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
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