Debt row: What happens when you can never pay it off

Unless you default on a loan, chances are you will keep qualifying for more money. Just how long can you live on credit?

One day, Michael Edwards took all of his credit cards and counted them. It was jarring to flick through them like a deck of cards; he had more than 20. By using the plastic and a line of credit, his family had racked up $85,000 in consumer debt.

“The temptation was to defer the balance to another credit card for smaller interest and worry about it later,” said the 48-year-old Windsor, Ont.-area father of three. He asked that his last name be changed. “With the normal routine of your life, with work and kids, it was out of sight, out of mind for that month. It was a combination of a lot of little acts. It was a slow progression.”

READ FULL STORY:  Courtesy of Financialpost.com

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