Debt in Kelowna - Have we been here before?

According to the Bank of Canada ... household debt is emerging as the greatest risk to Canada's financial system and the financial lives of Canadian and Okanagan families.

The Amazing part of all this ... the personal credit crunch and rise credit card debt is nothing new ... check out these two video excerpts from the CBC archives from December 1978 and the second from November 2008.
As Canadians rush off to buy Christmas gifts in the last weeks of 1978, a sobering new statistic might give some shoppers pause. Consumer debt in Canada has now reached a record $32 billion and there are no signs of a slowdown. Banks are competing to offer more mortgages, loans and credit, giving the average consumer more rope to hang themselves with. Debt counsellors are seeing more customers than ever before and one offers his view on where the blame for our collective debt lies. Check the video below

Courtesy of CBC archives

Now compare the video to a current story from the CBC in November 2008

Forty years after the credit card was introduced, Canadians have had plenty of time to learn about the perils of credit and reckless spending. But consumer debt remains staggeringly high, and a recent report from CIBC World Markets shows that our personal debt continues to outgrow our income by an alarming rate. Not only is the global economy hurting, but many Canadians are finding their own households sliding deeper into the red. In this 2008 report,CBC News: Sunday asks: how did things get this bad? Check Video below

Courtesy of CBC archives

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