“The worst thing that’s happening to Canadians in the last 20 years has been lines of credit,” said Chilton, speaking at the conference of the Canadian Pension & Benefits Institute. “If I was Prime Minister, I’d shut them down. It’s unbelievable how people are abusing these things.”
He helped one person establish a schedule to pay off $30,000 in credit-card debt, only to have the person take on a $150,000 line of credit from a banker, “because the man was so nice and said I needed it.” The banker’s explanation: “It’s my job.”
Chilton’s summation: “That’s the problem. It’s a lot of people’s job to get Canadians to take on debt.”
