More Canadians only making minimum payment on credit cards: TransUnion

[Castanet News]

Some Canadians are seeing their credit card balances grow as the cost-of-living crisis and higher interest rates eat into household budgets, a new report shows....

[JamesBilodeau]

So, what the hell else are we supposed to do? Gotta eat. Gotta work, need gas in the vehicle, need clothes on the back.
These companies want to cry about all the debt? They make a damned killing, don't listen to it.
I acknowledge my debt, small as it is. I don't really care what the heck someone says about it. All you perfect people can kiss my rutabaga.

[Froskii]

I stopped making payments and defaulted on my credit cards they won't get a cent from me ever!

[BigTun]

You can blame the Trudeau regime. Taxes are OUT OF CONTROL on this country.

[my5cents]

Anyone who can't use a credit card and pay it off each month, should cut it up and live within their means or find some other form of credit.

I pay mine off each month.

This month my balance was $4500, RBC calculates the time it would take to pay the full amount off if I only made the minimum payment was 40 years, 1 month.

I realize some need credit at some time, but credit cards at 20.99% per annum is NOT the way to go.

[AltaRed]

Credit card debt is the most expensive debt there is. No one should be carrying a balance from one month to another. It is understood that because of certain circumstances where a one time expense makes it difficult, if not impossible, not to carry over a balance to the next month, a plan should either be made to pay off that balance the following month, or look for a debt consolidation loan, or a personal demand loan, from one's bank at rates that are half as much as credit cards.

[my5cents]

Not only does one pay interest on the first months unpaid balance, but once you don’t pay the entire amount, each individual purchase begins to accrue interest at the time of purchase.