519-646-2222Shocking AI Credit Card Data
| Shocking AI credit card data revealed. For obvious and not so obvious reasons, the government and big corporations often hide data from the public. The only information they like to share is statistical data manipulated to be favourable to them. Statistics Canada is culpable in this deceit by obfuscating data or reporting in at times misleading ways. We frequently see misleading information in advertising slogans too: VISA “It’s everywhere you want to be“; MasterCard “Somethings money can’t buy, for everything else, there’s MasterCard” and AMEX “Don’t leave home without it“. Yeah, everywhere you want to be except in bankruptcy! The Canadian Bankers Association (CBA) published “bank issued credit card data” between 1977 and 2018. Then abruptly stopped in 2019, the data had been for Canadian Bank issued Credit Cards only and excluded store credit cards. Among other user data reported by the CBA was the number of credit cards in circulation, how much was charged on them, the average charge, cash withdrawals and more. So, I asked Chat GTP to locate the last report on the way back machine, an internet archive, and using that data estimate two things; 1. How many cards are currently in circulation in Canada? and 2. How much Canadians charge each year on those cards? I have previously made my own estimates and concluded that there were about 100 million cards, with Canadians charging a whopping $1 trillion on them each year. Bearing in mind that according to CRA data Canadians only earn $1.9 trillion before taxes – the AI calculations were nothing short of shocking! According to AI’s extrapolations, even allowing for a slowdown during the Government imposed lockdowns, this year alone Canadians will charge a staggering $1.59 trillion on 116 million Bank Issued Credit Cards. The only way Canadians can ever break free from this debt quagmire is to regulate the banks. You can jump on the bankruptcy roundabout but it will never solve the problem of bank exploitation. That problem can only be solved by meaningful government intervention. Forcing banks to drastically reduce interest rates on credit cards – perhaps 2% above the overnight rate, raising minimum monthly payments to 5% of the outstanding balance, and bringing an end to exploitative mortgage lending practices that allow for multi layered lending on real property. We can help bring you back to a starting point but avoiding debt altogether is out of your control! Legislators need to rethink their roles in relation to the people they purportedly represent. |