Deep in debt

Scary article in today’s Financial Post …

Complacent Canadians now deep in debt

No matter how you look at it, there is no mistaking Canadians debt is rising fast and we can no longer thumb our noses at Americans as reckless spenders with little regard for savings.

A report released by professional services firm Deloitte & Touche LLP Tuesday said Canadian consumers had a debt to disposable income ratio of more than 130% at the end of the second quarter of 2008. At that ratio, we have surpassed our American cousins who had a debt to disposable income ratio of just under 125%.

… etc.

By the way, I’m thinking of buying some new living-room furniture at the local big-box furniture store.  I can’t afford it, but luckily I won’t need to come up with the money right away (Don’t pay for 15 months! No money down! 0% interest! No monthy payments!).

Yeah, the economy will probably have rebounded in 15 months and the good times will be rolling.

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