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More on Credit Literacy by Timur Ermakov

Over the past few years, the importance of improving financial literacy levels has been at the forefront of discourse between consumer advocates and government agencies. In an effort to raise awareness about the subject, Ottawa even proclaimed the month of April as the national financial literacy month. Financial literacy, however, is a rather ambiguous blanket term that encompasses and connects to a multitude of various industries, practices and consumer behavior patterns. In our modern economy of overconsumption and perpetual borrowing, any hope of financial prosperity is founded on a solid understanding of credit and lending.

Indeed, credit literacy is a much narrower and more focused set of principles that has become a necessary operating blueprint for consistent personal financial stability and growth. Perhaps an emphasis on credit, rather than the more nebulous financial knowledge in general, would achieve better outcomes. Despite relatively stable economic indicators, Canadian consumer debt has been steadily rising over the last years. This trend is partially mitigated by the dramatic rise of real estate values and robust growth of a few sectors of the economy, which may allow some consumers to re-borrow and service higher debt levels. And while an opportunity to access cheaper real estate-secured funds may be beneficial to consumers, this solution isn’t available to everyone.

A growing availability of increasingly complex lending products that require little or no credit qualifications, such as subsidized phone plans, commercial student loans and online term loans, demands that Canadians are knowledgeable about the cost and downsides of all types of borrowing options available to them. This especially pertinent to lower-income Canadians. Indeed, any campaign aimed at improving credit literacy should be calibrated and designed to reach those segments of the population that are most at risk of making costly and damaging borrowing choices. 

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