Minimum Payment Will Keep You In Debt Forever
An excellent article on Vice.com sheds light on the trap many Canadians find themselves in over their lifetime. That minimum payment on your credit card debt is designed to keep you trapped in debt for your entire lifetime.
The province of Quebec has introduced legislation that requires a minimum monthly payment of at least 2% of the balance which will increase to 5% by 2025. While this still is far from ideal it is an improvement on the current system which insures you will be a slave to the bank for your lifetime.
The Canadian 'lifestyle' is really one of smoke and mirrors which will evaporate the moment our credit cards and low interest mortgages become a thing of the past. Our federal government is running us into debt at a dangerous pace that will insure future generations will be slaves to the debt for their entire lifetime.
It is something this generation of Canadians thinks is the norm - taking possession of what we 'want' today and paying for it tomorrow. Of course, we are finding out that tomorrow never comes.
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