Category: Personal Finance

Celebrating the Importance of Financial Literacy in November

Posted November 3, 2016 by CCC Staff in Personal Finance

November is a busy month. We have “Movember,” an annual event where men grow mustaches to raise awareness of cancer. Clocks go back an hour for daylight saving time in most provinces. If that wasn’t enough, November is also financial literacy month. Financial literacy affects so many areas of our lives, such as our finances and the relationships with loved ones. Let’s take a look at what financial literacy is and why it matters so much.

What is a Thin Credit File?

Posted October 17, 2016 by CCC Staff in Credit Card Tips, Personal Finance

While being called thin or slender in terms of your physique is often considered a good thing, having a “thin” credit file isn’t. A thin credit file is a special insider term used by the credit reporting agencies. Equifax and TransUnion consider your credit file thin if they lack sufficient information to calculate a credit score for you.

Millennials are Shunning Credit Cards for All the Wrong Reasons

Posted July 13, 2016 by cccadmin in News, Personal Finance

When most people think of millennials, acronyms like FOMO (fear of missing out) and YOLO (you only live once) come to mind. Millennials have been labeled financially irresponsible by many. When you think of millennials, you probably picture them with wallets full of credit cards. Perception is often reality, but not in this case.

Fintech Firms Give Canadians Access to Their Credit Score for Free

Posted July 7, 2016 by cccadmin in Personal Finance

Fintech (short for financial technology) is reshaping the financial industry. Mobile payments arriving at Canada’s big banks is only the beginning. If you wanted to know your credit score, previously you had to pay Canadian credit bureaus Transunion or Equifax up to $24 – not anymore. Thanks to Fintech firms like Borrowell and Mogo, you can access your credit score online for free.

Prepaid Cards Offer Convenience at a Cost

Posted June 14, 2016 by cccadmin in Personal Finance

Prepaid debit cards can be a convenient gift, but that convenience comes at a cost. CBC News recently wrote a story about a Halifax woman who was upset to discover the fees that come along with them. MasterCard and Visa market these cards as a smart alternative to cash. They work just like regular credit cards and are accepted at millions of retailers worldwide, but as you’ll soon find out, they act more like debit cards.

How Credit Card Deception Hurts Everyone

Posted May 31, 2016 by cccadmin in Personal Finance

Have you been dishonest with your partner about your finances? You’re not alone. Two in five with combined finances admit to lying to their partner or hiding information about money matters, find a study by Harris Poll for the National Endowment for Financial Education (NEFE). In fact, dishonesty among couples is rising – it’s up from 42 percent in 2015 and 33 percent a couple year ago. The most common financial deceptions were hiding a purchase, bank account, statement, bill or cash from your partner (39 percent), followed by lying about the amount of debt (16 percent).

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