Can you read your credit card contract?

Whining about your credit card debt is not a plan asked some lawyers, professors and grad student  to try and decipher a typical credit card contract. If these people can't figure it out, how do you think the average North American fares?

Some credit card agreements require a 15 grade reading level (third year university level) while the average American reads at a ninth grade reading level.

How does your contract stack up? Have you read it? Do you know what your minimum payment is and how it is calculated? Do you understand how the finance charges are calculated and what your grace period is? What happens if you go over your limit? Most importantly, what is your interest rate and is that the lowest it can be?

Canada's Economic Action Plan is working to help Canadians help themselves. Check out this link for more information.

Debt repayment or saving?

Happy New Year!