How bad is the average North American's credit scores? How much in debt?
I'm just wondering, 'cause this previous year I didn't work, and besides maybe a bit of scholarship income, made no money.
Yet, like 10 different credit card companies call me on a regular basis offering me more loans, credit cards, etc. I had 3 calls today.
I have like a ton, I don't need anymore, damnit (Mastercard, Visa, Mastercard Student Line of credit, Home Depot, Leon's, HBC, OSAP). Mind you, I pay my bills, and only leave a balance on the LOC since it's like only 4% interest, but this is insane.
In conclusion, they say that the average NA is too much in debt. I wonder why? If you want money now, yet make little to no money, there seems to be no shortage of it. It's no wonder that the only money making branch of most large companies (for example, the Big 3) is their credit branch.
Another big thing seems to be "debt consolidation". Sounds wonderful, take all of your high interest credit cards, and put them into 1 low interest one.
This would work great, if they forced you to get rid of most of your other credit cards. If not, balances will inevitably build up on those again, and the cycle repeats... :)
// End rant