Comments on: About a quarter of Canadians carry $10,000 to $40,000 in credit card debt http://blog.communitylend.com/2008/06/06/about-a-quarter-of-canadians-carry-10000-to-40000-in-credit-card-debt/ Starting the conversation about P2P Lending in Canada Thu, 09 Sep 2010 05:55:02 +0000 hourly 1 http://wordpress.com/ By: Alan http://blog.communitylend.com/2008/06/06/about-a-quarter-of-canadians-carry-10000-to-40000-in-credit-card-debt/#comment-99 Alan Fri, 06 Jun 2008 19:35:43 +0000 http://blog.communitylend.com/2008/06/06/about-a-quarter-of-canadians-carry-10000-to-40000-in-credit-card-debt/#comment-99 These, alas, are not necessarily the best peer-2-peer clients for CommunityLend lenders. These are folks who have cornered themselves into a high interest rate debt position through lack of personal finance management. What is to say that they will be more disciplined in paying back loans to CL lenders... (Not that we have the ability to lend yet). Credit cards are wonderful ONLY if: -it is a no fee card -and you pay it off completely every month when the bill comes in Which means that you never charge what you can't pay. (Note: if it is a fee card that coverers car rental insurance and you rent a car for more than a few days a year, then that is well worth the fee. Just read the fine print first). These, alas, are not necessarily the best peer-2-peer clients for CommunityLend lenders. These are folks who have cornered themselves into a high interest rate debt position through lack of personal finance management. What is to say that they will be more disciplined in paying back loans to CL lenders… (Not that we have the ability to lend yet).

Credit cards are wonderful ONLY if:

-it is a no fee card
-and you pay it off completely every month when the bill comes in

Which means that you never charge what you can’t pay.

(Note: if it is a fee card that coverers car rental insurance and you rent a car for more than a few days a year, then that is well worth the fee. Just read the fine print first).

]]> By: Colin http://blog.communitylend.com/2008/06/06/about-a-quarter-of-canadians-carry-10000-to-40000-in-credit-card-debt/#comment-98 Colin Fri, 06 Jun 2008 16:01:53 +0000 http://blog.communitylend.com/2008/06/06/about-a-quarter-of-canadians-carry-10000-to-40000-in-credit-card-debt/#comment-98 Thanks for the comment Sofia ... I note you are affiliated with a company in the consolidation business. Thanks for the comment Sofia … I note you are affiliated with a company in the consolidation business.

]]> By: Sofia Kim http://blog.communitylend.com/2008/06/06/about-a-quarter-of-canadians-carry-10000-to-40000-in-credit-card-debt/#comment-97 Sofia Kim Fri, 06 Jun 2008 15:54:17 +0000 http://blog.communitylend.com/2008/06/06/about-a-quarter-of-canadians-carry-10000-to-40000-in-credit-card-debt/#comment-97 Credit card debt is on its all time high with today's economy. Hopefully people can obtain the help they need to get out of debt. Thanks for the article! Credit card debt is on its all time high with today’s economy. Hopefully people can obtain the help they need to get out of debt. Thanks for the article!

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