INFOGRAPHIC: 27.5% Of Canadians Are In Credit Card Debt Denial Feb 26th

Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.

Latest News

As Canada’s first oilsands mine nears 50 year mark, site a contrast of old, new Jun 23rd

Nearly 50 years after the opening of Canada’s first major oilsands mine, the site on the banks of Alberta’s Athabasca River is an epicentre of energy, teeming with bustling workers amid signs of its pioneering past and cutting-edge future. One of the mine’s upgraders _ opened in Se.... More »

Airlines make it harder to earn free flights for loyalty Aug 17th

Airline loyalty programs are losing much of their allure even for frequent flyers, and the rules for navigating the system have changed. Flying is no longer the best way to earn miles or points. The biggest bang for your buck comes from signing up for the right credit card. And those come-ons from t.... More »

BMO financing deal with Canopy Growth marks policy shift for Canadian banks Jan 19th

Canopy Growth, Canada's largest licensed pot producer, announced the $175-million deal with BMO and GMP Securities on Wednesday..... More »

It’s probably time you switched banks—4 easy steps for Canadians + MORE Jun 29th

When you opened your first bank account, chances are it was with the same financial institution your parents used—because, why not? And given how loyal Canadians are to their banks, there’s a good chance you’re still banking with the same institution. In fact, 70% of Canadians held the sa.... More »

What Are Credit Card Grey Charges? + MORE Sep 30th

A few months ago, I signed up for a free one-month trial of Netflix. I decided later that I would cancel it at the end of the month because I barely used it. But then I got busy and completely forgot about it – or I did until I saw the charge on my credit card for the next month. $7.99 isn’.... More »

INFOGRAPHIC: 27.5% Of Canadians Are In Credit Card Debt Denial

– ratesupermarket.ca

RateSupermarket.ca finds disconnect between debt beliefs and national average
Using a credit card to extend purchasing power is common consumer behaviour – but while carrying a balance may be the ‘new normal’, a survey finds cardholders are often incorrect about how their own debt compares to the rest of Canadians.
RateSupermarket.ca’s Debt Denial study, which polled 6,090 credit card consumers, finds 27.5 per cent of respondents are wrong in how they perceive their debt, with 22 per cent mistakenly believing they owe less than the national average.
“We found that Canadians want to believe their credit habits are sustainable and responsible,” says Penelope Graham, Editor at RateSupermarket.ca. “However, 42 per cent of those who believe their debt is on par with the average are actually carrying more than the norm.”
Interestingly, the survey found the opposite also holds true: 35.4% of those who believe they have too much debt actually have less than their peers.

To find the extent of debt denial in Canada, RateSupermarket…

Continue Reading On ratesupermarket.ca »

Banks.ca constantly finds the best and most current banking information available in Canada.

Share