🔴 🏡With Residents in Vancouver oweing whooping $360,000 PER CAPITA in Consumer Debt … Peter Griffin could have 10X’D his satirical song and still been SHORT $60K for your average Vancouverites 😳😅

🔴 🏡What IS “Consumer Debt” in the first place?
🔸Simply Put: “Personal debts that are owed as a result of purchasing goods that are used for individual or household consumption” Credit Card Debts, student loans, auto loans, mortgages, and payday loans are all examples of Consumer Debt.

🔴🏡HIGHEST in CANADA (6x average Canadian Consumer Debt of $65,000).

🔴🏡DOUBLE the debt per capita of TORONTO (yet similar unaffordable housing so chew on that)

🔴🏡2ND MOST credit card debt in CANADA with $12,332 (Victroia wins 🎖️ with $12,874)

🔴🏡 CREDIT CARDS as a % of non-mortgage debt was about 40% in Q3… it’s now 78% 😳 (as of Dec 2023)

🔴🏡Equifax President reports that ” in particular, in Ontario and British Columbia we’ve seen a significant increase in Miss payments and delinquencies.” (mortgages, credit cards)

🔵🏡What’s To Blame & What’s Do I Think is Next ⁉️

🔸Mortgage Debt fueled debt (74.3%) and higher housing (“MORTGAGE SHOCK” and massive rent increases) have caused Vancouver Home owners and renters alike to rely more on credit!

🔸The hope is with lower interest rates in the spring that this could ease pressure on consumers and ultimately bring cost down allowing locals to rely Less on their credit cards and lines of credit.. BUT will this be enough to change the trajectory of our debt crisis?? I’m skeptical and think that unless rates come down substantially (and soon) that the worst is yet to come…

🟣BUT as always PLEASE leave your comments below and I’ll try my best to reply 👇👇👇
🟣🟣Will the debt crisis get worse in 2024 or will things get better⁉️