» Credit Cards Raise ‘Canary in Coal Mine’ Alert at Canada Banks

Credit Cards Raise ‘Canary in Coal Mine’ Alert at Canada Banks

Right when you think we might have found a safe haven in the Canadian Banks….

March 10 (Bloomberg) — Krystal Koglin didn’t think twice when Toronto-Dominion Bank offered to boost the limit on her Visa credit card 11-fold a couple of years ago.

She went on a spending spree, hitting department stores like Holt Renfrew, treating friends at restaurants, splurging on designer jeans and buying “needless things” on EBay Inc.

“Being a young adult and irresponsible, I spent a lot of money that I shouldn’t have,” the 24-year-old salon manager and BCE Inc. employee in Toronto said. “I couldn’t handle having the responsibility of a C$5,500 ($4,237) limit.”

http://www.bloomberg.com/apps/news?pid=20601109&sid=aX4Mnpl5yPeQ&refer=home

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