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Description: More than one third of Canadians don’t realize how beneficial it is to make more than the minimum payment on their consumer debt. According to a recent survey by TransUnion, a credit monitoring organization, 39% of Canadians surveyed didn’t realize the financial benefits of paying more than the minimum required by credit card companies or other lenders. Low interest rates have perhaps created a false sense of security in portions of the population.

Date: February 22, 2017

Source: theglobeandmail.com

Link: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/many-canadians-in-the-dark-on-minimum-debt-payments/article34108191/

Discussion Points:

1) What did you learn from reading this article?

2)  How are you approaching credit card debt as a university student?

3)  Check out the section called “Your Personal Statement of Financial Position” in chapter 2 of Wiley’s  Financial Accounting: Tools for Business Decision Making. Do you think as an accounting student that there are principles you are learning in class that can help with your personal finances?

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