It's simple, society needs to learn how to use credit cards and not be used by credit card companies.

Turn the table around, use credit card properly and you can fly around the world for free at their cost.

People just need to wake up and realize they have just as much power as credit card companies and can also benefit from credit cards if they are used intelligently.

I agree with Average Joe, years ago someone told me "If the poor (working) person has morals they are condemned to a life of financial misery".
I did not agree then but I do now read this case as an example http://www.canlii.org/eliisa/highlight.do?text=credit+card+debt&language=en&searchTitle=Search+all+CanLII+Databases&path=/en/on/onsc/doc/2009/2009canlii37717/2009canlii37717.html

The Bank breaches the bank act, BUT the judge rules that it matters not and even say's the debtor acquiesced so its ok the bank can flout the law.

Here is another example why the government wants you broke. In the bars here they have the slot machines. On top of the slot machines there are pamphlets from the government with a toll free number if you need help with your gambling problem. I don't think the government wants you to call the hotline. The only reason they are there is the anti gambling groups started screaming.

Why are they always finding ways to raise property taxes, close loop holes, raise credit card rates, now mortgage rates etc, its because they want more of your money. The majority of Canadians now are one paycheck from losing everything and that wasn't the case decades ago.

OMG... I can't believe you said that. Governments and banks have nothing to do "with keeping you broke "!!

I agree that they don't really care if you save or spend all your money, but they certainly wouldn't intend for you to go broke.

my philosophy is this: money is attracted to some people, and repelled by others.

Some people want to spend their money faster than a racecar traveling at 200 miles an hour. these type of people repell money. They can't keep it in their pocket.

other people attract money. They save money, they hoard money, but the bottom line is they spend less than they make. It's really a state of mind.

IMO... if you really want to become wealthy and save your money, you can do it. I don't think the government is to force you to go broke. I've never seen a law that says you need to spend all your money!

people need to sit down and think of what their priorities are as far as their money goes. They need to ask themselves do I want to save now for retirement, and emergency funds, or do I want to have all the toys now and not save retirement.

While I do agree that you should enjoy life in the now, you shouldn't spend all your money enjoying life in "the now".

If everyone paid cash they would have more savings and would only buy what the really need. The problem is the government and the banks are always finding ways to keep people broke. The government and banks don't care if you save or not they just want you to spend every dime you have.

Here is an example. I have a friend that deals with rbc.When he had no money in his account RBC wouldn’t give him the time of day. When he deposited $70,000 into his account recently a few months later they wanted to be his friend. He was giving a $5000.00 credit card and also offered a $10,000 to $20,000 line of credit. He also mentioned he wanted to buy a home and they are trying to convince him why he should get the mortgage from them. Here is the lasted update on my friend’s finances. He has blown over half of his savings and will end up blowing the rest by the end of the year. Do you think RBC will want to be his friend after they get every dime out of him?

I think people should save their money in an emergency fund, and pay off their credit cards. Naturally they will spend money on their monthly expenses such as mortgage payments or rent, groceries, clothes and other living expenses.

I think people should stop spending money they don't have, especially if they're paying interest with credit cards. So I am fully for people paying down the credit cards to a zero balance, and saving money for an emergency, at least.

Having said that, can you imagine what would happen to the economy if everybody stopped over spending with their credit cards,and used their money to pay down debt?

Some of the industries such as groceries and clothing in the utilities would stay pretty much the same because people have to use them anyways.

Retail industries that sell electronics, entertainment, travel wouldn't do so well.

Some industries would continue to do well in some industries would decrease very quickly if people paid only cash for things.

average_joe wants to talk about what would happen if there were no credit cards in this day and age. You only pay cash for things.

Let's say the scenario is this: everybody rips up their credit cards now, pays cash for everything, but before they can buy any consumer items, they have to pay off all their credit cards. They also have to pay off all their lines of credit. But they can keep their car loan and their mortgage.

The point of this is, what would be the effect on the consumer, business, government, the economy if people suddenly used "CASH ONLY"to pay for everything?

What is your point of view?