Category Archives: Credit Card Debt

Most people know that if they carry a balance on their credit cards beyond the due date they will have to pay interest. Understanding how interest is calculated on your credit card debt however can help you use credit more wisely and give you some tips on how to reduce… Read more

The temptation to overspend during the holidays comes in many shapes and sizes. From lack of planning, to guilt and stress, to plain old Joie de vivre. Unfortunately reality sets in come the New Year. That’s why as bankruptcy trustees we get busy usually beginning around mid-January and running through… Read more

Depending on what you read, the first bank issued credit card has been around since as early as 1946 when a New York bank first invented the ‘Charge-It’ system. Then like now, individuals bought items on credit at a merchandise store, the store collected from the bank and the bank… Read more

Canadians love their coffee. According to the Coffee Association of Canada the average Canadian coffee drinker consumes approximately 2.8 cups of coffee per day or almost 20 cups per week. Of that coffee, 40% is consumed outside the home. That’s a lot of coffee being purchased ‘on-the-go’. If you are… Read more

Let’s face it, credit card debt is almost the norm today. We are accustomed to using credit cards as part of our every day life. When used wisely, the benefits of credit cards are very appealing – they are easier to carry than cash, can help us build up our… Read more

Making only the minimum payment on a credit card will keep you in debt longer and cost you thousands of dollars.  We all know this logically but have you ever wondered why? It’s because of a little trick that credit card companies don’t want to tell you.  Debt advisors call it… Read more

Fewer Canadians are missing or defaulting on loan payments according to a report from Equifax Canada.  This despite the fact that the average debt balance owed by Canadians continues to grow. The number of Canadians missing loan payments fell to 1.22% in the third quarter 2012, the lowest level since before… Read more

November is Financial Literacy Month in Canada. The Financial Consumer Agency of Canada sponsors events and activities throughout the month to promote personal financial literacy. If you are focusing on making good financial decisions to achieve your financial goals, whether it is to reduce your debt or save for a… Read more

When you are doing your back to school shopping, here’s a tip: Don’t sign-up or use department store credit cards. Often stores offer promotions for extra reward points and discounts if you use their credit cards. However, this is often a bad idea, unless you pay off the balance in… Read more

Some people manage with no credit cards so it is possible to survive without a credit card at all. Realistically however our society runs on the convenience of credit cards as a form of payment. There is no perfect number of cards you should carry but here are some tips… Read more