BMO Financial Group
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BMO Financial Group

June 29, 2011 15:39 ET

Owe Canada: Do More Than Make the Minimum Payment-BMO

With Mail Delivery Back on Track and a Fresh Crop of Bills on Your Doorstep, Now is a Good Time to Manage Your Finances Better by Making More Than the Minimum Payment on Your Credit Cards.

TORONTO, ONTARIO--(Marketwire - June 29, 2011) - Canadians are starting to receive their mail this week following the end to the nearly month-old postal disruption.

"We are encouraging customers to maintain balance when it comes to controlling spending, growing savings, borrowing smartly and investing wisely," said Su McVey, Vice President, Customer Communications & Marketing for BMO Bank of Montreal. "With credit card bills, Canadians should do more than paying the minimum amount in order to lower the interest costs applied to outstanding balances. While everyone can have a short-term cash crunch from time to time, making just the minimum payment should be the exception – not the rule."

Additionally, BMO offers the following tips to stay on top of your bill payments:

Prioritize

Make a list of your monthly bills and prioritize them by due date and importance. For example, mortgage, rent and utility payments should be a high priority. Make up a payment schedule and make sure to pay at least the minimum required on every debt.

Take your bills off your mind

Have your bills, statements and notices emailed directly to your online bank account. Then set up automatic payments directly from your Bank Accounts.

  • Pay your bills on time, every time with pre-authorized bill payments
  • Set up your bills to automatically be paid from your bank accounts on their due dates. You'll never miss a payment — even when you go on vacation

Track your spending

Take advantage of bank tools that help you manage your day to day finances in one place. For example, BMO's MoneyLogic is a free resource that gives you more control over your money by helping you to easily:

  • Consolidate your transactions
  • Set your savings goals and spending budgets
  • Track your spending habits

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