Media Release
FOR IMMEDIATE RELEASE
January 16, 2023

Start the New Year right: six credit card tips to make Blue Monday easier on your wallet

(Monday, January 16, 2023 – Regina, SK) – Today is pegged as ‘Blue Monday’, a name given to the third Monday in January that is considered the most depressing day of the year. There are many factors that contribute to feeling blue on this day such as the wintry weather, post-holiday blues, pressure of making new year resolutions, and many receiving their credit card statement showing purchases and money owing from their holiday spending.

Conexus’ Perceptions on Financial Well-Being of Saskatchewan Residents 2021 Survey found that 92% of Saskatchewanians own one or more credit cards. Of those, 34% carry a balance each month, with 62% of those who carry a balance having so for more than a year. On this day, it’s a reminder of how important it is to reflect on your financial well-being and make sure you’re taking the necessary steps to stay on top of your finances all year round.

Here are some steps and tips to help you keep your credit card finances in check throughout the year:

1. Track your expenses: Keeping track of your spending is the best way to stay on top of your finances. Make sure to check your credit card statements regularly so that you can easily see where your money is going.

2. Don’t max out your cards: If you’re using your credit card for everyday purchases, try to keep the balance lower than 30% of the credit limit so your usage doesn’t negatively impact your credit score.

3. Pay your credit card bill on time: Paying your credit card bill on time is essential for avoiding late fees and keeping your credit score in good standing.

4. Pay more than the minimum payment: By paying just the minimum payment, you’ll be paying the debt longer resulting in paying more interest. A better approach is to pay more than the minimum payment each month as this will not only save you money in the long run, but help you get out of debt faster.

5. Consider doing a balance transfer: Promotional balance transfers are an excellent way to save money on your credit card. By transferring the balance of one card to another card with a lower interest rate, you can pay off the debt faster. With saving money on interest charges, you can then use it to pay off other debts or put it into savings. (Note: some balance transfer rates are lower for only a certain amount of time, and then will go to a higher amount. Be sure to understand all details of your contracts before signing.)

6. Choose a lower rate card: If you have a higher credit card balance and are having difficulty paying your card balance down, consider choosing a lower rate card such as the Conexus Centra Gold Mastercard.

By following these simple steps, you can be less blue not only today but all year round. These steps all help to build positive credit card behaviours and in turn, can help build credit and reduce financial stress. For more tips and advice on credit cards and financial well-being, visit Conexus.ca.

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For media inquiries, please contact:
Conexus Media Relations
Phone: 306-751-8201| Email: publicrelations@conexus.ca

ABOUT CONEXUS CREDIT UNION
Conexus is a forward-thinking, innovative credit union committed to improving the financial well-being of our members and communities. We do this by creating simple, personal, and empowering experiences for our members that are transformational, not just transactional. We are one of Saskatchewan’s largest credit unions and being connected to our communities across the province is a commitment we have upheld for the last 80+ years. As a local co-operative, our profits are returned to our members through our rates, no-fee accounts, community investment and more. Visit Conexus.ca for more information