There is a huge difference in attitude between Americans and Canadians and their finances.
Something amazing just happened. How could it be? Chase Bank the huge US Bank decided to stop participating in the Canadian Credit Card business. Today I read that they cancelled all the debt for all Canadians that they currently owe on their Canadian Credit cards. Every Canadian now has a balance of zero $0. Chase is done with Canadians and credit cards. I totally get it. No surprise. Canadians don’t use credit like Americans. They usually pay off any amount charged monthly. Credit card companies can’t make money that way.
Purchasing homes in Canada Also different attitude. Banks require more money down and offer shorter term loans than in the US. That is such a responsible way to buy a home. Much less likely to lose it to bankruptcy. When financial crisis in home loans hit in the US the Canadians were sitting pretty. They had not been sold the idea that caused Americans to over extend themselves. The no money down myth.
There seems to be a moral and ethical component to their spending in general in Canada. They CARE who is benefitting. Today there was an article warning Canadians to evaluate what companies are part of your investment portfolio. Canadians in general are horrified regarding the shootings in the US with assault rifles and the imprisoning of young immigrant children. So they were alerted as to which companies are making huge profits from this. Black rock and Vanguard funds have holdings in Smith &Wesson and Sturm, and Ruger & Co. both assault rifle gun makers and they are also among the largest holders of private prison operators Core Civic and GEO. A thought for Canadians if they wish to change and follow their beliefs.
Recognizing that there is a difference in attitude and what that is helps when working with Canadians. Chase Bank apparently didn’t know the Canadian spending style before they jumped into the credit card game. Life is lead differently. Canadians are not just polite …they are cautious. I have seen and learned that for sure while living in Canada. Personally I like it.