Credit Canada and Capital One Canada today launched the first annual Credit Education Week which runs from November 13 to November 16.

The national launch took place in Toronto at the University of Toronto’s Hart House, where an open Campus Fair was underway for the benefit of students and young people.

During the launch, the results of a national consumer survey of more than 4,000 Canadians were released. The survey clearly showed that the majority of Canadians do not have a sufficient understanding of basic personal finance and credit.

“The findings of this survey are a call to action. To know that 90% of Canadians feel that they have more debt today than they did five years ago is an obvious indication that Canadians need to learn how to manage their money better,” says Valentine Lovekin, president and chairman of the Board for Credit Canada. “Clearly, Canadians are struggling with the financial basics and we hope that Credit Education Week can be a first step to help Canadians acquire the knowledge and skills they need to take control of their financial destiny.”

For Credit Education Week co-sponsor, Capital One, the results of the survey confirmed the company’s decision to invest in this valuable initiative to help educate Canadians about financial management.

“For many people, managing personal finances and making decisions about money management can seem daunting, but armed with the right information and a grounding in the basics of finance, making smart choices is much easier,” says Rob Livingston, Chief Marketing Officer of Capital One Canada.

The study results make it clear that many Canadians could benefit from more financial information and education.

Credit Canada and Capital One were joined by a number of other partners, including Visa Canada, Royal Bank, and Asset as well as other supporters in launching Credit Education Week. Financial education advocate Linda Leatherdale, was the M.C. for the event, along with “Funny Money” creator James Cunningham, who delivers a sound financial management message with a humorous twist. Other participants included Pran Bahl of Credit Counselling Canada, and Henrietta Ross of the Ontario Association of Credit Counselling Services.

Credit Education Week was created to empower Canadians to make wise financial decisions. Throughout the week, Canadians will be given free access to expert financial advice through campus fairs, trade shows, and seminars. A new Web site has also been created –www.crediteducationweekcanada.com — for online tips and tools to help Canadians learn how to manage their finances more effectively.

Credit Canada is a non-profit charitable service that has assisted thousands of people with credit counselling and debt management programs since 1966. Credit Canada is a member of the Ontario Association of Credit Counselling Services and a Charter Member of Credit Counselling Canada.