This is Credit Education Week in Canada, where we are all supposed to learn about credit. Perhaps this year we should do the opposite: we should teach lenders about credit.
Gail Vaz-Oxlade, host of the TV shows Till Debt Do Us Part and Princess, is suggesting that it’s time to School Lenders, meaning they need to learn that, in her example, giving a 21 year old person who makes just over $20,000 per year $15,000 in unsecured credit is crazy?
So, today’s tip of the day: think before you borrow. Just because the bank offers to lend you lots of money doesn’t mean you should take it.