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Old 02-04-2009, 05:05 PM
trent trent is offline
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Join Date: Jun 2008
Posts: 387
Default Canadian credit card losses soar!

Here is an interesting article from Toronto Star about the credit card debt problems Canadians face:

http://www.thestar.com/Business/article/581940

For all of you that believe in the "Canada is different" story, read the article, as it offers a few sobering facts like:

1. Canadians' debt-to-disposable income ratio stands at 130 per cent, which is higher than US.
2. Canadians had $80 billions outstanding credit card debt a year ago.
3. Delinquencies were up over 5 per cent at the end of last year
4. Credit card interest rates are going up
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