While Canadian interest rates have fallen in the past few years, our per capita household debt has continued to rise. For every one dollar earned, we are spending almost $1.50. As a result, many households are only able to make minimum payments on credit cards on a monthly basis, which drastically increases the amount repaid. Creditors are making a profit and loving it. You may be shocked to know that if you have a $5,000 balance on your credit card and make only the minimum monthly payment (based on 18% interest), it will take you 38 years to pay off the balance! In the end, due to interest, you would have paid $17,674.00! Not junk change. Read the rest of this entry »
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June 17th, 2010