Your debts help bank profits surge

September 1, 2011 by
Filed under: Bank's Profits, Debt Management 

So on the one hand, banks blast warnings that the Canadian debt load is peaking; on the other, the more you borrow, the more they benefit.

Borrowing Canadians give banks a boost

Despite repeated warnings that that they are borrowing too much money, Canadian consumers continue to rack up debt at a quick clip.

That’s one of the main conclusions to be drawn from the most recent results from the domestic banks. Despite headwinds in capital markets and other areas, the big banks all benefited from higher consumer loan volumes, especially in residential real estate.

Read more:  http://business.financialpost.com/2011/09/01/borrowing-canadians-give-banks-a-boost/

First and foremost, you need to look after yourself. Banks will survive, no matter what options you choose to manage your debt, be it some form of repayment or be it bankruptcy. You have piece of mind, they have a bottom line. In my books, yours is more important than theirs.

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