Summer is a great time to enjoy a family vacation. A road trip can be a great way to spend time together, and have a fun and interesting vacation. You can even stretch your vacation dollars with the right planning. Check out this infographic highlighting several of Canada’s national treasures, along with apps and resources to make your trip even more enjoyable.
One of the best ways to save money as you work to pay down debt is to use a balance transfer. A balance transfer can help you put more money toward your debt’s principal, allowing you to pay less in interest. When you aren’t paying interest, your debt is reduced faster.
There are a number of credit cards that offer low balance transfer rates. When you are only paying 2.99% on a credit card balance, more of your payment goes toward the principal, which is an improvement over paying 15.99% — or more — on your debt. It is even possible to find a Canadian credit card, like one with a low intro rate, to help you pay down your debt even faster.
When we think of public debt, our thoughts often jump directly to the United States — when we’re not thinking of the sovereign debt crisis in Europe. And, while Canada doesn’t have the same debt problems of the United States, we could head that direction if we’re not careful. Already, our expenses exceed the revenue we bring in. Indeed, for 2010-11, Canada spent $33.4 billion more than the country brought in. As a result, the current federal debt is at $582 billion, and it’s growing.
As you can see from the infographic below, the federal debt in Canada grows by $57.8 million each day. That’s a lot of money, and it can start to add up. Remember that our federal debt is money that we owe, so we have to pay interest on it as well. The United States is almost to the point where it has to borrow more money to meet the interest on the obligations that it has already borrowed for. If we aren’t careful, we could see something similar in Canada.
For now, a lot of the debt (78%) is held by Canadians in the form of citizens and organizations that hold federal bonds, as well as Treasury bills. These investments can provide Canadians with a low risk way to invest their money — and invest in their country. And, of course, countries often need to issue bonds of this nature in order to ensure smooth operations. However, fiscal responsibility requires that revenues equal the amount borrowed in order to avoid deficit. Canada’s government spending is starting to move away from these ideals, and deficit spending is becoming the norm. Look over the infographic below to see how much public debt Canada has, and see what is happening with the money. The more we know, the better able we will be to influence policymakers to get us back on track so that we can avoid the fate of eurozone countries, and the United States.
It’s possible to use your credit card intelligently to reap the rewards — and earn free stuff. A rewards credit card can be just the thing to help you earn cash back, get free stuff, and enjoy an upgraded lifestyle.
However, as you can see from the infographic below, it can take a lot of points to get some of the free stuff available in a credit rewards program. However, the infographic also provides a silver lining: The average family can end up with 97,500 redeemable points a year if credit cards are used on household expenses. That’s enough to get a few small appliances, take a family vacation, or replace that old computer.
In Canada, the trends are changing. Indeed, credit card use is on the rise, and online spending continues to surge in Canada. Ecommerce in Canada is becoming a big business, growing to $15.3 billion a year. That may be small compared to ecommerce spending in the U.S., but it still represents a substantial increase in online spending for Canada.
The following infographic offers some insight into what Canadians are doing with their money online: