JXTC GENRE : DECEMBER 08 TEMPLATE

Now that the holidays are over, many Clarington couples are committing themselves to getting rid of some bad habits and making positive changes in their lives. Credit Canada and Capital One encourage couples to use this time of renewal and reflection to re-examine their finances with the following useful money tips:

• Pay more than your minimum balance on your credit cards. 
18% of couples say their top savings priority is to pay off credit cards, followed by saving for retirement (17%), and paying down their mortgage (15%). If you are unable to pay bills on time, contact your lender to negotiate payment arrangements and help avoid damage to your credit score.

• Get your budget back on track – make a plan to pay off your outstanding balances.
Twice as many couples (48%) argue about spending rather than debt (24%). Create a budget that captures all of your expenditures, including household. Your budget should include money set aside for saving. This ensures you are in control of your financial situation and on track to meet your financial goals.

• Make it a new year’s habit to get a copy of your credit report to make sure it is in good standing. 
43% of couples use all joint accounts to manage their money; only 18% use all separate accounts. Credit reports can contain mistakes, and it's your responsibility to correct them by contacting each of the major credit reporting bureaus – Equifax and TransUnion. Consumers are eligible for one free credit report every year from each of the two major credit reporting agencies.

• Don’t ignore your bills. It might be tempting to pretend they don’t exist, but resist the urge. 
19% of men and 22% of women admit to hiding debt from their spouse. Pay each of your bills on time to keep your credit in good standing. It is important for you to pay your bills on time to avoid extra charges and to protect your credit rating. If you do not pay your bills on time, you will end up paying more than you owe because of the late fees and finance charges.

About the Survey
These are the complete findings from a Torque Customer Strategy conducted on behalf of Credit Canada and Capital One Canada as part of the national financial literacy initiative, Credit Education Week 2009. The on-line survey was completed with couples between September 7th and September 14th, 2009. In total, survey responses were collected from 828 couples (1656 people), with equal distribution across the 4 major regions in Canada. The statistical significance for national couple statistics is +/-3.41%, 19 times out of 20; individually, the statistical significance for 1656 people is +/- 2.41%, 19 times out of 20.