Canadians Are Increasingly Turning To Credit Cards For Essential Items

Liberal policies are driving up inflation, strangling the most productive Canadians, and deepening economic pain for millions.

In a dark way, it’s perhaps fitting that in the same week finance minister Chrystia Freeland is being criticized for her contemptuous attitude towards Canadians after she refused to say how much it costs to service the debt, we discover that Canadians are increasingly turning to credit cards to pay for essential items:

“A growing number of Canadians have turned to their credit cards as a means to cover essential items within the past year, a NerdWallet survey released on Monday revealed.

Seven in 10 Canadians (70 per cent) said they have used credit to pay for essentials items, including groceries and utilities, within the past 12 months, the data showed. Alternatively, one in three survey respondents (33 per cent) said they have redeemed credit card rewards to pay for mandatory items.

Of those who reported a change in their credit card habits in the last year, 68 per cent said it was because of the increased costs of goods and services.”

Canadians are also struggling to pay off their credit card balances:

“In this environment, of the Canadians who use a credit card, only 58 per cent reported paying the balance in full every month. Another 40 per cent said it will take them six months or longer to pay off all their debt while another 11 per cent said they were unsure as to how long it will take them to clear their consumer debt.”

Inevitable

Is any of this a surprise?

Of course not.

What did the Liberals think would happen when they massively increase immigration, disincentivize real production, work with the Bank of Canada to flood the economy with printed money, raise taxes, and take on more debt?

There is only one way that can end: Canadians becoming poorer on a per capita basis.

The Liberals – along with their NDP collectivist pact partners – are strangling the most productive Canadians while seeking to drag us all down to the lowest common denominator.

Canadians are drowning in debt, and every time people try to come up for air they get pushed back down by the destructive policies of a federal government that seems determined to make life more and more expensive.

Wasted potential

Canadians should be the richest people on Earth on a per capita basis. We have abundant natural resources, massive amounts of space, a well-educated population, and a historical foundation built on the most successful civilization in history.

Yet, because of the collectivist policies of the Liberals & NDP, this potential is being wasted.

Instead of enabling Canadians to overcome our limitations and improve our standard of living, we are being constrained. The government punishes those who are productive, while rewarding those who commit crimes and put innocent people in danger.

Unless we correct course soon, we will look back on this time as a moment when we squandered the immense potential of our country.

Spencer Fernando

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