This is like an arsonist drawing attention to an increase in the number of fires in his neighborhood. It’s not really the case that everyone saved more during the pandemic, but rather that they borrowed more and felt wealthier because of it. This was particularly true of nearly every level of government. Nonetheless, I fully expect that the magic of infinite amortization will solve the problem of debt default going forward, right?
A former Bank of Canada economist says the trend of rising household insolvencies could spell trouble for the broader economy down the line.
Insolvencies dropped during the pandemic as people saved money, but Charles St-Arnaud, chief economist with Alberta Central, told BNN Bloomberg that the trend is now being “reversed completely,” with insolvencies up compared with 2019 – and the rise has been much faster than expected.
“and the rise has been much faster than expected.”
Experts and weathermen. . .
Ha…well, all I can say is, yes I use my Visa and pay it off the same day.
Zero debt.
And yet this morning, a letter in our mailbox from RBC urging me to double my VISA limit.
Jamie, I think they want us all indebted, as it will be easier to take everything from us when the great reset is achieved. Those hold outs that have no debt, will be a bit more problematic to deal with. However, I’m sure they have contingency plans for that as well. The Banks, all of them, are interconnected and if you dig deep enough, you can trace them back to London, and the London Banking industry is all onboard with the great reset plans of the WEF. When even a lot of carrot still does not work, they will simply use more stick!
“Insolvencies dropped during the pandemic as people saved money, …”
No, they dropped because the governments shoved money out the door at an incredibly increased rate, and now the bill for that idiocy is coming due…
Hmmm…perhaps that’s why I’ve had no less than half a dozen real estate agents canvas my neighborhood for new business over the past week. Decent amount of inventory in my neck of the woods. They must be smelling blood in the water.