Debt Blog, Debt Advice & Tips for Canadians

The State of Student Debt in Canada

By Steve Horton on June 13, 2019

The average post-secondary student in Canada graduates with $26,000 in student related debt, according to Statistics Canada. This debt is incurred from the cost of tuition, rent, and food. All which have been steadily rising. For young Canadians, cost may be a prohibiting factor from entering post-secondary school. The only solution is to borrow to…

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Credit Ratings Explained

By Sean on June 10, 2019

Credit is something many of us take for granted. If you have good credit, you should have no problem borrowing money at the best interest rates with the most favourable terms and conditions. If you’re able to pay for your home, car and other assets in cash, you may not care about your credit score,…

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Pay Down Debt with the Avalanche Method

By Steve Horton on May 30, 2019

Paying down debt is among most adults’ main priorities. But sometimes, finding the best method to get your loans under control can be difficult. If you’re dealing with a large amount of debt, just getting started can be overwhelming. If you’re determined to be debt free as quickly as possible, by paying the least interest,…

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What is the Snowball Method to Paying Down Debt?

By Steve Horton on May 29, 2019

In a report by the Bank of Canada, called Canada’s Economy and Household Debt: How Big Is the Problem?, it seems the problem is pretty big. Canadian household debt has been rising steadily for about 30 years. At the end of 2018 the Bank says, Canadians owed just over $2 trillion. One third is mortgage…

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Easy Ways to Improve Your Credit Score

By Rubina Ahmed-Haq on May 23, 2019

If you’ve recently applied for credit, the lender most likely asked permission to obtain your credit report and credit score. This is standard practice. But as it was for me the first time I went to buy a house, borrowers can be surprised with what their credit score is and how bad spending habits have…

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What is Insolvency?

By Sean on May 21, 2019

Insolvency means you’re unable to pay your debts as they come due. When used as a commercial term, it means that your business is unable to pay off its debts. It is typically defined in two separate ways: cash flow insolvency and balance sheet insolvency. Let’s look at both now. Cash flow insolvency (otherwise known…

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What is National Patriots’ Day?

By Rubina Ahmed-Haq on May 14, 2019

If you live in the province of Quebec, you most likely celebrate National Patriots’ Day. The annual holiday falls on the Monday before May 25th. It is a statutory holiday that many Canadians outside of Quebec may not be aware of. National Patriots’ Day coincides with the Victoria Day holiday that is observed in the…

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Apple Card: Apple wants to make it even easier to charge

By Rubina Ahmed-Haq on May 7, 2019

Digital shopping is great for convenience, but for those who tend to shop too much, Apple Card can be a dangerous tool in the palm of their hand. Here is what we know about Apple Card, digital wallets and the dangers of over shopping.

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Activity-Based Budgeting: Time is Money

By Sean on May 2, 2019

Activity-based budgeting is a method associated with business: it’s when you figure out all the costs for all your products and services. After you have a list of those costs, you then make a budget based on all your business’s activities. Usually when you’re budgeting, you look at the previous year’s budget and make changes…

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The best budgeting tools for entrepreneurs

By Rubina Ahmed-Haq on April 30, 2019

Being an entrepreneur is a tough job. It often means long hours of putting in the grunt work to get your business off the ground. In many cases, you wear several hats, learn to manage employees and gain skills as you go along. One way to protect your business is to have, from the beginning,…

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