Results: Borrowing Money! More Debt for Students in Canada
Published on 08/21/2019
High house prices and the mortgage stress test are making it as difficult as it’s ever been to buy a house, but young Canadians are finding other reasons to borrow money these days ― like covering their day-to-day living costs. The latest “Insights” report from credit rating agency Transunion found the total money owed by Canadians rose 4.3 per cent over the past year, to $1.88 trillion. Much of that increase came from young people. Among millennials, debt jumped by 12.3 per cent in the past year, to a total of $515.9 billion. That makes millennials’ debt larger than the baby boomers’ for the first time
QUESTIONS
GO to COMMENTS
Comments
1.
1.
Have you ever taken a loan just to meet your day-to-day expenses?
Yes
0%
0 votes
No
0%
0 votes
2.
2.
Young adults are turning increasingly to non-traditional lenders and fintech ― online lenders with no brick-and-mortar locations who often advertise aggressive promotions online. Do you think that it is a safe option to borrow money from online and fintech lenders vs. Banks? Yes
0%
0 votes
No
0%
0 votes
Undecided
0%
0 votes
3.
3.
Matt Fabian from Transunion says that "One of the things they're looking at is ... how do I just manage? They're not thinking long term … They've never seen a high interest environment." Which of the following strategies should be used to help students take less loans? Provide them with basic living income
0%
0 votes
Provide them with financial literacy
0%
0 votes
Provide them with more employment opportunities
0%
0 votes
COMMENTS