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Interest rates have never been lower. Banks are falling over themselves to loan money to people to buy houses – with rates as low as 2.99%.

The low rate environment has got so bad the finance minister asked the banks to stop engaging in so-called mortgage wars.

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Almost half of Canadians who have credit card debt, say they always or often carry an outstanding balance, according to a recent poll.

“If you don’t pay off your balance every month, a credit card is really just another form of debt,” Douglas Hoyes, a bankruptcy trustee with Hoyes, Michalos & Associates Inc. said in a statement. “Let’s call it what it is: a debt card.”



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In the middle of this battle one group of borrowers continues to get hammered. Those people who have kept their balances in check and their default levels continue to fall but there has been virtually no reduction in their interest rates.