Financial videos - Loans and credit
Debt Trap (1 of 5) 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.
Debt Trap (2 of 5)- 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).
Debt Trap (3 of 5)- 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.
Debt Trap (4 of 5)- 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.
Debt Trap (5 of 5)- 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. 
Good Debt vs. Bad Debt: Do You Know The Difference?In this 15-minute segment, I identify the diffence b/t good debt and bad debt. I also discuss some factors that can harm your credit score, as well as practices to improve your score. Get your pens out!