Know your rights and responsibilities

Financial literacy is a key for a comfortable, healthy life

By Kirsten Stark

Here is the third financial literacy challenge from Cariboo Chilcotin Partners for Literacy (CCPL). What financial products and services do you use?

Do you know the interest rate on your credit card, or what it will cost you if you miss a payment?

How much are bank fees costing you each month?

This week’s challenge is to make sure you understand all your financial agreements. Include things like buy-now-pay-later and cell phone contracts.

If the written contracts are hard to understand, contact your bank or financial services provider and ask them to explain. We’re lucky in Canada to have strong protection for consumers of financial products and services.

All of us have a responsibility to inform ourselves of rates, terms, and penalties associated with financial services and products.

Financial institutions have an obligation to give consumers clear information and protection on certain financial products; consumers have to take precautions to protect their private and financial information and read their financial agreements thoroughly.

Take time to learn about government of Canada education saving incentives, such as the Canada Education Savings Grant and Canada Learning Bond.

Ending residential tenancy agreements can often lead to financial frustration for both tenants and landlords. An information sheet, What Every Landlord and Tenant Needs to Know, can be found at http://www2.gov.bc.ca/

For more information and resources on your rights and responsibilities as a financial consumer, e-mail lory@caribooliteracy.com in 100 Mile House, and in Williams Lake, e-mail kirsten@caribooliteracy.com.

Kirsten Stark is a CCPL literacy outreach worker.

Just Posted

Do you agree with the NDP government’s approval of Site C Dam?

100 Mile Free Press took to the streets to ask community members what they think

Schools face off in volleyball tournament

Tourney gives students a chance to compete

Dec 13: Compact snow, slippery roads across the South Cariboo

The roads and weather for the South Cariboo

Annual bird count to be held on Dec. 30

Wildfires probably good for some birds, bad for others

Driver pulls into the wrong lane of Hwy 97

The weekly police report for the South Cariboo area

VIDEO: Average Canadian food bill to rise by $348 in 2018

Atlantic Canada and B.C. will see the most increases for consumers

More than 20,000 pounds of garbage removed from riverside homeless camps

Two camps taken down last week on the banks of the Fraser and Chilliwack rivers

Suspect in Revelstoke standoff killed himself: RCMP

Mohammadali Darabi, suspect in the Calgary homicide of his roommate, was stopped in Revelstoke

Clinton visits Vancouver, applauds Trudeau, celebrates Democrats’ win in Alabama

Clinton told crowd she cheered when Prime Minister Justin Trudeau appointed the country’s first gender-balanced cabinet.

VIDEO: Salt Spring Islanders ferry piano to their floating home

Everyone enjoys a little music on the water, but not everyone has a piano on their boat

Bomb detonated in Kamloops neighbourhood

Kamloops RCMP are investigating after an improvised explosive device was detonated Wednesday morning

No More Shootouts: Strong defence will be Canada’s backbone at world juniors

Head coach doesn’t want a situation where a hot goalie or a lucky bounce can determine a team’s fate

Proposed snowmobiles along Sicamous roads concern RCMP

RCMP, ICBC and province not yet on-board with proposed off-road bylaw in the B.C. Interior

‘Assemble your own meal’ kits grow into $120M industry in Canada

Kits offer a middle ground between eating out and grocery shopping

Most Read