While enrolled in university, Eloho Orogun was approached on campus to apply for a $500 student credit card, advertised as a means to improve his credit score.
Met with a self-described shopping problem, it was not long before Orogun opened a second student card with a larger limit.Poor spending habits and a lack of understanding of how credit cards work led him down a debt spiral that took him seven years to break.
Rebecca Oakes, head of advanced analytics at Equifax Canada, said there were far fewer missed credit card payments during the pandemic, whether from spending less money or with the help of government support. The second is the impact of inflation, with financial pressure making more people turn to their credit cards for support.
It is easy to spend far more during this time of year, but Oakes said that it is important to consider future repercussions. If you do find yourself struggling to manage debt, Macmillan suggests tracking your monthly spending and creating a budget, especially to pinpoint where non-essential expenses can be trimmed.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Experts share tips for young Canadians finding themselves in debt for the first time - BNN BloombergOn top of the rising cost of living are the added expenses of festivities and gifts brought by the holiday season. Experts say it's important to consider future repercussions of spending too much during this time of the year.
Read more »
'Stressful' and 'demoralizing': Canadians share their experience with surgery delays amid rise in respiratory casesHospitals across Canada remain overwhelmed by a hike in the number of patients with respiratory illnesses. Several Canadians reached out to CTVNews.ca to share how their family members' surgeries have been delayed or cancelled as a result, leaving some 'in pain and suffering' for months.
Read more »
Canadians looking for cash under the Christmas tree this holiday seasonCanadians are dreaming of a green Christmas this year \u002D they\u0027re looking for cash instead of gifts under the tree.
Read more »
Opinion: If the CRA is targeting Muslim-led charities, Canadians deserve to knowOnce again, CRA audits are leaving certain charities feeling discriminated against, and officials are not being forthcoming with information
Read more »
Most older Canadians feel positive about aging, but income and health have a big impact: reportMore than half of Canadians over the age of 50 are feeling positive about aging, according to a new national survey, but those who are struggling financially or have poor health were far more likely to struggle with their expectations of aging.
Read more »
Globe editorial: The fight against antisemitism requires solidarity with Jewish Canadians, not just sympathyAntisemitism is bubbling up from the sewer across Canada, and elsewhere. According to recent statistics, hate-crime incidents across the country have surged since 2017 – particularly during the pandemic
Read more »