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Woman looking at credit report how debt can affect mortgage

How Credit Card Debt Can Affect Mortgage Applications

By Debt.ca on April 26, 2021

Debt is universal. Most people experience some sort of debt in their lifetime. A significant number of Canadians experience outstanding debt, whether it’s in the form of student loans, mortgage loans, car leases, home loans, or lines of credit. Credit card debt is the most common outstanding debt amongst Canadians, with 29% of Canadians holding…

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House agent and customer discussing for contract

Can Mortgage Be Deducted from Rental Income?

By Debt.ca on April 23, 2021

Real estate is still one of the best investments in Canada, even now in 2021. With so many forms of investment, real estate gives people the flexibility in deciding how much risk they are comfortable with. For example, someone with a low-risk tolerance might rent out a room in their primary residence, as opposed to…

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debt quotes on a post it note

Debt Quotes for Someone Who Owes You Money

By Debt.ca on April 19, 2021

Many people don’t know the basics of responsible spending. As a result, they plunge themselves into debt, which is a huge problem for many right now. Debt can cause problems not only to the borrower but also to the creditor. And, it’s not only a money issue we’re talking about here but a psychological one…

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hands of a woman with calculator, papers and laptop computer

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 it by monthly income. Debt-to-income ratios are usually expressed as a percentage. The lower the percentage is, the more effectively a…

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Canadian dollars

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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Upward blocks indicating how to rebuild credit

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…

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Small business open sign

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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Black and white bank lobby

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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