Caisses Desjardins du Québec and Caisses populaires de l'Ontario [Change site]

7 tell-tale questions

Time to face reality! These 7 questions will help you do it.

Take the test

1.
Do you use your credit card to pay for groceries or rent because you have no other option? In other words, do you use your credit card out of necessity instead of when it’s just convenient?
2.
Do you use your credit card to buy things you wouldn’t be able to if you had to pay cash?
3.
Do you lie to people close to you about what you buy and how much you spend for it?
4.
Do you borrow money from friends, colleagues and family members?
5.
Have you ever asked for a cash advance on one credit card to make the minimum payment due on another?
6.
Do you write cheques for more than you have in your account because you know you’ll be able to make a deposit to cover them later?
7.
Do you often go over the amount you’ve allocated for yourself in your budget?
   Total:           
     /7
     /7
     /7

Now what?

  • If you answered mostly No (more than 3 out of 7), you are in an enviable position. For the moment, you are not in danger of getting over-indebted or using credit unwisely. Stay vigilant and informed. See Credit cards: use these tools wisely.
  • If you answered mostly Yes or I refuse to admit it (more than 3 out of 7) you are in debt or over-indebted. It's imperative that you and your family learn how to use credit to your advantage and not let it ruin your financial health. Tackle the difficult task of paying off your debts with every ounce of will you can muster.

For more information
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Money question

Do you know where you currently stand financially?

 Yes     No

A few statistics

Institut de la statistique du Québec, 2007:

  • Average rate of consumer debt: 36.2% (debt to disposable income ratio).
  • Average personal savings rate: 5% (savings to disposable income ratio).