to buy a house and keep their mortgages to a minimum, and families that did find themselves in hock scrimped and saved to fight their way out. But, starting in the 1990's our attitude to debt changed. As interest rates fell and soaring house prices made everyone feel richer, our nation of savers became a nation of borrowers".
The article goes on to point out that Canadians are now in more debt than their southern neighbours! The average debt carried by Canadian households has jumped by a staggering 71% since 1990.
The good news? The recent economic downturn has exposed the unrealistic lifestyles many Canadians have been trying to live and will hopefully bring forth more responsible borrowing and debt loads. And who knows? We may even begin to save again...

Click HERE to read the full article...


  1. RBC Bank President Gordon Nixon - Salary $11.73 Million


    I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.

    There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
    Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
    Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

    Phone or e-mail:
    RBC President, Gordon Nixon, Toronto (416)974-6415
    RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
    RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail
    RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
    RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail
    RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail
    RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail
    RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail
    Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail

    "Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"


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