For the last 30 years, credit card debt has been going up. In November 1990, Canadian households owed $9.8 billion on their credit cards. Today, they owe nearly $90 billion. Why has credit card spending surged in the last three decades? On today’s podcast, Doug Hoyes and Ted Michalos discuss how inflation and easier access to credit products have contributed to our indebtedness and provide practical advice for how to deal with your credit card debt. Tune in for a great discussion.

 

Related Links:

Statistics Canada. Table 36-10-0639-01  Credit liabilities of households https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901

What to Know About Credit Cards To Use Credit Wisely: https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/

How to Pay Credit Cards – Pay More Than The Minimum: https://www.hoyes.com/blog/how-to-pay-credit-cards-minimum/