You can’t credit your way out of a crisis, especially recklessly

By Stuart Lowman

credit cardsI was contacted this week by a certain financial institution to discuss my current credit status.

I personally believe my current credit limit to be reasonable in terms of income and expenses, but after a brief chat it was increased six-fold to a level where one could almost buy a small first-hand vehicle.

It does rest with me to ultimately decide to take advantage of said (reckless) offer or not, however what of the rest of the population where debt is eating away at families day in and day out.

It’s understandable that companies need consumers to spend, and banks facilitate this, but at what cost? And what happens when interest rates go up?

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