Am I Dangerously in Debt?

[vc_row][vc_column][vc_column_text]Debt is money you owe others, which could be individuals, credit card firms and or a bank or insurance company.  We borrow money to also buy large ticket items such as a house or car and or student loan debts to pay for a higher education. Canadians use their credit cards to purchase goods from stores or online and then they have a 30 day grace period in which to pay it back. If they fail to do so after the 30 days graced period…they are charged interest of up to 19% on the balance. If you don’t pay for 5 months…your $100 of debt could be $200 of debt and the 19% interest is now calculated and compounded on this new balance of $200.00…which equates to roughly $38.00 of interest on $200.00 owed.  It’s a fairly crappy deal but for the big Canadian banks, it’s a great return on investment. The credit network is already set up and since around 47% of all credit card holders don’t end up paying their bills at the end of the month, that’s a great return on investment. You know you’re in debt because you can feel the negative effects of it. You feel anxiety and a heightened sense of pressure.[/vc_column_text][/vc_column][/vc_row]