It’s the holiday season. For most Canadian, that means family, friends and food. But, according to a 2015 survey conducted by BMO , it also means credit card debt. On average, Canadians accumulate $1,192 in holiday credit card debt.
Of the 1200 Canadians over 18 years old who were surveyed almost 90% have at least one credit card and more than half (52%) of Ontarians have credit card debt. While 51% of Canadians pay off their entire credit card each month, 30% carry a monthly balance and 32% of those surveyed said they do not keep track of the balance on their card. One quarter of Canadians view their credit card as additional spending money.
If this sounds familiar to you, you may be one of the 26% of Canadians who are in a cycle of paying off credit card debt with all of their available funds while taking on additional debt for other expenses.
If you’re feeling the strain of credit card debt around the holidays and want to know what you can do about it, join us in Richmond Hill on Wednesday, December 16 (1:30 pm-2:30 pm) for “Let’s Talk Credit” — a guest speaker event on credit.
In this session you will learn:
- To manage credit in a responsible and wise manner
- The true cost of credit
- The ins and outs of credit reports and credit ratings
- Myths and facts surrounding your credit history
- Methods for improving your credit score
To register for this free event, call 905-882-9561 or email, email@example.com .