Debt
The Burden Of Debt
An RBC survey showed that average non-mortgage debt has increased again this past year by an average of 21% or almost $2,800 for a total consumer debt load of nearly $16,000. Some reasons are given, such as lagging job growth and incomes only rising moderately, but the actuality is that people are still spending beyond…
Read More3 Credit Card Products You Should Avoid
Credit card companies try to get you to sign up for secondary products and services, often forms of insurance or new and convenient ways for you to get at your credit and use it. These services are lucrative for the card issuers, but are not in your best interest. Here are three credit card products…
Read MoreWhy Our Debt To Income Ratio Is Misleading
Much has been said about the current state of Canadian household debt. The latest numbers from Statistics Canada revealed our debt-to-income ratio is now a record 164.6%. But what does this number really mean? In simple terms, you add up everything you owe – your mortgage, line of credit, car loan, credit cards and student…
Read MoreWhy Declaring Bankruptcy Should Be Your Last Resort
What do you do when you are in a deep financial hole? Thousands of Canadians declare bankruptcy every year because they can’t pay their debts. From 1990 to 2011 consumer bankruptcies increased from 42,782 to 77,993. That’s a whopping increase of 121.5%. Declaring Bankruptcy Past mistakes aren’t easily fixable but there are ways to climb…
Read MoreStudent Loan Repayment: How Quickly Should You Pay It Off?
Not many students can afford to pay for their entire post secondary education without some form of education financing. The average student loan debt for graduating students in Canada is over $20,000, seriously harming their financial position as they enter the workforce. But should you be focused on student loan repayment as soon as you’re done…
Read MoreWhat Does Your Credit Score Really Mean?
Some people are obsessed with their credit score, especially when trying to get out of debt. Your credit score is important if you plan on borrowing – to get a car loan or to buy a home, for example. I’ve sent away for my free credit report a couple of times to check for errors,…
Read MoreQuick Cash Solutions: A Dangerous Game
“I will gladly pay you Tuesday for a hamburger today.” – J. Wellington Wimpey What are friends for? Payday seems an eternity away and you only have two loonies in your wallet. All your credit cards are maxed out and you need some quick cash. What do you do? Just ask your friend to loan you…
Read MoreIn Debt, You Should Stop Donating
When in debt there is a good case for stopping ALL giving money to charity, that even means not putting a quarter in the Salvation Army bucket at Christmas.
Read MoreDebt Management: How Well Do You Handle Debt?
Debt management is simply how well you handle the debt you have now and how prepared you are to handle debt in the future. Effective debt management is critical to a sound financial plan.
Read More4 Quick And Surefire Ways To Raise Your Credit Score
Don’t expect that your credit score will improve overnight, but you can get a jump start with these 4 ways to raise your credit score.
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