Description:   Debt on your credit cards can be a common way to sink your financial plan. But university students are often targeted by those marketing credit cards. If you want to use this form of credit – and its pretty hard to avoid it in our time – you should know some common myths about this way of borrowing. Myth number one, as the story says: “A lender will only lend me what I can afford to repay”

Date:  March 11, 2019

Source:  theprovince.com

Link: https://theprovince.com/opinion/columnists/myths-about-debt-payments-debunked-and-explained

Discussion points:   

1) Have you picked up a credit card since you have started university?

2) Which of the “myths” surprised you the most? Why?

3) Page 413 in Wiley’s Financial Accounting: Tools for Business Decision-Making has feature story on Canadian Tire. Read through this story to determine where credit cards rank in the composition of Canadian Tire’s accounts receivable.