Credit Canada

FOR IMMEDIATE RELEASE:

March 26, 2007

TORONTO - As Credit Canada approaches its annual general meeting on Friday March 30th, 2007, it has much to be proud of. In 2006 the agency served more than 55,000 indebted consumers giving them options, education and hope. At 41 years of age, the agency remains the nation’s leading service of its kind.

“With ever increasing debt loads and decreasing savings rates, more is being asked of professional credit counselling services, and Credit Canada is answering the call. We are working harder and smarter – through education, technology and industry relationships -- to address issues vital to today’s consumer and the health of the national economy,” said the agency’s Executive Director Laurie Campbell.

She noted Canadian consumers are finding themselves far too often in varying degrees of financial difficulty. This affects many aspects of their lives. Divorce is more likely when financial problems become severe. Health can be affected as well as employment as the ever mounting stress of worrying about how to deal with debt loads increases.  

During more than four decades on the front lines, Credit Canada has seen many changes. The credit card did not come into existence until 1950 in the United States. Introduction into Canada followed shortly thereafter.  Interestingly enough, this is when debt to income ratios began to rise. In 1983 the debt to income ratio was 55 per cent. Today it has more than doubled and is well over 120 per cent.  

“The call for our agency to serve those in need has never been greater,” Campbell said. “There is a desperate need to educate not only the public on money management and credit, but our youth who will be facing a certain future of credit dependence without a solid understanding of how to manage themselves financially. For this reason Credit Canada is launching for the first time in Canada a national Credit Education Week.” 

Campbell added, “A highlight of the agency’s annual general meeting will be preliminary announcement of the Credit Education Week Program, which will be launched in November 2007 and is designed to illuminate Canadian consumers about financial matters and debt management issues. The initiative will be coordinated in league with a cross section of business and community partners and associates.” she said. 

                                  - 30 - 

Contact: 

Laurie Campbell, Executive Director

Credit Canada

416-228-2526; lcampbell@creditcanada.com