BMO Financial Group, established as Bank of Montreal in 1817, has released its 2015 Credit Card Report revealing 46% of Canadian credit card holders to be carrying credit card debt.
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According to the survey conducted by Pollara, 30% of cardholders do not pay their credit card bill every month while 28% have entered the new year with an added credit card debt load amounting to an average of $1,192.
The poll that examined credit card usage and behaviour among Canadian cardholders heading into 2015 has found that 52% pay for the majority of their purchases using credit cards while 30% carry a monthly balance and 51% pay off their entire credit card balance every month.
The poll has also revealed that 26% 0f the card holders are often in a cycle of paying off their credit card with all available funds, incurring additional debt to pay for other expenses.
BMO Bank of Montreal managing director of North American Retail Payments Nick Mastromarco said: "Utilizing a credit card as a payment tool as opposed to a borrowing tool is crucial to managing household finances and ensuring households are living within their means.
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By GlobalData"Working with a financial planner to build a comprehensive budget that includes monthly spending habits and savings goals can help Canadians stay on the right track."
