Debt and Credit Cards
The average debt held by Canadians is $20,891, according to The Canadian Press article Equifax debt report says Canadians now owe $1.5 trillion. Equifax also states "the increase in consumer demand for new credit has been driven mainly by credit card and auto credit inquiries."
Before applying for new credit, you may be interested in visiting the Canadian Bankers Association website. They have consumer information on Understanding Credit; i.e. how a credit card transaction works, credit card products, budgeting, and avoiding money mishaps. The site also provides statistics and facts regarding credit cards.
The Financial Consumer Agency of Canada has a web page dedicated to credit cards. Credit cards interactive tools such as Credit Card Selector Tool and Credit Card Payment Calculator are provided.
Another website of possible interest is GreedyRates. This site ranks "the best credit cards for you based on your spending habits." The site helps you find and compare the best low rate credit cards. In addition, you are able to compare credit card programs; i.e. rewards, points, and cash back offers.
For additional information on credit cards, check out the following items at the Toronto Public Library:
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| Personal Finance for Canadians for Dummies (Book) | How You Can Profit from Credit Cards (eBook) | Understanding Credit Basics (DVD) |
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