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credit card debt

credit card debt


Credit card debt is a major issue for many Canadians. As of 2003, Canadian households owed an average of $2200 on each of the 22 million credit cards that regularly carry a balance. At an average interest rate of 18%, these cardholders pay almost 9 billion dollars per year in interest. According to the CIBC in 2003, revenues were predicted to "remain strong given that we are no longer investing capital in acquiring and transaction processing.". Costs of providing the services are dropping while interest rates charged are rising.

[+] How do credit card providers make their money?

[+] facts about credit cards


financial industry, debt, deficit, credit?, money, document.write('stewsinc'+unescape('%40')+'eol.ca');" class="wiki">monetary policy, bankruptcy?, Financial Consumer Agency of Canada?, identity theft?, credit cards, credit card interest.

positions


[+] pay your debts and leave the market alone.

[+] The credit card industry is gouging people - regulate lower interest charges.

[+] Provide startup capital for local microcredit groups.

[+] Mandate a Financial Consumer Advisory Council (FCAC) with teeth.

[+] Require transparency about credit ratings and the cost of borrowing.

[+] sources and resources



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