For those who have experienced credit card debt know it is a stressful situation – but experts say it also comes with many lessons.
“We regretted it because we were in debt there for a while after racking up our credit cards,” a Sault native told CTV News.
“We went over to Credit Counseling and we used their services and paid off our debt.”
Another Sault resident said it didn’t him long to find himself “in the hole.”
“I got my first credit card, eligible up to 2,500. I maxed that out in probably three months.”
The 23-year-old is in the process of paying off that debt and said he has received some good advice since then.
“They told me whatever you spend on your credit card to just immediately pay it back with your cash or your debit,” he said.
Grisé said with the right habit changes and a plan from someone like himself, some can eliminate their debt in as little as nine months.
Though swiping or tapping a credit card may be easiest when shopping, he said it is not how financial experts recommend you do it.
“They can do more harm than good,” Grisé said.
“And if you want a little bit of education, if you use credit or debit, you’re going to spend 13 per cent more than if you use cash.”
Debt experts said that while everyone’s financial situation varies – if a person owes more than $5,000 or has been trying unsuccessfully to get out of debt for more than two years they may want to seek help and talk to an expert.
The Royal Bank of Canada is facing issues with online and mobile banking. According to a brief message posted on Twitter, there is an issue with the digital display of transactions.
More than 300 firefighters from the United States and South Africa are heading to Canada in the coming days as the country battles an unprecedented wildfire season that has forced tens of thousands of people to flee their homes so far this year.
The federal government is proclaiming a National Day Against Gun Violence, to be held annually on the first Friday of June. Prime Minister Justin Trudeau, Public Safety Minister Marco Mendicino and representatives of the Toronto Raptors basketball team are set to discuss the plans today at an event in Toronto.
Prime Minister Justin Trudeau's efforts to assure Canadians that his government is adequately addressing the threat of foreign interference took a hit on Wednesday, when the majority of MPs in the House of Commons voted for special rapporteur David Johnston to 'step aside,' a call Johnston quickly rejected.
Forget your hook, line and sinker. An Israeli foodtech company says it has 3D printed the first ever ready-to-cook fish filet using animal cells cultivated and grown in a laboratory.
Seventeen people – most of whom are young students – were hospitalized after a falling from a height during a field trip at Winnipeg's Fort Gibraltar. However, many of the children are now being discharged and sent home, according to an update from the hospital.
It's time for residents along the southeastern U.S. coastlines to make sure their storm plans are in place as the 2023 Atlantic hurricane season gets underway on Thursday.
The Royal Bank of Canada is facing issues with online and mobile banking. According to a brief message posted on Twitter, there is an issue with the digital display of transactions.
The city of Ottawa fired two employees with "medical related duties" for submitting falsified vaccination status documents last year following a tip to the city's fraud and waste hotline, according to a new report from the city's auditor general.
The Royal Bank of Canada is facing issues with online and mobile banking. According to a brief message posted on Twitter, there is an issue with the digital display of transactions.
Seven fire trucks, including an aerial truck, were on scene at a fire on Green Valley Drive in Kitchener on Wednesday afternoon after a fire impacted multiple townhomes.
An agency aimed at providing service dogs to those with disabilities and mental disorders is making a plea to the public to help foster 12 puppies for up to a year.
On May 26, OPP used a search warrant to enter a home on Huron Street west for an investigation where police seized fentanyl, methamphetamine, crack cocaine and Adderall.
OPP in Leamington are hoping the public may have seen a man reported as missing. Guillermo, 42, was last seen around 10:30 p.m. on Wednesday in the area of Talbot Street west and Fader Avenue.
A forest fire is out of control in Chapais, in the Nord-du-Québec region, with evacuations underway. Meanwhile, the situation is improving in Saguenay-Lac-Saint-Jean, where two forest fires are now under control and a third is contained.
Quebec Education Minister Bernard Drainville is likely to have a bad day on Thursday as several groups are ready to criticize his Bill 23, predicts Quebec Solidaire (QS) MNA Ruba Ghazal.
A wildfire that began burning in the Upper Tantallon, N.S., area Sunday and forced the evacuation of thousands of residents is now 50 per cent contained.
More than 300 firefighters from the United States and South Africa are heading to Canada in the coming days as the country battles an unprecedented wildfire season that has forced tens of thousands of people to flee their homes so far this year.
Seventeen people – most of whom are young students – were hospitalized after a falling from a height during a field trip at Winnipeg's Fort Gibraltar. However, many of the children are now being discharged and sent home, according to an update from the hospital.
A Medicine Hat, Alta., doctor has been reprimanded by the College of Physicians and Surgeons of Alberta for improperly handling a prescription for opioids for one of his patients.
More than 300 firefighters from the United States and South Africa are heading to Canada in the coming days as the country battles an unprecedented wildfire season that has forced tens of thousands of people to flee their homes so far this year.
Alberta's re-elected premier says she plans to form a "council" of UCP candidates who lost in Monday's election to advise her on Edmonton issues, something her opponent made fun of Wednesday.
A team led by the Centre for Addiction and Mental Health (CAMH) has found physiological evidence of brain inflammation in people with cognitive and depressive symptoms months after their COVID-19 infections.
In response to a barrage of questions about Surrey’s beleaguered hospital, B.C.’s minister of health told reporters that an Emergency Operations Centre was activated at the site on Wednesday afternoon.
The Royal Bank of Canada is facing issues with online and mobile banking. According to a brief message posted on Twitter, there is an issue with the digital display of transactions.
