TransUnion Encourages Consumers to Save Now, Spend Later to Better Enjoy the Holiday Season and Avoid Debt Hangover in 2014
TORONTO, ON--(Marketwired - Oct 1, 2013) - For many Canadians, back-to-school season is top of mind, but for nearly all Canadians who give gifts during the holidays, this should also be a time to start thinking about saving money now. Unfortunately, according to a new survey commissioned by TransUnion, more than half (64.6 percent) of Canadians surveyed say they will go into the holiday shopping season having not saved money for it, which could lead to starting 2014 with a major debt hangover and potentially harming their credit health.
A recent Google Consumer Survey conducted by TransUnion revealed that 64.6 percent of Canadians surveyed do not save in advance of holiday shopping and an additional 14.4 percent of those surveyed said they only saved in October, November and December. For many, this may mean using current credit cards, opening new lines of credit or taking on extra debt. Excessive inquiries for new lines of credit, higher balances compared to credit limits and large amounts of debt can all be harmful to a consumer's credit health.
"Consumers should plan ahead now by making a list of those they plan to purchase gifts for; determining the total they will need to save between now and the holiday season; and setting a portion aside out of each paycheck," said Julie Springer, vice president at TransUnion. "That way, when the holidays arrive, consumers can use their saved money, enjoy a more relaxed holiday season -- and enter 2014 without the burden of unmanageable credit card debt."
TransUnion provides the following tips to help consumers save now and spend later during the holiday shopping season:
For more ways to stay on top of your finances and tips to smart holiday shopping, visit www.TransUnion.ca or follow TransUnion on Facebook at www.facebook.com/TransUnion.
About TransUnion
As a global leader in information and risk management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering high quality data, and integrating advanced analytics and enhanced decision-making capabilities. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Based in Burlington, Ontario, with global headquarters located in Chicago, Illinois, TransUnion provides local service and support throughout Canada. Visit www.transunion.ca to learn more. Follow us on Facebook at http://www.facebook.com/TransUnion.
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For More Information:
John Branham
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