Ignoring your credit card statement can cost you a lot more than you realize. These statements aren’t just an unwelcome reminder of how much you owe – they also tell you how much you’re paying in interest charges and how long it can take to pay it all back. They may feel daunting, but they really aren’t all that complicated.
For many Canadians, perhaps the most unpleasant piece of mail they receive is their monthly credit card statement.
They say bad news come in threes, and credit cards tend to come at least in pairs – according to monitoring agency Transunion, the average Canadian had an average of two credit cards during 2015, with an average credit card debt of almost $4,000.
Other figures from Abacus Data show that about half of Canadians say they pay their balances in full every month, which means there are still a lot of people who likely don’t look forward to seeing how much further they are in the hole.