Money guru offers tips for students

By Amanda Lorbetski

BELLEVILLE – If Gail Vaz-Oxlade has it her way, you’ll take a pass on credit cards each Friday.

The host of the television show Til Debt Do Us Part has teamed up with the Canadian Federation of Independent Business to launch Credit Free Friday.

The initiative is urging Canadians to scrap the plastic once a week, a move that Vaz-Oxlade told QNet News would help both consumers and businesses save money.

Loyalist College’s financial-aid office provides student assistance in financial planning, OSAP and awards applications. Photo by Amanda Lorbetski

Hefty credit swipe fees weaken small businesses – including those around Quinte – that are unable to negotiate lower charges for themselves, she said.

“Since merchants are not allowed to distinguish between cards – if you accept Visa, you must accept all Visa cards, even the ones with a 3.5 per-cent swipe fee – the costs to the merchants are significant.”

In the end, credit doesn’t pay for consumers or retailers, she said.

Vaz-Oxlade, a Brighton resident, has some general money tips for Loyalist College students:

• Budgeting: Record your spending in a spending journal. Tweak your plan as necessary when circumstances change.

• Bank accounts: Track your bank-account balances to ensure you’re never in overdraft.

• Credit cards: Use credit cards wisely. Make your credit-card payment – even if it’s just the minimum – on time. Avoid paying with your line of credit or cash advances.

• Bills: Always open your bills to know where your money is going.

• OSAP: After graduation, make more than the minimum monthly OSAP payment unless you want to take more than a decade to repay your debt.

• Consumer debt: Make a plan and stick it out. Family and friends cannot bail you out forever – it’s up to you to remain debt-free.