A+ Financial Moves and Member Feedback

September has arrived again, bringing cooler evenings and students returning to their classes. At CUA, we know a big part of back-to-school is financial decision-making, with many college and university students now graduating with loan debt. As a partner in helping our members achieve their financial goals, it is timely to offer some debt repayment options and share a few strategies for how to think about your debt and the different ways to manage it.

Equifax Canada recently released a report showing Canadians aged 36 and under are finding it harder to repay debts. Since 2024, 90-day past-due payments have grown by 20% for this demographic. While there are pros and cons to different repayment strategies, when you have outstanding debt or bills, the important thing is to choose an approach that works best for you and that you can follow consistently.  

In some cases, people prioritize their smallest debts first, so they can pay them off quickly and have one less payment to think about. For others, they might choose to focus on the debts with the highest interest rates first to save money over time. The Financial Consumer Agency of Canada recommends prioritizing any debts that have gone past due first. Past due accounts, or accounts in arrears, can accumulate interest as well as harm your credit score. Ensuring past due accounts are paid first could help your credit score, which can open up new financial opportunities, such as easier access to credit and lower interest rates.

It’s important to work with your creditors and financial institutions; there may be options to extend payments over a longer period to reduce your minimum monthly payment or consolidate your debts into one manageable loan payment. At CUA, we have an entire category of topics around debt repayment in our CUAdvice articles that include helpful hints and best practices.

In community news, our Better Way Street Team recently wrapped up the $10K in a Day Program, which was held between September 2–5. The Street Team visited seven college and university campuses to meet students, hand out school supplies and awarded more than $10,000 in tuition prizes. Congratulations to each of the recipients!

Our Street Team has also been busy this summer, attending various pop-up events across HRM as part of showcasing that CUA is “there for U” across our community. The Team handed out hats, sunglasses, sunscreen, water and freezies at the beach, umbrellas on our single rainy day, and doggy bags at several parks, with a note encouraging people to pay forward acts of kindness. We are always happy to connect with the community through initiatives like these — you can follow CUA on Facebook, Instagram, LinkedIn and TikTok to be the first to know about our next community event.

I also wanted to share that our Annual Member Survey is now available until September 24th. As a member-owner, your voice matters, and your feedback has a meaningful impact on CUA’s priorities and initiatives. Our goal is to deliver a great banking experience to our members. Members who complete the survey will be entered into a draw for $1,000.

I hope you enjoy the final days of summer. To our student members, I wish you the very best of luck in the upcoming academic year, and hope it is a year filled with learning, growth and opportunities. As always, if you have questions related to debt repayment or any financial matters, please reach out to us at 902.492.6500, info@cua.com or book an appointment online.

Your CEO,