Credit Canada

There was an article in the news today that stated that Canadians are once again turning into a nation of savers and have curbed back their spending. According to this report, Canadians were finding new comfort in ensuring that their pocketbook remained full and are leaning toward saving rather than spending. What do I think?

Well at Credit Canada, we always see the sad stories of way too much debt and no savings at all, so it is hard for me to be pragmatic about this.  I do think perhaps the tide is turning slightly but we have a long way to go.   For example the Vanier Institute reported that our savings rate went from 13% in 1990 to 3% in 2008.  On top of this, we are really one of the worst country of savers (except for the Americans, their savings rate is 1%).  Consider this: France has a savings rate of 12%, Russia and Germany 11%, Italy 10% and Belgium 8%.   So when I read reports that state that we are suddenly magnificent savers ,I am truly sceptical. (more…)

Recently, a friend of mine suggested we go to Value Village to check it out.  Now I have been there many times in the past and have found some great deals but for some reason had not gone in over  a year.  So off we went to find super bargains at a fraction of the price.   I was in need of a few items any way.   In fact I was mentioning to my friend that we should go to a local shoe store around the corner from Value Village afterward as I needed a pair of shoes and since we were in the neighbourhood it made sense.
 
I was first of all flabbergasted at the number of people at Value Village.  Apparently, we weren’t the only people in Toronto looking for hot deals.  I saw young people, old people, and everywhere in between. Some were quite well dressed and I had to wonder if the clothes they had on were in  fact from Value Village. (more…)