I just graduated from a Canadian University in the Province of New Brunswick, I too have a credit card for the purposes you mentioned. And I like your footnote, as a person who hails from Malaysia, I too complain about the exceedingly bitter Canadian winter.

Best Regards,
Suresh

thats because having a high utilization on the card drops your credit score. example, you have a $500 card and you spend $400 a month. Even if you pay it off every month, your utilization is 80% which lowers your credit score.

if your limit was $4000 then your utilization is only 10% which boosts your credit score, thus lowering the interest rate!

Living Off Dividends & Passive Incomes last great read…How To Start Multiple Businesses

Erins last great read…A tribute to my father on Father’s Day

@beaverboosh – Bush? Why are you commenting on my blog?

@sir jorge – Student loans are a big burden on people… In Europe, university is almost free, it helps a lot. Good luck with the money!

@Froggywoogie – Seriously, I’ve never seen any “proper” credit card in France, except for having a Mastercard/ Visa logo on most of the debit card. I didn’t even know they were available. Wanna send me one?

@Kirsten – I like the way you put it… yes, in a way, Americans were brainwashed to be patriotic and spend! Very true.

@Breigh – Thanks for sharing your story! To be honest, have I grown up in Canada, I’d probably have a student loan debt and other as well. As you said, young adults aren’t the best budget manager usually… it’s hard to see the future and realize you may carry the debt well into adulthood. There should be credit card classes at uni!

@shionge – I think people really consider it as “free money”. And there come the interests…

@Theresa – Having a mortgage is normal to me. What I find scary is charging your holidays or your fashion purchases on your credit and not paying it off… maxing out plastic is like a national sport here.

@Lis of the North – I know for Sofinco, I worked for them as a temp for a couple of months when I was a teen. I was actually evaluating applications… yes, a 19 years old without training can do that apparently. Not my best job experience, left a bad taste in my mouth.

@johnada – You’re right, most Europeans don’t have student loans debt because uni. is so cheap. A few of my friends do because they still had to borrow money for living expenses though, but this is rare in France. I hate seeing people starting off their life with a debt… if you studied medecine or similar field where studies are long but usually pay off relatively quickly, it’s still okay, but for most of us it’s tough.

@durano lawayan – I understand the mindset you highlighted, and this is very true. But since I didn’t grow up here, I kept my old European “buy things you can afford or pay off quickly” state of mind.

@Gledwood – It’s one way to do it! I don’t think these companies can do much if you don’t have assets anyway. However, it could be tough if you need a mortgage etc. in the future… Not judging, just thinking.

@Priyank – Crazy isn’t it? I will never forget the first time I saw a Canadian wallet and the stack of plastic cards in it!

@SilverNeurotic – Are you sure you’re American? Seriously, this is great for you. Low debt, not a big spender… credit cards companies must hate you!

@Linguist-in-Waiting – I like my credit card because it’s convenient but I pay it off every month and frankly, it’s always a small amount. Living within your means… that’s the way. Got your email BTW, will reply tomorrow!

@Rudy – I know it’s sometimes hard to make it at the end of the months, I assume this is especially true with kids!

@ammaro – Borrowing money makes sense to me. Great system to buy a house, a car etc. What is wrong is pushing people to consume always more and what they buy… Good analysis.

@Feng – Nope, not just you. I’m the same!

@Saskboy – I’ll have a look into ING and get back to you if I’m interested. I heard about them before and I’m curious. How do you find PC by the way? Haven’t tried either.

I have an ING savings account, and a PC Financial account for chequing because there are no fees. If you’d like a referral code for an ING savings account, we’d each get $13 when you make your initial deposit. And I don’t recommend them, just for the free bonus money, their interest rates and service aren’t beat by the Big 5 banks in Canada.