canada
Debt Trap in Canada
Very great and deep documentary video about how people in Canada are in deep trap of debt. Debt is growing out of control year over years.
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.
Part 1
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