A recent news article provides a grim reminder that credit cardholders must try their best to protect their PIN – or else they could be held liable for fraudulent charges. A Scotiabank cardholder recently found this out the hard way. She was originally on the hook for $4,000 in fraudulent charges. Apparently, it wasn’t until the media got a hold of the story that Scotiabank backed away, offering her a $4,000 settlement.
If you don’t go over your credit card statement with a fine tooth comb, you could be paying hundreds of dollars in extra charges without even knowing it. Each month thousands of people are falling victim to “grey charge”s on their credit card. There are an estimated 233 million grey charge a year, totaling $14.3 U.S. billion, according to a 2013 Aite Group report.
Are you obsessed with credit card reward points? You’re not alone. The Financial Post wrote an interesting article on an alarming trend of consumers racking up credit card debt, just to earn reward points.
Canadians are up to their ears in debt, but at least It’s mostly the “good” type. The average Canadian was $93,000 in debt in June 2015, up from $76,140 last year, according to a Bank of Montreal report. The report looked at overall household debt in the country. The top two types of debt for most Canadians is credit card debt and mortgage debt.
Young adults are increasingly wary of big banks. In fact, they pretty much hate them. According to a U.S. study, millennials said large banks made up four of their top 10 most hated brands. That’s powerful, and damning to an industry entrenched in old ways. For large banks, the challenges are many and they will no doubt face competition from savvy financial-tech start-ups like Borrowell and Koho.
Wedding decorations and floral arrangements can cost more than $1300!
Getting married is a joyous occasion – it’s also a costly one. The facts don’t’ lie – the amount couples spend on weddings keeps going up each year. The average cost of a wedding comes in at $22,429, according to a WeddingBells.ca survey. If you’re planning to take a honeymoon, it will cost you even more – on your wedding and honeymoon together be prepared to spend an average of $27,899. By using your credit card responsibly (only charging what you can afford to pay off in full), it can lend a helping hand on your wedding day.
