Canada's Debt Crisis: A Never-Ending Burden Passed On From Generation to Generation

Canada's economic landscape would be marked by tension and unease. Canada's rising debt is destroying the socioeconomic fabric and is putting people in a difficult position. O Canada! O Canada! You are now responsible for what has happened. Over half of the population lives in debt. The shocking truth is that not only is this generation, but all future generations are also burdened with debt. Individuals don't understand what they mean. In January, the Carrick on Money newsletter introduced an anonymous and casual survey. Readers of the Globe and Mail provided more than 6,150 responses. The poll results cover people aged between 18 and 29, 30 to 39, and up to 70+. Statistics show which generations have the highest debt and how much debt people owe. Despite recent price drops, Canadian homes remain expensive. However, 71% of the young adults surveyed have a mortgage. Most of the respondents aged between 30 and 40 have mortgage debts close to $500,000. As usual, real estate averages show a mixture of expensive metropolitan areas like Toronto and Vancouver, as well as less expensive places to call home. Only 22% and 11% respectively of the 60- to 70-year-olds had a mortgage. However, mortgage holders are often burdened. Even during historically high interest rates, credit card rates can be extremely high. The average card balance reported by cardholders is $6,343. This is higher than other estimates. The future of Canada and its citizens is bleak. Are doomed to debt. The country might appear modern and prosperous from the outside, with its shiny new buildings and vibrant urban centres. Debt

Generational debt