Young Canadians unaware, ignoring consequences of using credit cards: Survey
Posted June 20, 2012 4:17 pm.
This article is more than 5 years old.
TORONTO – A survey suggests many young Canadians are unaware of or ignoring the consequences of using credit cards.
The survey shows more than half those questioned are not paying off their credit card balances in full at the end of each month.
About 40 per cent say they’re only making the minimum monthly payment, and almost a-quarter say they’ve missed a monthly payment.
Eighteen per cent say they use their credit cards to supplement their monthly income.
And, 14 per cent say they routinely max out one card, and need another as a backup.
Almost 60 per cent of respondents say they use credit cards to build their credit rating.
More than 235 Canadians between the ages of 18 and 34 were surveyed for the poll, which was done for T-D Canada Trust.
