357 – 16 Months Post-COVID: What’s Going on with Debt, Savings & What’s Next?
Episode description
We are now 16 months into the Coronavirus pandemic, and everything has changed. Canadians have increased their savings rate and put a dent in their unsecured debt obligations. But are these trends going to last? Will savings go back down and credit card balances surge once the economy fully reopens? And will stress levels increase when we are back together in the workplace? Join guest Ted Michalos for a lively discussion on what’s happening and what’s next.
Time Stamps:
3:50 How much are Canadians saving now?
6:54 What’s happening with credit card debt?
11:11 What’s in store for the future?
20:00 When will things return to normal?
24:48 Practical advice
Related Links:
Ep. 290 Dealing with Debt During COVID-19 https://youtu.be/lWmZDLaJ63o
Ep. 291 COVID-19 & Debt Update: Dealing with your Creditors https://youtu.be/NPUSxwQR-pg
Ep. 292 Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession with Ben Rabidoux https://youtu.be/fek4xUoIkrc
Ep. 295 The Vultures are Circling: COVID-19 & High-Interest Loans https://youtu.be/yLK40Eq0vZw
Ep. 296 Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact https://youtu.be/S86gnBEkeUY
Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201
Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901