Indeed this is a conversation that needs to remain open. How the Goverment can make a case for reducing maximum amortisations on low interest debt secured against an appreciating asset, yet allow effective amortisations as high as 157 years on unsecured consumer debt backed only by memories of a vacation, excessive clothing purchases, or several meals out boggles the mind.

Compounded by the fact that there is no significant income qualification required for most types depreicating or non-asset purchases (i.e. furniture, appliance, & car loans).

Keep on pushing the topic.

Wayne Campbell
Invis – Prince George

I wrote a little blog last month (http://blogger.mortgagegroup.com/2011/12/making-sense-of-conflicting-news.html) talking about the confusion that exists among all the headlines – with the ones around household debt being at the top of the list. Canadians (and policy-makers) need to keep perspective. Not all debt is bad debt and sometimes access to cheaper debt (often the case with secured debt) allows consumers to consolidate higher interest debt. Speaking with a mortgage broker is a great starting point for any consumers with questions regarding their debt.