Study Reveals Canadians Are Living Outside Their Financial Means - Credit Canada and Capital One Canada present Credit Education Week to Improve Financial Fitness

    TORONTO, Oct. 25 /CNW Telbec/ - Canada's first ever Credit Education
Week, presented by Credit Canada and Capital One Canada, will take place from
November 13th to November 16th across the country. The goal of this event is
to empower all Canadians, regardless of age and income level, to make better
financial decisions. From a recent study conducted by Credit Canada, it is
about time.
    The study shows that the extent of Canadian debt is troubling. More than
half of all Canadians (55%) admit to having more expenses than income at least
one month a year. That means that the majority of Canadians are at risk of
being in a long-term financial bind as they try to play catch-up in the months
that follow. In fact, 14 percent say that their expenses are greater than
their income for six months, and six percent say that this is the case for
12 months of the year.
    Despite this reality, only seven percent of Canadians think it makes more
sense to carry more debt than they did five years ago.
    "There is no doubt that many Canadians need more information and
education about financial management and using credit wisely," says
Laurie Campbell, Executive Director of Credit Canada. "It is becoming more
evident that many Canadians simply do not know, or don't follow, the golden
rule of financial management - do not spend more than you earn."

    About Credit Education Week

    Credit Education Week is a national event presented by Credit Canada and
Capital One Canada. It is also supported by leaders in financial services,
consumer advocacy, community organizations and governments across the country.
The goal of this initiative is to help Canadians improve their financial
management skills by providing free financial tools, resources, and advice
throughout the week.
    "Capital One is proud to be involved in Credit Education Week as part of
our long-term commitment to financial and credit education in Canada," states
Bill Cillufo, president of Capital One Canada. "This event is a great start as
it not only builds awareness about the importance of managing your money
wisely, but also provides easy access to information and practical tips."
    Credit Education Week will be held from November 13th to November 16th.
The calendar of activities leading up to and during the week includes:

    - A National Essay Contest aimed at grade-twelve students who will answer
      how they plan on financing their post-secondary education. The contest
      runs from September 14 to October 26, 2007. Winners will receive
      scholarship awards.

    - University Campus Fairs featuring presentations by James Cunningham of
      "Funny Money"
          - University of Toronto, Hart House, Toronto - November 13, 10:00am
            to 4:30pm
          - York University Underground, Toronto - November 14, 10:00am to

    - Credit Education Trade Show featuring seminars led by noted authors,
      experts and government agencies on topics including: youth and money,
      identity theft/fraud, retirement planning, savings and investment.
          - Four Seasons Hotel, Toronto - November 15, 10:00am to 4:30pm

    - Gala Dinner featuring Stephen Lewis, Four Seasons Hotel, Toronto -
      November 15, 5:30pm to 8:30pm

    There is a wealth of information as well as free tools and resources that
can be accessed at All the results of the
financial survey conducted by Credit Canada will be released on the first day
of Credit Education Week, November 13, 2007.

    Money Management Tips

    To help you stay fiscally fit, Capital One and Credit Canada have the
    following advice.

    - Develop a budget and stick to it - A budget is an important first step
      to successful financial management. It will help you to organize your
      finances and set parameters on your spending.

    - Keep track of your daily purchases - Knowing what you spend everyday
      will help you stay within your budget limits.

    - Know your credit score and review it at least once a year. This score
      is used by lenders, landlords and potential employers to assess your
      financial integrity. Obtain a copy of your credit score for a minimal
      fee by contacting TransUnion ( or Equifax

    - Pay more than the minimum due - Try to pay more than the minimum
      balance due on your credit card bill every month.

    - Make your payments on time - Pay close attention to the due date for
      your payments since a history of late payments will affect your credit

    - Shop around to find the credit card that best meets your financial
      needs - Comparison shopping can save you money and may even provide you
      with valuable rewards. The Financial Consumer Agency of Canada (FCAC)
      offers a useful credit card comparison table within the 'Credit Cards
      and You' section of their Web site as a resource for consumers
      ( default.asp).

    Do NOT ...

    - Get into the habit of making only the 'minimum payment' due on your
      credit balance every month

    - Borrow money to pay off another debt or loan

    - Obtain a new credit card to pay off an old one

    - Dip into your savings to cover everyday expenses

    (Source: Capital One Canada and Credit Canada. For more tips and advice,

    Survey Methodology

    These are some of the findings from a Torque Market Intelligence poll
conducted on behalf of Credit Canada. The online survey was launched on
May 24, 2007, with the final results submitted on June 26, 2007. It is based
on a randomly selected sample of 4,487 adult Canadians. The margin of error is
+/-1.46 percentage points (19 out of 20).

    About Credit Canada

    Credit Canada is a non-profit charitable service that has assisted
thousands of people with credit counselling and debt management programs since
1966. Credit Canada is a member of the Ontario Association of Credit
Counselling Services and a Charter Member of Credit Counselling Canada.

    About Capital One Located in Toronto, Ontario, Capital One has offered
Canadian consumers a range of competitive MasterCard(R) credit cards since
1996, when the company first introduced the Platinum MasterCard(R) in Canada.
Capital One Canada is a division of Capital One Bank, a subsidiary of Capital
One Financial Corporation of McLean, Virginia (NYSE:   COF)

For further information:

For further information: Laurie Campbell, Credit Canada, (416) 228-2526,

Organization Profile

Capital One

More on this organization


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890