Enough is Enough
Enough is enough, debt that is, but when will it stop? It used to be that we would borrow money and there would be an expectation on both sides, from the lender and the borrower, that the debt would be repaid in full. But not anymore.
Bankers do not want debts repaid, why would they? They want you to be in debt as much as possible, preferably without default, and paying them residuals in interest ad-nauseum. We modelled in previous blogs how debt repayments over longer terms, even lower interest rates, result in big returns for bankers. But the market is becoming saturated.
There are not enough customers for the banks to continue expanding, praise be to bankruptcy and write offs providing tax relief and refreshing overwhelmed debtors so they can start again. More immigration also helps by adding more borrowers to the roster. The banks don’t have any money, it simply does not exist in anywhere near the quantities they have loaned it – if that were you or I, conducting that type of business, we would surely have been charged with fraud.
When will you and your family say enough is enough? How long will you drag massive debts behind you, living paycheque to paycheque? At some point you will probably need to tap out and solve the mounting mountain of debt, one way or another. Who are you kidding when you remortgage debt into your house, or use debt to make the minimum monthly payments on other forms of debt?
We can help, 519-646-2222 is the first call you should make.