I do not understand debt obsession

I moved to Canada from the US 8 years ago. I do not understand your obsession with debt. Debt is treated here like it's some sort of moral failing and a sin.....if you are in debt you are a bad person and must be shunned. Where I am from, debt is just a fact of life. We all have it and it's not a source of judgement or shame. Not a cause of rejection. Why is debt such a big and shameful thing here? I am legit confused.

19 Comments

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Ummmmm really?

Mar 26, 2019 at 10:01am

Because it limits your financial security and you end up paying more for stuff. Enjoy your debt, I'm looking at retirement.

43 8Rating: +35

Debt Free!

Mar 26, 2019 at 10:13am

Debt is slavery. No thanks.

46 7Rating: +39

Because

Mar 26, 2019 at 10:49am

there are less reasons for people to be indebted here. We have free healthcare, low university tuition fees, etc.

Devil's Advocate

Mar 26, 2019 at 11:25am

The way I see it, if you are responsible with your money, you have a responsible amount of debt. For example, you can have a car loan and a mortgage and can pay those off monthly, and also be able to go to the movies and have dinner, paying by debit. But there are people in this city who live well beyond their means (starting with student loans they've maxed with no intention of paying them off) and continuing on with credit card debt for clothes, cars, electronics, rental property or purchased property that they can't actually afford. So yes, because I deal with these people every day at work, I do judge those who are in an irresponsible amount of debt because they didn't have to go that route. They just chose to fall prey to "keeping up with the Benjamins" and expect mom and dad or good ol' bankruptcy protection to bail them out. That's shameful. If you're an adult, clean up your own financial mess.

31 9Rating: +22

Mortgage

Mar 26, 2019 at 11:53am

Mort - from the Latin word 'death' ie. mortuary ... Age from the Latin word 'era' ... Mortgage = a timeline of death !

20 7Rating: +13

Keep your debt

Mar 26, 2019 at 11:59am

I owe nothing, and I prefer it that way. Only the young and stupid get themselves full of debt.

Mortgages as debt

Mar 26, 2019 at 12:13pm

Part of the problem as I see it, mortgage is considered part of the national debt load. It's actually an investment. It's so unrealistic to think that everyone will be paying off their mortgages! No, it's an alternate to rent, it's your housing cost. (Unless you got in over your head, that's another story).

Samson

Mar 26, 2019 at 12:13pm

I just made $400,000 on the sale of a townhouse and then paid cash for a 1 bedroom...debt is fine you just have to be smart.

ED.

Mar 26, 2019 at 12:36pm

I think someone is trying to rationalize having debt and not being very good with their money.

15 5Rating: +10

It depends...

Mar 26, 2019 at 2:40pm

What kind of debt are you being shunned and shamed for? Too many pay day loans, those 16 month no interest deals from the Brick coming due or that extra 11 grand tagged onto the new car loan. If that's the case you probably have bigger issues to worry about than being "shamed".
Conversely, best of luck to anyone not already very wealthy, buying property without a Mortgage or operating a business without a line of credit.

16 2Rating: +14

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