|There are about 34 million Canadians. This equates to 2 cards per person. But think about it.
This is every Canadian. That means that if you have 4 children and 2 parents in a household you would have 12 credit cards.
Scary, isn't it? While one or two cards for an adult is okay, we obviously have too much available credit. Most of this is at 19-24% interest rates which is almost impossible to pay off if you make minimum payments.
A better solution is to open a line of credit which will be at prime plus one or two per cent. Prime is currently 2.25%. At this rate, you can make monthly payments and actually pay down your debts.
Call me or apply online for a line of credit at my website
http://mortgagealliance.ca/davidcooke
Make 2010 the year when you get control of your debts.
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