TORONTO, ONTARIO — (Marketwire) — 11/01/11 — BMO Bank of Montreal is releasing a series of financial tips throughout November to celebrate Financial Literacy Month in Canada. As part of Making Money Make Sense and BMO SmartSteps, BMO-s tips are designed to help individuals and families save money and manage their day-to-day finances more effectively.
BMO strongly supports the recommendations of the federal government-s Task Force on Financial Literacy. As Jacques L. Menard, Chairman of BMO Nesbitt Burns and Task Force Vice-Chair noted: “Achieving real progress will require concerted and cooperative efforts among all stakeholders: from individual Canadians to governments at all levels, from a small non-profit helping new Canadians flourish to financial services providers and businesses throughout the economy.”
BMO-s tip of the day:
The average Canadian credit card balance is $3,600. At an annual interest rate of 19.5 per cent, your net interest costs would exceed $700 over the course of the year. In some cases, making only the minimum payment can mean it takes up to 40 years to pay off the balance.
For more on financial literacy, BMO encourages Canadians to visit and http://www.bmo.com/home/about/banking/corporate-responsibility/financial-literacy?nav=left.
Contacts:
For media inquiries:
Matthew Duffin
(416) 867-3996
Sarah Bensadoun, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596