Equifax Canada says young Canadians are more anxious about their personal debt and more likely to have missed a bill payment this year. In a survey conducted in September, the agency says 36 per cent of younger adults reported having missed a bill payment this year, compared with 23 per cent overall.
Meanwhile, 52 per cent of those surveyed between the ages of 18 and 34 are anxious about their personal debt, compared with 39 per cent overall. Equifax Canada says housing is a top concern for Canadians, with three in 10 respondents saying they’ve had to seek additional income in order to cover higher mortgage or rent payments.
Almost 20 per cent said they’re in a precarious financial situation and may need to move due to affordability issues. The survey found younger Canadians are more likely to look into second or third jobs or ‘side hustles’ in order to meet their financial obligations.
Part of achieving financial wellness is understanding your credit score, what it means, how it’s calculated and learning practical strategies to improve it.
Understanding debt utilization ratio and the difference between hard checks and soft checks or between revolving credit and installment credit are just a small part of the story when it comes to seeing the full picture of your credit.
There are simple steps people can take to improve their credit score but before we explore some of those strategies, we’re going to look at what makes a good score, how it’s calculated, where you can check yours, and why it all matters.
Source: CTV News