A poll by the Bank of Montreal found that 46 per cent of Canadians who hold a credit card have debt on the account. Following the holiday season 28 per cent of card holders added on average $1,192 to their card balance. Almost a third (30 per cent) of card holders carry a monthly balance although 51 per cent do. Millennials are most likely to view a credit card as ‘extra spending money’. BMO’s Nick Mastromarc says that while credit cards are a useful payment tool they should not be viewed as additional borrowing and warns that: “unchecked spending habits can result in getting stuck in continuous monthly debt cycles that can hamper near and long term financial goals.” He recommends speaking with a financial planner to ensure the best management of household spending.