https://padlet.com/andrewrusak/h5l3e86bku7j0hjf Andrew Rusak - 100558532 en-us 2020-12-01 01:08:32 UTC 2026-03-09 09:17:07 UTC hello@padlet.com andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974000188 You might be asking yourself "what is a debt trap and how can I avoid them?" A debt trap is "a situation in which a debt is difficult or impossible to repay, typically because high interest payments prevent repayment of the principal." In this reading we will learn the most common types of debt traps - what makes them debt traps, and how to avoid them.]]> 2020-12-01 01:12:03 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974000188 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974010276 2020-12-01 01:16:51 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974010276 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974010606 2020-12-01 01:17:00 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974010606 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974010802 2020-12-01 01:17:05 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974010802 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974010970 2020-12-01 01:17:10 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974010970 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974012557 This website, although American, shows 10 unexpected debt traps. 2 of these debt traps are very common particularly among college students; these traps are signing up for subscription plans and taking out long-term auto loans. Subscription plans are the simplest to relate with - almost everybody has Netflix. It doesn't end just there; there are subscription based businesses that are massively popular such as Spotify, Apple Music, Crave, Audible, and gym memberships. These all add up significantly when it comes to your month expenses. As with auto loans, buying a car as a student is extremely difficult. Long auto loans appear to make the purchase much easier as the payments are lower and many don't think of how much longer it will take to pay off the car and also how much more you'll be spending on the car with the interest. 

]]> 2020-12-01 01:17:55 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974012557 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974026499 This Canadian website shows the top 5 reasons Canadians are in debt. My primary takeaway from this is not being disciplined with your money. It is so easy spend money carelessly, especially as students. 

I chose this website because this shows that Canadians and Americans have near identical debt traps as our markets are almost carbon-copies.]]> 2020-12-01 01:24:21 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974026499 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974032045 This article by the famed MacLeans shows how Canadian homes have become debt traps over the years.

I chose this website because this shows how our market has been getting worse and worse over the years and is making it nearly impossible for young people to purchase their own homes.]]> 2020-12-01 01:27:02 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974032045 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974037496 This video explains debt traps among Canadians. In this video you will learn about a young Canadian woman named Jennifer's debt troubles stemming from credit after post-secondary.  

She has a fantastic point about debt "sneaking up" on you. This is extremely true because a very large cause of debt in Canada is from tiny purchases or subscriptions building up slowly until it becomes a large sum which is difficult to pay off.]]> 2020-12-01 01:29:37 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974037496 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974046401 This is a great video of 2 Canadian individuals explaining student loan debt and what they wish they knew when they first got started in taking loans. 

This video is excellent because they give great tips for how young people can stay on top of their student loans to prevent being in heavy debt from people experiencing it first hand.]]> 2020-12-01 01:33:53 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974046401 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974059071 2020-12-01 01:39:47 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974059071 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974063969 2020-12-01 01:42:09 UTC https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974063969 andrewrusak https://padlet.com/andrewrusak/h5l3e86bku7j0hjf/wish/974065783 Q1. What did you learn about your topic that surprised you the most?

A1. I learned how slippery credit debt can be. Though I thought I had a decent understanding of it before, I never realized quite how much the interest rate can make paying off the statement a tall task. The fact that if you only pay off the minimum requirement you are only paying off interest was wild to me because you will just continue putting money towards your debt and making no impact on it.

Q2. Provide a real-life example of how this topic is relevant or interesting for you.

A2. This is relevant to me because, like many people my age, I have a certain amount of debt from multiple sources - credit and student loan. From learning tips the articles and videos supplied I now know more about my debts and how to stay on top of them. Having first hand been in more credit debt than I wanted to be at a certain point in my life, it is nice knowing the exact reasons why I was in that, and how to not get in that position again.

Q3. If you could pass your knowledge to a family member or friend, what do you think is the most important thing to pass on.

A3. I would say the most important is to use credit cards carefully, but make sure to actually use them! Many people will say credit debt is so dangerous that they don't recommend you use a credit card at all. This is awful advice because then you will make building a credit score very hard on yourself. A credit card is an excellent way to establish a credit score - especially for younger people. Use credit cards, pay high or full amounts on time to create and maintain a high credit score.

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