By Amanda Lorbetski
BELLEVILLE – If Gail Vaz-Oxlade [1]has it her way, you’ll take a pass on credit cards each Friday.
The host of the television show Til Debt Do Us Part [2] has teamed up with the Canadian Federation of Independent Business to launch Credit Free Friday [3].
The initiative is urging Canadians to scrap the plastic once a week, a move that Vaz-Oxlade told QNet News would help both consumers and businesses save money.
Hefty credit swipe fees weaken small businesses – including those around Quinte – that are unable to negotiate lower charges for themselves, she said.
“Since merchants are not allowed to distinguish between cards – if you accept Visa, you must accept all Visa cards, even the ones with a 3.5 per-cent swipe fee – the costs to the merchants are significant.”
In the end, credit doesn’t pay for consumers or retailers, she said.
Vaz-Oxlade, a Brighton resident, has some general money tips for Loyalist College [5] students:
• Budgeting: Record your spending in a spending journal. Tweak your plan as necessary when circumstances change.
• Bank accounts: Track your bank-account balances to ensure you’re never in overdraft.
• Credit cards: Use credit cards wisely. Make your credit-card payment – even if it’s just the minimum – on time. Avoid paying with your line of credit or cash advances.
• Bills: Always open your bills to know where your money is going.
• OSAP [6]: After graduation, make more than the minimum monthly OSAP [7]payment unless you want to take more than a decade to repay your debt.
• Consumer debt: Make a plan and stick it out. Family and friends cannot bail you out forever – it’s up to you to remain debt-free.