Dealing with credit card shock

It’s easy to lose control of your spending during the holidays

News Canada

It’s easy to lose control of your spending during the holidays. But you don’t have to feel a shock when you open your credit card bills.

Here are some money management tips to keep your credit card bill in check:

• If you carry a balance on your credit card, pay as much as you can and as soon as you can since interest is charged daily.

Try to pay more than the minimum payment.

Credit card interest rates can quickly eat up any savings from a discount price on a big-ticket purchase.

The Government of Canada’s credit card payment calculator at ItPaysToKnow.gc.ca will show you how long it will take to pay off your credit card balance if you only make the minimum payment each month.

• Set a budget for gift spending before you start shopping—a budget for each person on your list as well as a total limit for all gifts, and stick to your budget.

• Don’t take cash advances on your credit card, as you will be charged interest immediately.

• Allow enough time for payments to reach your credit card company.

If you don’t, you may end up making a late payment, which could mean paying more interest. It could also negatively affect your credit rating.

• When your statement arrives, check it carefully.

Report any unauthorized transactions immediately.

This is especially important during this time of year since credit card fraud often occurs during the holiday season.

• If you can’t pay off your entire balance by the due date, pay as much as you can.

More information is available online at ItPaysToKnow.gc.ca.

 

Just Posted

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

Are there windier days ahead?

Tales from the Bear

Man caught in fatal avalanche ID’ed as Alberta man in his 20s

Outdoor guides warn against high winds in the mountains Family Day weekend

Road conditions for Feb. 14

More compact snow and slippery sections

Province announces $100-million grant funding for Northwest communities

The Northern Capital and Planning Grant will go to four regional districts and 22 municipalities

VIDEO: 8 things you need to know about the 2019 B.C. budget

Surplus of $247 million with spending on children, affordability and infrastructure

‘Bullet missed me by an inch’: Man recounts friend’s killing at Kamloops hotel

Penticton man witnessed Summerland resident Rex Gill’s murder in Kamloops

B.C. BUDGET: Income assistance raise still leaves many below poverty line

$50 per month increase included in funding for poverty and homelessness reduction

B.C. BUDGET: Indigenous communities promised billions from gambling

Extended family caregiver pay up 75 per cent to keep kids with relatives

B.C. BUDGET: New benefit increases family tax credits up to 96 per cent

BC Child Opportunity Benefit part of province’s efforts to reduce child poverty

B.C. BUDGET: Carbon tax boosts low-income credits, electric vehicle subsidies

Homeowners can get up to $14,000 for heating, insulation upgrades

B.C. man survives heart attack thanks to Facebook

A Princeton man suffered a heart attack while at an isolated property with no cell service

B.C. man sues Maxime Bernier’s People’s Party over trademark

Satinder Dhillon filed application for trademark same day Maxime Bernier announced the new party

New trial ordered over banning whales, dolphins at Vancouver aquarium

Park board’s appeal reverses previous decision that found it had no right to implement a ban

Most Read