Joe Torraca, Author at Debt.ca

signing loan papers for a vehicle

Can I Get a Car Loan After Bankruptcy?

By Joe Torraca on May 28, 2021

Bankruptcy is a legal process that people undergo, often as a last resort when they cannot meet their debt obligations. The process relieves the borrower from their eligible debts and allows for a fresh start; however, while bankruptcy doesn’t bar you from borrowing again, it certainly limits the lenders and loans that you have access…

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Bricklaying - Building credit metaphor

How long does it take to rebuild credit?

By Joe Torraca on March 22, 2021

Credit is a necessary tool that helps you manage many common life tasks, such as paying for a car, affording a house, financing a business, and more. To qualify for a credit, you must have a decent credit rating or credit score. Credit bureaus determine your credit score based on your payment history. The longer…

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Money Mentors: Personal Finance Advice

By Joe Torraca on February 8, 2021

Money mentors or money coaches can help provide you with the education on financial matters. If there’s anything you don’t understand about personal finance, you can ask your money mentor. They cover typical topics, such as: Savings Budgeting Investing If you’re struggling with debts, money mentors can also provide debt counselling sessions. They can teach…

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Changes to the First-Time Homebuyer Incentive Make it More Useful in Big Canadian Cities

By Joe Torraca on January 26, 2021

Buying a home in Canada doesn’t come cheap these days, especially in Canada’s most costly real estate markets. The good news is that help is on the way. If you’re a first-time homebuyer buying in Toronto, Vancouver, or Victoria, it will soon be easier to qualify because of the changes to the First-Time Home Buyer…

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How a Business Wage Subsidy Can Keep Your Organization Afloat

By Joe Torraca on January 21, 2021

When the Covid-19 pandemic hit early in 2020, the Parliament of Canada adopted a business wage subsidy program for struggling companies. The Canada Emergency Wage Subsidy (CEWS) came as a result of amendments made to the Income Tax Act. This program aims to help employers cover the costs of wages of their workers or employees….

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What to Do When Struggling to Pay Your Debt Management Program

By Joe Torraca on September 3, 2020

Struggling to pay your debt management program isn’t a typical issue of the plan. Taking out loans or using credit cards can be a good way to cover essential purchases. However, multiple debts can put you in financial ruin. It’s not easy, but there are solutions to this problem. One of the best debt-relief options…

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How COVID Affects Your Credit Score

By Joe Torraca on August 4, 2020

COVID affects your credit score clearly if you depend on it during the pandemic without a job. The majority of Canada is in phase three of the reopening of the economy in the midst of COVID-19 (coronavirus). With large parts of the economy opening up, we’re getting back to normal. That being said, there are…

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