Danny B

Credit cards are great if you pay them off on time. I use my Capital One MasterCard that also doubles as my Costco membership for everything as I get cash back for each purchase.

I just checked my statement and it’s up to $280 cash back so far, the cheques normally get sent out in February right around when my car insurance is due. I cash the cheque and give it straight to ICBC

scrubbedexpat091

Shows the poor situation the government puts disabled and low income in, cut supports then recommend obtaining debt.

It's certainly works short term, but long term it never does.

I guess in theory while it would ruin your credit, if your on disability for life, at least in BC its exempt from garnishment, so one could just pay minimum for a few months and stop, can't collect money from those without it.

Also why most reputable lenders wont give credit to people on disability, the banks know they can't collect if it defaults, but the more predatory high interest places like Canadian Tire Bank, they will no issue, but the their interest is so high, they probably make money at the end of the day or they wouldn't be doing it.,

scrubbedexpat091

That rule works for luxury items, but often people end up in the debt to bridge the gap between pay checks to pay for medication or food or their electric bill or even rent.

Bank fees are a poor persons tax, the minimum are so high, they are unrealistic for people on lower income, but luckily banks like Tangerine offer basic checking without fees, but all the big banks, their minimums to avoid monthly fees is out of reach for the bottom segment of society, yet we still need banking services, we just don't always get the luxury to avoid the fees, Tangerine is good if you can do everything online, so for someone without internet wouldn't be a very useful option.

As they say the less money one has the more expensive life is, can't buy bulk to save, can't avoid fees due to minimum balances required being unrealistic and often more than a person even makes in a month.

Looking at CIBC website.

Pay no monthly fee with a daily balance of $4,000 on their basic account which is $16.95/month their $29/month plan requires you maintain a daily balance of $6,000 or $100,000 in eligible savings and investments.

It is what it is, banks will always cater to those with money, and will even close accounts on people like me because we are a net loss for the bank, TD did that to me, but they worded in a nice way, something like "we value you as a customer, however we feel that at this time we do not have services you require" just a nice way of saying hey your too poor, never have a balance and the $14.95 isn't enough to justify keeping you as a customer.

scrubbedexpat091

Not that I would such items anywhere, the spam that has hit the forum tonight, is rather interesting, and I think if I were going to partake in such products, the countries list would be the last ones I would ever try to do it in, poster joined today and is up to 57 posts already, all this one, this is just the headline, the body of the posts list a bunch of options, just in case you missed it, something about buying drugs in those countries just doesn't seem wise.

I wonder if this spam is human or a bot? And do they mean cocaine?

Jerseygirl

I am well aware what it is like to be poor. Granted we were never homeless because we lived in council provided accommodation. Mum often went without food to feed my sister and I. Anyway…I have posted about this before over the years and I am not going to repeat myself. One advantage of growing up like that is…it makes you determined to live a better life.

BristolUK

I think it depends on a number of things. Willpower is a major one but what the 'need' is can also be another one. And how long is it for.

I've been in the position where for every $100 paid off the balance has only gone down by $60 or whatever it was. But there was a period where there was no choice. Tenant disappears owing rent/damage caused, you have to spend something in order to get the next tenant in; family cooker packs up, you need a replacement; heating packs up and it's Canadian winter you have to spend.

A laptop might seem a luxury when you already have a desktop computer but if a kid is using it for schoolwork that takes access away from others. A laptop, connected to a TV could also be the cheap family entertainment cutting out other costs.

If a credit card enables you to buy that $600 laptop for $450 at BestBuy now and you pay it off at $80 a month it costs you less than saving $100 for 6 months to pay full price and you've been $20 a month better off.

Waiting might prove more expensive in the long run.

Balance transfers to a zero interest card can make a big difference too, so long as you know you can make those payments.

But if you're paying $100 a month and $40 goes in interest and you transfer it to a zero interest for a year card, your debt reduces by $100 a month instead of $60. It's a massive difference.

caretaker

In the early 90's I was buying bacon, bread, gasoline, kerosene, candles, matches, and ammunition. 1 bottle of whiskey and 1 pouch of tobacco per month. Too bad I smoked. $140 - $300 / month left no budget for luxuries. When I was young in the early 70's I was really poor for quite awhile. When I saw hard times coming I'd buy a big bag of rice knowing I could always put something together for cheap.

caretaker

Found this in my picture file and was immediately reminded...

BristolUK

I see there's a big Lacrosse match coming up this weekend.
Canada East Vs Canada West.

That's going to take some effort to get the ball from one side of the country to the other.

scrubbedexpat091

Someone needs to invent a pill that suppresses the body wanting food.

Jerseygirl

They have, but they are mainly available on prescription only.

Danny B

Black coffee does that.

scrubbedexpat091

But those are only available to people overweight, they need to make something for those who cannot afford food so they no longer need to feel hungry.

Danny B

Have you registered at your local foodbank?

https://cofoodbank.com/client-servic...vices-kelowna/

Siouxie

I've drunk black coffee (no sugar or sweeteners) for more than 30 years - hasn't worked for me!