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Survey: Most Canadian young adults don’t pay off credit card balances

June 22, 2012

According to one recent survey, most credit card users in Canada didn't pay the full amount owed on credit cards every month.

According to one recent survey, most credit card users in Canada didn’t pay the full amount owed on credit cards every month.

More than half of the respondents in the TD Canada Trust Credit Cards and You poll said that they failed to pay the full balance each month, while 40 percent said they only made the minimum payment. In addition, 18 percent of the 239 Canadians aged 18 to 34, said they used credit cards, often at credit card terminals, to supplement income.

“A credit card is a great tool to manage and track your spending,” said Stephen Menon, associate vice-president of credit cards at TD Canada Trust. “Using your first credit card responsibly is a smart way to establish a strong credit rating and help set yourself up for an attractive interest rate when you apply for your first car loan or mortgage.”

There have been other recent surveys that give insight into credit card user behavior. A survey by Capital One found that 52 percent of travelers were planning to use rewards they received from a benefit program to pay for expenses.

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