Canadian Credit Card Debt Rising at Alarming Rate
Please note it is your responsibility to evaluate the accuracy, completeness and usefulness of any information, opinion or advice contained in the content below.VANCOUVER (NEWS1130) – So you fought the crowds for that big screen TV and those fashionable jeans…but how did you pay for them? Credit card debt is skyrocketing in Canada as people buy, buy, buy.
The consumer debt level in Canada has climbed from $197 billion to $340 billion in just 7 years, and it’s continuing to increase. Debtor assistance expert Doug Welbanks says these days, people aren’t as afraid of debt as they used to be. And it isn’t until that bill comes in the mail before we realize the cost of Christmas. “There is a fallout…people do tend to get their bills in February or March and a lot of people do have to struggle with that. (They’re) not really taking a good look at whether they can afford to buy all this stuff.
Welbanks doesn’t think enough people are price sensitive. “Credit cards have eliminated the worry of price and you can always charge it. You’ll pay it in monthly payments or you’ll deal with it later and everything is postponed to the future.” Welbanks says debit cards haven’t helped either, giving people easy access to their cash whenever they want.”
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December 27 2007 02:07 pm | Credit Card and Credit Card Debt News and Holidays
