Category Archives: Personal Finance

Avoiding the Dangers of a Cashless Society

By CCC Staff | Filed in Personal Finance

Contactless Payment

Card cards offer a convenient way to make purchases and earn rewards points – as long as they’re used responsibly. That means paying off your credit card balance in full each month.

Credit cards have been steadily growing in popularity for years in Canada. When it comes to paying for goods and services with plastic, we rank among the highest in the world. In 2012, cashless transactions totaled just over 9.9 billion – with credit cards making up 32% of those transactions and debit cards at 44%. (Source: CPSS – Red Book Dec 2013) This is compared to an average of 40 per cent for all card use worldwide in 2009.

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The New Rules on Prepaid Cards: What You Need to Know

By CCC Staff | Filed in News, Personal Finance

Portable POS

Prepaid cards have exploded in popularity in recent years as a substitute for cash. In 2011, the market was worth $850 million; in 2012, the market grew to an astonishing $3.3 billion. These convenient cards have taken off as an alternative to traditional credit cards – they’re perfect as a gift for travelling abroad or for your son or daughter going away to university. Unlike traditional credit cards, there’s no credit check required, and there aren’t any interest charges; they come pre-loaded with funds to make purchases and withdraw cash from ATMs.

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Credit Card Delinquencies on the Rise: Tough Consequences

By CCC Staff | Filed in Economy, Personal Finance

Couple with Financial Problems

Bankers in the Great White North are less optimistic than our banking neighbours south of the border when it comes to credit card debt. A recent survey by analytics software firm FICO found that Canadian bankers are more concerned about credit card delinquencies than American bankers. With the household debt-to-income ratio at 162 per cent for the fourth quarter of 2014 in Canada, it should come as no surprise credit card debt is a major concern.

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The Taxman is Coming – Should You Pay With Your Credit Card?

By CCC Staff | Filed in Personal Finance

Tax Time

With the tax deadline of April 30th fast approaching, many Canadians are scrambling to file their taxes on time. If you’re one of the thousands of Canadians with a balance owning this year, did you know you can pay your taxes and earn reward points? That’s right, with an online payment platform called Plastiq you get the best of both worlds – you can rack up a lot of points and pay the taxman conveniently online via credit card. For self-employed individuals and those with large tax balances owing this can be a great way to earn points – as long as you pay off your balance in full and avoid costly interest.

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How to Discuss Money With Your Spouse & Children

By CCC Staff | Filed in Personal Finance

WhyIt'sImportanttoDiscussMoneyMatters

According to a leading market study conducted by Ipsos Reid, eleven percent of Canadians (roughly one in ten) say that they don’t discuss financial problems with their spouse. In the same study, a significant portion of married Canadians (and Canadians in common-low relationships) indicated that they have relationship issues that directly stem from money problems.

Financial considerations influence nearly every aspect of our everyday lives — from where and how we work, to where we take our vacations, what we eat, and even how far we pursue our educations. That’s why it’s important to openly discuss money with not only your spouse, but also your children.

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Gen X and Y: Living In Financial Fantasy Land?

By CCC Staff | Filed in Personal Finance

Thinking of the Future

Generation X and Y have financial expectations they aren’t supporting with their actions, according to a recent report by BMO Wealth Institute. Other studies have been hinting at this problem for awhile, but now we have the figures that show why – and how – consumers in these groups will have to change their ways if they want to fulfill their dreams of homeownership, funding their children’s college educations and living comfortably in the retirement years.

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