This video was very interesting as it shows that even the debt of our country can affect each taxpayer. In 1990 thirty-eight cents of each dollar spent was used to pay back our annual interest. It is comforting to know that we have average citizens who are looking out for one another. 

                This post reminded me a lot of post 1. The credit cards target you and even the banks do. They will lead you to believe taking on more debt will make it “less stressful” when it only hurts you in the long run. The banks don’t actually have your best interest in mind, and I have learned to be wary of this kind of trap.

                This video was unique in that it really brought to light the dangers of credit cards as a college graduate. Credit companies target young adults and it almost seems predatory. I found this video to be useful in that I will be more aware of these targeted credit cards once I graduate.

                This video was chosen because it takes a more proactive plan of attack for dealing with debt. This video was informative by teaching you how to learn when you are in a debt trap, and how to avoid them. It was very specific about things such as taking a 0 interest loan from family if available.

I chose this article because it talks about how the government doesn’t have the right laws or legislation in place to prevent these debt traps. Payday lenders run rampant in Canada because of the lack of laws around taking out loans. Heck, even the US has a lower cap on the payday loan interest rates.

I picked this website because unlike other resources about debt-traps, this one gives you information on how to get out of debt if you’ve already fallen in it. With enough education and information, you can get yourself back to a debt-free life. I learned that there are lots of online tools you can use for budgeting or planning.

I chose this video because it shows that a debt trap doesn’t necessarily have to be a predatory thing from some company trying to rob you of your money—it can be a systemic problem that affects homeowners across the nation.

I chose this video because it shows how easy it is to fall for a scheme/trap like this, and how if you aren’t informed you could easily get in debt.

After learning about the fact that credit cards target young adults, I came to realize the I myself have been a victim. I was offered a 2000-dollar limit credit card right out of university which I promptly spent right through and even to this day I still carry some of that debt! I have learned to be wary in the future. 

I would most certainly let any younger family member to be wary of credit cards and banks. Even if they offer you something under the premise that it will help you, you must remember that they look out for themselves first and foremost. Do your research before you jump into any kind of debt.