Avoid debt

Make sure a credit purchase is something you really need and that you can afford the payments. Debt can pile up quickly.

Buying on credit is easy and convenient, but can also be very expensive. Before buying anything on credit ask yourself if you really need the item. Would you still make the purchase if you had to pay in cash? Take time to shop around and compare.

If you must use credit, use it wisely.

• Understand the types of credit that you have, such as credit cards, loans and mortgages.
• Find out how much it costs if you only pay the minimum on your credit card balance, Credit Card Payment Calculator Tool.
• Look for the Warning Signs of Debt.

^* Some of these resources are provided by the Financial Consumer Agency of Canada.