519-646-2222Congratulations on your record debt
That’s right congratulations Canadians for running up record debts for yet another year. There has not been a single year since 1977 when Canadians charged less than the preceding year on credit cards, according to the Canadian Bankers Association
In 1977 there were some 8,200,000 bank issued credit cards in circulation in Canada. Of course, there were other cards that are not being counted such as Zellers, the Bay, Eatons, Canadian Tire, Sears and so forth. By 2016 that number has blossomed to 75,300,000 that is an almost ten-fold increase or nearly 1,000% increase in numbers.
But the number of cards issued is only half the story. In 1977 Canadians charged a mere $4,040,000,000.00 on those cards but by 2016 we were up to $452,360,000,000.00 an incredible increase of 112 times the 1977 total or more than 1,000,000% increase.
If the percentages are confusing for you look at this example
1 x 100% = 1
1 x 1,000% = 10
1 x 1,000,000% = 100
How much debt is too much debt? Who knows, but let’s all keep trying to find out! When you can no longer manage your debts give the office a call at 519-646-2222