According to a story by Jane Taber in her column, “Jane Tabor’s Ottawa” in The Globe and Mail, because a 17-year-old Albertan girl worked 10 hours a week at a local McDonald’s, she was sent her first credit card with a $5,000 limit. To a 17 year old, that could be the same as winning the lottery, free money. And unless she reads the fine print about the interest rate and her responsibility of paying off the balance, she’ll find herself way underwater. And since she’s a minor, her parents would ultimately be on the hook.
Jane Tabor also told the story of a senior citizen living on a $30,000 pension. His credit card limit was bumped from $5,000 to $30,000! And when he was told by the credit card company to take it or leave it, he left it.
This only one reason why James Rajotte, a Conservative MP from Edmonton, is pressing his government to take measures to increase the financial literacy of Canadians, beginning in elementary schools, and getting progressively more sophisticated as the grades increase. He’s calling it the Task force on financial Literacy
Right now the average Canadian owes $1.51 for every dollar they earn--a rather precarious debt to income ratio, and one that, if it increases, could find Canadians buried under rocks so heavy they may never be able to pull themselvel out from under it.
Synergy Debt Group of Ottawa and Scarborough enables consumers caught in the, minimum monthly payment trap to become debt free. At Synergy Debt Group, we make it possible for our customers to achieve their financial goals and quickly gain independence from creditors. If you are serious about getting out of debt, preserving your credit, save money with a higher degree of financial literacy.
Jane Tabor also told the story of a senior citizen living on a $30,000 pension. His credit card limit was bumped from $5,000 to $30,000! And when he was told by the credit card company to take it or leave it, he left it.
This only one reason why James Rajotte, a Conservative MP from Edmonton, is pressing his government to take measures to increase the financial literacy of Canadians, beginning in elementary schools, and getting progressively more sophisticated as the grades increase. He’s calling it the Task force on financial Literacy
Right now the average Canadian owes $1.51 for every dollar they earn--a rather precarious debt to income ratio, and one that, if it increases, could find Canadians buried under rocks so heavy they may never be able to pull themselvel out from under it.
Synergy Debt Group of Ottawa and Scarborough enables consumers caught in the, minimum monthly payment trap to become debt free. At Synergy Debt Group, we make it possible for our customers to achieve their financial goals and quickly gain independence from creditors. If you are serious about getting out of debt, preserving your credit, save money with a higher degree of financial literacy.
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