IF SANTA CLAUS HAS A CREDIT CARD, IT'S almost certainly maxxed. After all, no time of year is tougher on consumers trying to control their personal debt than the Christmas season.
An Ernst & Young opinion poll conducted in September 1995 found that 38% of Canadians were carrying outstanding balances on their credit cards. And, despite the approaching holiday season, most were hopeful: nine out of 10 expected to eliminate or reduce their balances within the next 12 months. But, nine months later, in June 1996, 38% of Canadians still had outstanding balances on their credit cards. And 49% of those with outstanding balances reported their balances have increased from three years …
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