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Thread: Free from debt is free from care?
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[quote=AL32,246689]Hi here's a few number dating from 3-4 years back regarding personal debt in Canada (~30 millions people living here: 2 or 3 big Chinese towns...): Average Canadian household debt in 2004 through personal loans, lines of credit and mortgage debt: $69,450.00 (~half a million yuans!!!!) OK they include loans for houses in there, BUT they also include childrens... I might be wrong, but if you take away mortgages for houses, it would still be around 30,000$ (200 000 yuan). Credit cards are evil: stay away as much as you can from them...if possible for sure! My trick is I never use them if I know that I don't have the money to completly pay them the next month. Here's another interesting statistic I came across a few weeks ago: the average Chinese family own savings estimated at 30,000$ --> RMB 200,000: the same as the average Canadian debt! Last year, millions of new cars have been sold in China. As oppose to Canada, where everyones buys a car by taking a car loan with a bank (and pays it back in 4 or 5 years - and a good proportion of customer are also now renting the car for roughly 60% of a loan), in China, 70% of the car buyers last year paid their car in cash money.... Why do you think that every car companies in the world have invested billions of dollars (multiply x7 for yuans) in China to make and sell cars there? OK, I don't want to drift from the subject of the thread by bashing on problem brought from the capitalism, but I thought that those few numbers were insteresting to share here... / AL [/quote]
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