https://padlet.com/alexdoyle87/hkbcsv05alay en-us 2018-11-27 22:24:59 UTC 2024-10-14 22:47:19 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Prizecup.png alexdoyle87 https://padlet.com/alexdoyle87/hkbcsv05alay/wish/308566024 We will be exploring Credit cards and their advantages and disadvantages to Families! ]]> 2018-11-27 22:27:27 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/308566024 alexdoyle87 https://padlet.com/alexdoyle87/hkbcsv05alay/wish/308566270 By: Alex Doyle & Alex Chipman]]> 2018-11-27 22:28:17 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/308566270 alexdoyle87 https://padlet.com/alexdoyle87/hkbcsv05alay/wish/308566914 Upon our research we found a slide show providing some detail about the advantages and disadvantages of credit cards. These can be generalized with families as well. Some of the disadvantages are commonly known, for example interest rates can be high and increase the amount you owe, and it is especially easy to overspend when using a credit card. 
Having a credit card in general can be difficult, with a family it is a lot easier to overspend because you say to yourself, "Oh, ill just pay it off" when in reality you either forget about paying it off or you use your money for "more important things". This causes a domino effect, since you forget to pay off your card, you end up paying more due to interest. ]]> 2018-11-27 22:30:39 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/308566914 alexdoyle87 https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310228187 In the attached video BNN speaks to BDO Canada's Paul Ihnatiuk about effects resulting from debt and his companies role in helping solve these issues. They conversation revolves around a poll taken showing what extent Canadians would go to escape debt. For example, many said they would give up eating out for 3 years to escape their debt, and some said they would give up their rights to vote for 8 years! They go on to talk about how credit is the major cause for debt, and how a budget and proper planning, as well as being able to pay off your credit cards every month, can help people out of debt. They touch on small percent of poll-takers who voted they would move back to their parents house, regarding how that action can actually transfer debt and stress onto family members.  ]]> 2018-12-02 22:00:51 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310228187 alexdoyle87 https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310228928 In this video, Bruce Sellery was on Cityline, talking about how debt is a big issue in Canada and how we think and stress about it all the time. People try to claim that there is good debt and bad debt, while this may be somewhat true, debt is still debt which can cause a lot of stress on people. They try to justify their debt by saying they are using the money to renovate a kitchen but in reality theres no need to justify why you're going in debt. In the video it shows some tricks to help with paying your credit card. It has to be realistic in order for your family and what you are able to succeed at your goal. ]]> 2018-12-02 22:07:44 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310228928 alexdoyle87 https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310230242 Scott Terrio put together this article about how "Drowning in debt is the new normal in Canada". He found that there were several cases where people whom seemed like they would not have a lot of credit card debit or debit in general were some of ones with bad credit. For example, he came across some of these files, "a staff accountant with multiple lines of credit, several maxed-out credit cards, a big mortgage, a significant home-equity line of credit (HELOC) and two leased luxury cars; a TTC driver with two mortgages and $100,000 in unsecured lines of credit; a teacher with eight payday loans and a senior financial analyst at a chartered bank with seven credit cards, all carrying high balances." Reading these we were shocked that this was the case but started to understand how easy it is to go into debt. Now-a-days debit is normalized and many do not seem to be ask worried by it until it gets out of hand and they owe thousands of dollars. Also over the years credit card rates have gone down to lower interest rates, but since they are unsecured, the debt spikes back up within a year making it hard to pay off. Reading this article was a very big eye opener. ]]> 2018-12-02 22:19:28 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310230242 alexdoyle87 https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310231352 In 2016, Ontarians owed $1.71 for every $1 of income. Doing some quick math, if a families income was $50,000/year, their debt, multiplying the yearly income by the owed income, a family would have an extra $35,000 of debt. Leaving only $15,000 to spend on activities, car payments, groceries etc. This is also before it being taxed which would leave you with less. Obviously not all this debt is due to credit cards, this could be mortgages, car payments, line of credits etc. Still leaving it shocking to see these types of numbers. ]]> 2018-12-02 22:30:26 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310231352 alexander_chipman https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310239303 Chris Fournier of Bloomberg News wrote this article talking about the mass amount of credit card debt Canadian citizens are in currently, mainly due to the fact that a percentage of Canadians are not paying their credit cards off in full, causing them to have to pay delinquency fees. These rates and fees come as a penalty for paying a loan or payment late. The article states how the delinquent rates will probably begin to rise, meaning more late payments on the large amounts of outstanding debt, but debt will begin to slow down. The article also states that household credit is extremely high, even though the interest rates are historically low. It continues to say that the Bank of Canada intends to raise these rates, which will cause more money going out of the pockets of Canadians. We were very surprised to see that Canada's credit debt, excluding mortgage payments, is $599 Billion! ]]> 2018-12-02 23:42:04 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310239303 alexander_chipman https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310248821 Although this picture dates back to 2016, the message and statistics are still relevant even though the dollar values may vary. The chart breaks down the average amount of debt, not including mortgages, each age group is in. As most debt comes from credit cards, these numbers give an insight to just how much debt Canadians are in. Debt adds incredible amounts of stress on people and families. Having a budget and responsibly paying off credit cards can keep these numbers as low as possible, no matter your age]]> 2018-12-03 00:55:28 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310248821 alexander_chipman https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310257084 This video explains some ways bad credit can affect your family. The short video explains how your personal credit score is yours, and yours only. It doesn't translate onto your family members. Although it doesn't directly affect your family, bad credit score does in fact have an affect on your families way of life. Bad credit score can affect your families ability to purchase a new and reliable vehicle or even a home! Bad credit can even make it very difficult to take out a student loan to send your child to school. This video helps outline the negative affects of bad credit, and helps motivate us to keep a good and clean credit score for our families sake.]]> 2018-12-03 01:58:23 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310257084 alexdoyle87 https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310663230 In this article it explains how much trouble Canadians are in due to credit card debt. Alberta and Saskatchewan are some of the more vulnerable Provinces in Canada due to the oil mines. From 2014-2016 unemployment claims doubled due to a prolonged sector after the global price of crude decreased in 2014. The reason debt is so high right now is due to the "attractiveness" of low interest rates which makes people want to spend money thinking if they do not pay it off it wont cause too much of an effect on their lives. This is false because interest rates may be low, but the interest of what you spend can increase rapidly. It is more common for people to pay their mortgage instead of their credit card debt because it is flexible where as paying your mortgage is not. ]]> 2018-12-03 21:25:48 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310663230 alexander_chipman https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310712129 2018-12-04 01:28:42 UTC https://padlet.com/alexdoyle87/hkbcsv05alay/wish/310712129