Canadian’s Getting Caught up in Too Much Credit Card Debt

Why is it that we feel so special when a bank pre-approves us or offers us a credit card of a few thousand dollars? Typically our thought process is, finally, the bank is noticing me as a borrower, and they appreciate me as a client. It is a good feeling, being appreciated. But what’s the real story?

Go as your bank for a loan, most of the time they will say no and will make up some excuse as to why. Then go back to them and ask them for a credit card and they will be all smiles. Why is this? Banks like any company are interested in making profits. They are interested in the bottom line. A loan won’t make them money (the cost of completing the transaction probably outweighs the income received) but a credit card will. So what do they do? The offer credit cards indiscriminately. They determine how much to lend you on credit cards based on how much income they can squeeze out of you before you can’t pay anymore. They take you to your limit. They bank (no pun intended) on their reputation, and you accept their offers because banks have convinced you that they are looking out for your best interest.

Banks just like any other business look after their interests, and you must look after yours. Pay off those credit cards and be done with them. Rip them up. Need access to bulk funds, stick with loans. If banks say no (which they mostly do), then come by AAR Financial. Even at our rates, you are still better off than credit cards. We will do a practical assessment of your financial situation and lend accordingly. No hidden fees and no catches. We pride ourselves on maintaining long-term positive relationships with hundreds of Winnipeggers.

Call us today and let’s talk. In the meantime, check out this beautiful site:

Say No To Credit Card Debt!