Debt.ca, Author at Debt.ca

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Your Debt-to-Income Ratio Explained

By Debt.ca on April 13, 2021

Debt-to-income ratios are commonly used in the personal finance industry in Canada. The ratio assesses one’s ability to manage and repay debts. You can calculate the ratio by summing all debt payments and dividing by monthly income. Debt-to-income ratios are usually expressed as a percentage. The lower the percentage is, the more effectively a borrower…

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Should you borrow from your life insurance to pay off debt?

By Debt.ca on March 30, 2021

Most of us have found ourselves in a financial jam at some point in our lives. If you’re looking for a loan, consider looking at your life insurance policy. You may be able to borrow money from your insurer. The great news is that the process is simple. The repayments are flexible, and it’s usually…

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Credit Recovery: How to Rebuild Credit

By Debt.ca on March 26, 2021

A credit score may be only three numbers long, but it can nonetheless affect your life in big ways. As important as it is, not all of us have had the benefit of being good with money all of our lives. And in the aftermath of the COVID-19 pandemic, some of us have had to make…

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A Guide to How Small Business Loans Work

By Debt.ca on March 24, 2021

Knowing how small business loans work is critical for any entrepreneur. Canada had 1,200,571 small businesses with 1-99 employees in 2019. With more than 99% of agriculture, forestry, fishing and hunting, real estate, and professional and scientific services being small businesses, it’s clear that Canada’s economy is significantly driven by small businesses. Despite their economic…

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The Best Banks for Small Business

By Debt.ca on March 17, 2021

Finding banks for small business operations is essential. Running a small business requires one to open a business account. There are bank services that can help you manage your business finances (as separate from your personal finances) and grow your business. Nowadays, you can find many banks that offer a wide range of services for…

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Forbearance effect on credit

What are the Effects of Forbearance on my Credit Score?

By Debt.ca on March 12, 2021

Forbearance is when a lender and borrower have a special agreement to suspend or reduce your debt’s monthly payments. To keep the record straight, it isn’t debt forgiveness per se. You can request this financial accommodation from the lender if you’re struggling financially to pay your loan or credit card. Loss of employment, health problems…

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Fraud Prevention

Fraud Prevention Month – Protecting Your Assets and Personal Information

By Debt.ca on February 18, 2021

Many Canadians fall victim to scams and fraudulent activities. The Canadian Anti-Fraud Centre (CAFC) recorded more than 46,000 reports from Canadian citizens who have been victims of fraud, with an estimated $98 million of financial loss reported by 19,285 victims. Criminals who carry out frauds and scams will do everything they could to steal your…

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Orderly Payment of Debts, A Bankruptcy Alternative

By Debt.ca on February 15, 2021

  Folks who have debt problems consider various debt-relief options to overcome their financial situation. Most people in debt will likely think of filing for bankruptcy to get rid of their unsecured debts, but taking this approach has its disadvantages. That’s why alternatives to bankruptcy like Orderly Payment of Debt (OPD program) and a consumer…

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What is Unsecured Debt in Canada?

By Debt.ca on January 26, 2021

Do you know the difference between secured debt and unsecured debt? Everyone is probably familiar with the concept of debt. You borrow money that you’ll use to pay for bills and other expenses. You then have to repay it with interest within a specified period. That’s a pretty basic explanation. But did you know that…

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Retire early with FIRE

The FIRE Movement: Retire Early?

By Debt.ca on January 18, 2021

The Financial Independence Retire Early (FIRE) movement is a personal finance model. It originated from the 1992 best-selling book “Your Money, Your Life” by Joe Dominguez and Vicki Robin. The movement’s main premise is that you should live a frugal lifestyle for early retirement. The personal finance model or lifestyle has become popular amongst the…

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