Why is it Blue Monday today?

Posted: 18/01/2016

Did you know that more and more people borrow money to be able to afford Christmas? RBC says 24% of the Canadian population use their credit card to finance the holidays while 23% of the population say they have not thought about how they will pay for their holiday debt! Those are staggering numbers.

Today is" Blue Monday", the unhappiest day of the year. This is because people come to terms with failed New Year's resolutions, the terrible wintery conditions confining most people to their homes and the post holiday credit card bills arriving.

After Christmas, many people try to balance transfer their credit card debt and keep the cycle going but for some people this will not be possible. This can happen for multiple reasons, for example, the credit card company may reject your application because you have exceeded the amount of borrowing that credit agencies believe is appropriate. If you are only making the interest payments each month to your debts and it's becoming a struggle then seek professional debt help.

Don't cancel Christmas, budget it! This way the memories are what will last, not the bills. If you find that your debt is getting out of hand though and need some cash to solve some short term needs, contact the Micro-Loan team today! We can help with a short term loan with financing in as little as 24 hours.

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