How to build a better relationship with your credit, according to an expert

Nov 3 2022, 6:00 pm

A recent study by Leger revealed that 22% of Canadians say their biggest source of worry is personal finance — while 26% of Canadians carried a higher monthly balance on their credit card than in previous months. 

Another study by Leger done earlier this year showed that 62% of young Canadians did not believe their personal finances would improve in 2022.

With so many people feeling overwhelmed, it can be challenging to even begin to think about how to tackle your finances, let alone your overall well-being. This is exactly why Capital One Canada partnered with Coach Carey, a three-time certified life coach and motivational speaker, to help Canadians take action when it comes to their finances. 

Coach Carey (Capital One)

In her content series for Capital One, Carey asserts that, while it may feel uncomfortable at first, the first step in tackling your finances or any other challenge is to just start confronting them head-on.

“For me and my finance journey, I’d always be a little bit uncomfortable checking my statements and online banking,” Carey wrote. “It’s easy to run from that discomfort and mistake it for unhappiness. But it was so worth it to get to the other side of that and it actually made it less stressful for me to check my statements and bank.”

According to key findings in the Canadian Financial Capability Survey, ​​a little under half of Canadians (48%) say they’ve never requested a credit report from Equifax Canada or TransUnion Canada — Canada’s two major credit reporting agencies.

One of the tools that can help you feel more empowered with your finances is Capital One’s Credit Keeper — available across Canada with the exception of Quebec — which lets you check your TransUnion credit score for free. The service doesn’t require you to have a Capital One card, just sign up and start checking your credit score — without impacting it.

Carey also says that tackling your finances from an emotional standpoint can help you reach more fulfillment. Allowing yourself space to sit with your emotions to feel them fully, especially without the need to fill a void with material possessions, can be key.

You can do this by noticing patterns when it comes to the link between your emotions and finances. Once you’ve established that link, it can help you come up with solutions that will prevent you from triggering the cycle of emotions that lead to overspending. 

“More often than not, you’ll see there are things you can do differently that can move you away from feeling overwhelmed and into feeling empowered,” writes Carey.

You may consider things to help, such as switching to a more basic credit card or finding a system that works better for your specific needs.

Another tool that can help empower you is Quick Check. Unlike applying for other credit cards, a Quick Check response takes around 15 seconds, and will follow up shortly with which Capital One credit card you’ll be approved for before you even apply — without affecting your credit score.

Coach Carey cheering

Coach Carey (Capital One)

At the end of the day, that feeling of being overwhelmed with finances can be from a lack of education. Around 56% of young Canadians have taken steps to get more educated on financial topics, with 26% doing so through online resources, according to a 2019 Canadian Financial Capability Survey.

But the internet is awash with so much financial information, often coming from unreliable sources. It’s why Capital One has built a Toolkit with reliable information to help you understand your finances better.

With so many increases in the cost of living and inflation rates rising, trying to make sense of how you can work toward financial stability is challenging. But, as Coach Carey writes, making the decision to start is the best thing you can do for yourself and your financial future.

“You have the power to make a decision. To do something differently starting today, starting right now. No matter where you are in life, no matter what you’re experiencing, there’s something you can do differently.”

To learn more about how to start your path to financial betterment, you can visit  Capital One Canada’s Life and Credit blog for more information.

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