A new TD Canada Trust survey found that many young Canadians are either unaware of, or do not care about the consequences of using credit cards.
The survey of more than 235 Canadians between the ages of 18 and 34, showed that more than half of them are not paying off their credit card balances in full at the end of each month.
About 40 per cent say they are only making the minimum monthly payment, and nearly one-quarter say they have missed a monthly payment.
“Credit cards should not be used as a means for perpetual, permanent borrowing. For instance, be wary of permanently carrying a balance, having maxed out your limit and being unable to pay it back, or using your card to finance a lifestyle you can’t afford.” said Stephen Menon, associate vice-president of credit cards at TD Canada Trust.
Results of the survey also showed young Canadians are seeing financial benefits of credit card use.
About six-in-10 respondents said they are using their cards to earn points toward travel or other purchases, and 59 per cent said they use them to build their credit rating.
credit card, visa, mastercard
Young Canadians may be unaware of consequences of active credit card use: TD
680News staff and The Canadian Press
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