This is a sponsored post from Lowest Rates Inc.
Over the last few years surviving the economic downturn has proven challenging for families across Canada. The cost of living has increased, while access to credit has become more restricted – and the post-holiday season finds many of us owing expensive credit card bills. Unfortunately we have no control over the direction the economy could take, which leaves many of us vulnerable to unexpected changes to financing.
The nature of the economy directly impacts the amount we pay in interest for outstanding balances. With holiday credit card bills in the mail, most of us are counting on interest rates remaining locked near record lows. It’s very easy to overspend the holiday budget, and end up paying the credit card bill for months afterwards – in fact many banks and credit card providers count on that.
Traditionally creditors could get away with this way of doing business, but the world has been revolutionized by the internet and modern technology – putting leverage and control in the hands of us as consumers. There are now websites that act as a one-stop shop in advertising the lowest credit card rates from many of Canada’s leading providers, giving us the means to find the best possible credit card for our unique financial situations.
This is a valuable service because it provides choice and detailed information that historically has been unavailable to us as consumers. Banks have historically used what they consider ignorance amongst Canadians in order to dictate what they believe is a fair interest rate for us to pay on our credit card balances. However, these online services provide us information on multiple providers who are all competing for our business. We can use this information to leverage a lower credit card rate from our main creditor and if they refuse to negotiate, we can walk away comfortable with the knowledge that more affordable options are available.
As the economy remains unpredictable, anything we can do to keep our own personal finances under control is worth doing. Less money paid is more money saved, and in these difficult times – more money saved means greater peace of mind.