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
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?