11:30am ET | Laurie Campbell, CEO Credit Canada Debt Solutions

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GUEST – Laurie Campbell, CEO Credit Canada Debt Solutions

TOPIC – Credit Education Week launch for CEWC

INFO – Majority of Canadians are cheating on their wallets, survey reveals

This Credit Education Week, Capital One Canada and Credit Canada Debt Solutions encourage Canadians to make financial resolutions before the holiday madness

Toronto, ON (November 13, 2012) – A new year brings new year’s resolutions, and Canadians are great at resolving to be better money managers in the upcoming year. What we’re not so great at is the follow-through. While four out of five Canadians report making financial resolutions, four out of five also admit to cheating on their financial resolutions, according to a recent survey commissioned by Capital One Canada and Credit Canada Debt Solutions. In fact, while men and women both admit to this, women (85%) are slightly more likely to cheat than men (76%).

With the holiday spending spree fast approaching, Canadians need to make financial resolutions in November, not in January, after all the gift-giving is done. Financial freedom is about creating a plan and keeping to it. The sixth-annual Credit Education Week, November 12-16, is dedicated to promoting sound personal money management through money resolutions.

“We weren’t surprised to learn so many Canadians fail to keep their money resolutions, because more than half of them are not using available tools to help achieve their goals,” said Laurie Campbell, CEO, Credit Canada Debt Solutions. “Credit Education Week is about empowering people with the tools to make financial goals, and the resolve to keep them.”

While most Canadians resolve to spend more wisely come the new year, Capital One Canada and Credit Canada Debt Solutions are urging Canadians to make their financial resolutions now, before the annual holiday spending spree. The survey showed that Canadians make resolutions to deal with their financial obligations (53%), to spend less on specific things (48%) and budget more wisely (47%). Excessive spending is driven by – among other things – the social pressure to consume.

“A rear view mirror is a poor financial planning tool, so we’re encouraging Canadians to look ahead, consider their holiday purchasing and spending, and choose wisely,” says Rob Livingston, President of Capital One