I read an interesting article about credit in Canada, albeit not from recent data.
Here are some key points I found interesting about credit awareness:
13% of Canadians feel that based on their current situation they will never be able to retire
We should definitely look into lowering this number, for the sake of all our futures.
28% of Canadians do not know the interest rate on their credit cards
I was part of this group until I read this article, because I figured since I pay off the full balance each month, the interest rate doesn’t matter. I just checked mine out of curiosity, 19.95%!!!
40% of Canadians do not pay their credit card off in full each month
I would like to thank everyone who belongs to this group. Without you guys, the rest of us would be paying for higher banking and credit card fees.
53% of Canadians do not have a personal/household budget
Lower than I expected.
Only 37% of Canadians who make less than $30,000 per year pay their credit card off in full each month; whereas 73% of Canadians who make $100,000 per year pay it off in full each month
A perfect example of why the rich gets richer and the poor gets poorer.
At the end of the day, knowledge is power. The more you know about how credit and debt works the less likely you are to fall victim to debt spirals and financial traps.