Debt

[15444]

Just curious to know if anyone knows what the average amount of debt Canadian farmers are carrying individually in today's farming era. I know I am carrying a little over 20 grand, but realize that most farmers are probably 80-100 grand in debt.

[wilagro]

I have no debt. My pension cheques subsidize my farm otherwise I couldn't farm.

Farming is no longer an enjoyable experience in my opinion. Those days are long gone.

Farming was a way of life in our family for well over 100 years but 'times they are a changin' as they say.

Keep the bankers happy and don't work yourself into an early grave is my best advice.

Regards.

[cowman]

Debt can be a killer or it can be a useful tool. I believe the only debt that makes any sense is debt that will make you money. If you want toys save up for them. I think a person should always ask "Do I really need this? Can I find a cheaper solution?"
In this modern world of farming debt is pretty much a necessity for most. You borrow to buy the inputs and you figure it is just another cost of doing business. Every business does it. I guess the trick is not to go overboard and to get it paid down as soon as possible...not so easy in these times?
I run my farming operation on a no debt policy because frankly the profits are so poor I can't justify the cost of debt. The oil services thing is run like any other business...money in money out, debt when necessary to make money.

[kato]

To be debt-free is my fondest wish. Maybe some day.