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Delinquencies on the rise as Bank of Canada decision looms
March 5, 2019
1:49 pm
Kidd
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This is troubling.. delinquency rates for Canadians 65 and older were up 7.2 per cent.

https://www.bnnbloomberg.ca/consumer-delinquencies-on-the-rise-as-bank-of-canada-decision-looms-1.1223801

** If you can't be kind, at least have the decency to be vague.

March 5, 2019
3:59 pm
Vatox
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Troubling, yes, but not unexpected.

Unfortunately there are a lot of seniors that still have mortgages and other debt loads. The five interest rate increases are starting to take a toll. It hasn’t even been 2 years since the first interest rate increase and plenty of mortgages may have been renewed for five years, just before the increases started. Plenty more is coming as this is just the start. Seniors are most vulnerable and get hit first.

March 5, 2019
5:11 pm
Bill
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I don't know that a "lot" of seniors have mortgages, least not in my circle. Not much sympathy for seniors with money problems - (aside from those who suffer catastrophic events) you had about 45 or more years of adulthood to make your life choices and priorities, and you've still got a mortgage?!

March 5, 2019
5:17 pm
Kidd
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Bill, i think to support our dead beat kids, many of the older folk have taken on unnecessary debt loads.

** If olive oil comes from olives, where does baby oil come from?

March 5, 2019
5:33 pm
Vatox
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Bill said
I don't know that a "lot" of seniors have mortgages, least not in my circle. Not much sympathy for seniors with money problems - (aside from those who suffer catastrophic events) you had about 45 or more years of adulthood to make your life choices and priorities, and you've still got a mortgage?!  

I know many that have mortgages and car payments too!
People shouldn’t have debt of any kind going into retirement.

March 5, 2019
5:38 pm
Vatox
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Kidd said
Bill, i think to support our dead beat kids, many of the older folk have taken on unnecessary debt loads.

** If olive oil comes from olives, where does baby oil come from?  

I’ve heard of this situation also. It’s a difficult thing to have.

March 5, 2019
6:01 pm
Vatox
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https://www.livabl.com/2017/05/mortgages-make-up-nearly-half-canadian-seniors-debt.html

That article was written before the interest rates started rising.

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