No, the above is not a typo. According to urbandictionary.com “moar” is a combination of more and roar. We thought it to be the best fitting headline when it comes to addressing the Canadian consumer’s apparently insatiable appetite for debt.
Debt is technically a noun, but to simple laymen like us here at Case, has debt not also become more of an action along with being a thing? Can we then assume that debt can also now qualify to be a verb? If so what does that make “moar”; an adjective describes a noun (a thing), but if debt is an action (a verb), does that make it and adverb? Perhaps there is a reader of our post out there with an English major that can weigh in with a comment on this.
Our conclusion to all of this; not only do record debt levels threaten our financial stability but debt also appears to have become a threat to good grammar and the English language!
The total amount of credit market debt — which includes mortgages, non-mortgage loans and consumer credit — held by Canadian households hit a record high in the third quarter (July – Sept 2014), climbing to 162.6 per cent of disposable income from a revised 161.5 per cent in the second quarter.
That means Canadians owed about $1.63 for every dollar of disposable income, according to the latest figures from Statistics Canada.
The previous record for household debt was set a year ago, in the third quarter of 2013, when the total amount of debt held by Canadians equaled 161.7 per cent of disposable income
Canadian households borrowed $27.4 billion in the quarter, primarily for mortgages, Statistics Canada said. In total, the country’s household debt burden ticked up 1.5 per cent to $1.805 trillion — a gain roughly on par with the gain in the previous quarter.
Meanwhile, household net worth climbed 1.3 per cent in the quarter, after a 2.2 per cent increase the previous quarter. On a per capita basis, household net worth was $232,200.
According to many economists a sustained period of low interest rates has allowed Canadians to rack up record levels of debt which, along with tumbling oil prices, pose a threat to the country’s financial stability (not to mention the English language).