Millennials who are saddled with debt such as costly mortgages might well bear the brunt of higher interest rates in the months to come, a new RBC report argues.

Older millennials, adults aged 35 to 44, had debt-to-disposable income ratios around 250 per cent in 2019, while Freestone noted that metric was roughly 150 per cent for the same age group in 1999.

Can confirm we’re sitting around 250% but this is after exercising significant restraint to not take on as much mortgage as the banks would have given us. Everyone I know who bought over the last couple of years went all out and I can’t imagine them being any lower than 300-350%.

    • GrindingGears@lemmy.ca
      1·
      1 year ago

      My best bud dated this girl that drove one of those basic Kia 4 doors, I think it was the Rio. This was back probably 2003, 2004. If I remember correctly she paid like $12k for it. That thing would shake every filing you had loose. It didn’t have suspension, it had decorative struts that held the wheels on. What a piece of crap. I’ve heard people swear by them, and I know they’ve come a long ways since, but I always think of that POS when I think of Kia.