This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare? + MORE Sep 8th
We know that Canadians have never had more disposable income. Lockdowns physically limited our ability to shop and dine out while CERB payments padded our pockets for months. But people weren’t running out and buying Teslas. In fact, they were using their excess cash to pay down expensive debt.
This happened almost immediately. Less than two months into the first lockdown, May 2020 saw the first decline in non-mortgage debt in decades. By January 2021, non-mortgage debt had plummeted by more than $20 billion, including a whopping decline of $16.6 billion in credit card debt. Now able to pay down their Visa bills, Canadians were able to incur more practical debt: mortgage debt…