Debtor, Mortgagee – “Two people sat down next to me and started talking numbers and bank accounts, scribbling on some photocopied statements.”

mflat at vancouvercondo.info January 27th, 2011 at 1:18 pm
“Small anecdote from my lunch hour: Sat at a local, downtown sushi bar, eating and reading Google Reader on my phone. Two people sat down next to me and started talking numbers and bank accounts, scribbling on some photocopied statements. Turns out the young lady (Chinese, mid-30s, stylishly dressed, likely Canadian-raised based on accent) is having massive problems with debt, including her mortgage payments, line of credit and credit cards. The mid-30′s Chinese male with her advised to put all her payments on her line of credit rather than her checking account to avoid overdraft penalties and having to worry about payment deadlines. He also advised her to start enquiring about a HELOC on her mortgage in order to consolidate her debts due to the great interest rate opportunities. Apparently her line of credit is getting a bit out of hand. Lastly, he advised that she stop contributing to her RRSP’s for the next 6 months until she gets her credit under control.
My favorite eavesdrop of the lunch hour was hearing her say: “Can I still use my credit cards? I have to put groceries on my Visa as I don’t always have money in my checking account.”
Yes, Vancouver, this is what your wealth is built on.”

One response to “Debtor, Mortgagee – “Two people sat down next to me and started talking numbers and bank accounts, scribbling on some photocopied statements.”

  1. My daughter worked at a west-side Starbucks for a few months last year and said the number of customers who tried to charge a $4.00 coffee and had the card declined was quite amazing. She works in a Yaletown trendspot at the moment and said many customers come in and only order one meal to be split two, and sometimes even three, ways with water to wash it down. People seem to aspire to a life style they really can’t afford, sad really.

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