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Interest charges are part and parcel of using a credit card. For the privilege of fronting you cash, lenders tack on interest to the amount borrowed. Credit card interest is calculated daily, charged monthly, at a yearly rate -- typically 19.99% for most rewards credit cards in Canada.
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Nearly as many regret the debt they've taken on.
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Credit bureau TransUnion warned us this would happen.
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Because who wants decades of personal debt?
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November was Financial Literacy Month in Canada, a time for all Canadians to focus on better management of our individual financial goals. Credit plays an important role in living a focused and healthy financial life. Having good credit will help you qualify for a loan, mortgage, or credit card.
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Wedding debt is an awful gift to receive after you say I do. It is also a stressful way to start your marriage especially when the number one reason for a marriage to fall apart is not because of infidelity -- it is because of money woes.
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But a majority are actually reducing their debt.
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There is "a gradual shift" to riskier borrowers in Canada.
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Stats show that millennials prefer to use debit cards to credit cards for their purchases. Millennials are the first generation to grow up with debit cards, which may explain this pattern. Several findings prove that this generation isn't fond of credit products. The reasons for this may be many, but the top may be controlling spending and fear of debt. This lack and hesitance to use a credit card among millennials is causing them more harm than good in the long run.
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Hands up if you spent more than you wanted to this past holiday. From gifts to entertaining to travel, it's easy to get swept up in the holiday spirit and dole out more cash than you first intended to. Now the credit card bills have started to arrive and you may be wondering where the extra money will come from?
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The high levels of consumer debt in Alberta were always kept in check by the ability to pay it back, but now it seems that the oil collapse has rumbled its way through the Wild Rose County and is putting the squeeze on Albertans and their bills.
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Getting in is easy, getting out is the hard part when it comes to credit card debt. Nearly half of Canadians have credit card debt, and one-quarter of those people are stuck in a cycle of paying off...
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A recent piece by the CBC states credit card debt has spiked among students over the past five to 10 years. However, this conflicts with reports that students are eschewing credit cards altogether. So, what's the real story on student consumer debt? To find out, we asked 820 Canadians born between 1990 and 1996 about their debt perspectives.
Like many Canadian teens, I grew up not learning about basic household budgeting, so when I went to university for the first time I was a little lost. I made mistakes. I got into debt. I spent more than I had. Then I realized how hard it was to pay off debt on an entry-level salary, and I got smart about my finances.