Credit Cards are Debt Cards

Almost half of Canadians who have credit card debt, say they always or often carry an outstanding balance. In reality, …

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Top 10 financial mistakes young people make

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  • The Process to Purchasing Vehicle Coverage

    The Process to Purchasing Vehicle Coverage

    Insurance is a necessity for vehicle owners. It is required by law to have this type of coverage and protection …

    Read More
  • Advantages of Using Home Insurance Broker in Grand Prairie

    Advantages of Using Home Insurance Broker in Grand Prairie

    A home insurance is one of the safest ways to take care of your investment. With a home insurance, worries …

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  • Holiday debt hangover looms

    Holiday debt hangover looms

    After the Christmas spending binge, a growing number of Canadian households dread the arrival of their credit card statements and …

    Read More
  • Top 10 financial mistakes young people make

    Top 10 financial mistakes young people make

    This is a great list from the Financial Post that all young Canadians should read. And #1 on their list …

    Read More

Top 10 financial mistakes young people make

This is a great list from the Financial Post that all young Canadians should read. And #1 on their list is a topic near and dear to our heart.

1. Misunderstanding credit cards

Services like Paypass are making them even easier to use. But credit cards are often misunderstood by young people, with small purchasing decisions often leading to long-term problems. Whether it’s cash advances, large balances, only making minimum payments, paying late or not paying at all, the small piece of plastic can be much more trouble than you realized. There’s also signing up for too many, unnecessarily increasing your limit and wrecking your credit rating.

“Credit card debt is spending your future income before you’ve earned it, and not magic money,” said Lisa Yanaky, a young woman from Toronto.

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