You need to change your mind about debt

September 5, 2017

Far too many Canadians are caught up in the debt cycle and it is costing them billions of dollars of wasted income every year

It is legal in Canada to charge 60% interest.  It is also legal in Canada to allow people 275 years to repay their credit card balances.

Bank employees are rewarded with bonuses for getting you in debt so deep that you will never be able to afford to extract yourself from it without filing an insolvency proceeding – and that is acceptable and encouraged behaviour in banking circles.

Every dollar spent on paying debt represents, on average, about two dollars of hard earned income.  Remember you must pay taxes on your income before you pay your debts and then you pay taxes on everything you purchase with your money, borrowed or not!