OTTAWA, December 22, 2008 – Today the Financial Consumer Agency of Canada (FCAC) published two new tip sheets entitled Making a Budget and Sticking to It and How to Beat that Debt. These tip sheets are intended to help Canadians better manage their personal finances.
Making a Budget and Sticking to It will help consumers understand what a budget is, how it is used and the steps to follow to make one. Consumers interested in budgeting will also have an opportunity to draw up a budget by using the budget worksheet included in the tip sheet.
“Making a budget and sticking to it requires a certain amount of discipline, but consumers have everything to gain by it,” said FCAC Commissioner Ursula Menke. “In addition to giving them a better overview and an opportunity to exercise greater control over their personal finances, a budget helps consumers set savings objectives in order to make their plans and dreams come true.”
The tip sheet How to Beat that Debt offers suggestions to help indebted consumers regain control of their personal finances. The tips provided can help them plan their expenses appropriately based on their income, limit the amount of their debts and manage their current debt.
“As a consumer, you must not only know what options you have to pay off your debts, but also be able to recognize the traps to avoid so as not to get further into debt,” added Commissioner Menke. “Many Canadians get into debt by using their credit cards to pay for various purchases or bills without being able to pay off their balances at the end of the month. Instead, they could limit or reduce their amount of debt by obtaining a line of credit at a lower interest rate or a consolidation loan from their financial institution.”
The tip sheets Making a Budget and Sticking to It and How to Beat That Debt are posted on the Agency Web site at www.moneytools.ca. For more information, call FCAC toll-free at 1-866-461-3222 (or 1-866-914-6097 for TTY service, for the deaf or hard of hearing).
FCAC's provides consumers with accurate, objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions. FCAC's also ensures compliance with the consumer protection laws, and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies.
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