Debt Blog, Debt Advice & Tips for Canadians

5 Ways to Reinvent Your Social Life While Paying off Debt

By Alyssa Davies on August 22, 2016

For those of you who are just starting to pay off your debt, I’m sure you’ve realized that changing your lifestyle to reach your goal of financial freedom is difficult. Your friends and family are still planning outings that you would at one point, never turn down. But now you have to. So what does…

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Lifestyle Inflation: A Wake Up Call

By Amanda Reaume on June 25, 2016

When you get a raise at work, do you immediately think about what you’ll buy with the extra money? When you find out that you’ll be getting an income tax refund, do you plan a trip or a special outing? If it seems that no matter how much money you make you have a hard…

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The Real Reason I Paid off $38,000 in Two Years

By Jordann Brown on June 16, 2016

There are so many reasons to pay off debt. Maybe you want to be free from creditors. Or you want to increase your disposable income. Maybe you want to save more for things you care about like travel or a home, or maybe you straight up just want more money in the bank. These are…

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Teaching Your Kids About Debt

By Rubina Ahmed-Haq on June 9, 2016

Teaching kids’ financial literacy is important. Knowing how to manage money is an invaluable skill that will be used for life. But what about teaching young people more about debt? No matter how good you’re at making a budget, saving money and scoring the best deals, if you can’t manage your debt you’ll never build…

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Should You Rent Your House Out On Airbnb?

By Amanda Reaume on May 20, 2016

With Airbnb growing in popularity, many people are wondering whether they could make extra money by renting their homes out on the site. Maybe one of your neighbours or friends are doing it. Or maybe you’ve stayed at an Airbnb listing while travelling. Whatever the reason, for those who are considering the prospect there are…

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What No One Tells You About Paying Off Debt

By Jordann Brown on May 11, 2016

When I started paying back my $38,000 debt load four years ago, I thought I knew a thing or two about debt. I knew that taking on student loans and car loans is considered normal. I knew that most Canadians carry debt. I knew that paying off my debt would not be an easy feat….

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Why Credit Card Interest Rates are High

Why Credit Card Interest Rates are High

By Debt.ca on February 23, 2016

Today you can get a 5-year fixed rate mortgage for under 3 per cent and a secured line of credit for as little as 3 per cent, so why are credit card interest rates still so outrageous? With a typical interest rate of 18 per cent, credit cards are one of the most expensive forms…

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Important Terms to Know in Your Credit Card Agreement

Important Terms to Know in Your Credit Card Agreement

By Debt.ca on February 22, 2016

A lot of people see their credit card as a license to spend. However, a credit card comes with a lot of responsibility. You should strive to always pay off your balance in full and never incur interest charges. You can easily find yourself up to your ears in debt if you don’t use it…

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Why Your Debt Service Ratios Matter

Why Your Debt Service Ratios Matter

By Debt.ca on February 20, 2016

For most families, a mortgage is the largest amount of debt you’ll incur in your lifetime. With home prices reaching the stratosphere in many housing markets nationwide, homebuyers are taking on larger mortgages than ever before. A mortgage represents a lot of money, so mortgage lenders do their homework before approving your loan. Lenders use…

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How to Tell Someone You’re In Debt

How to Tell Someone You’re in Debt

By Debt.ca on February 18, 2016

Honesty and trust are vital in a healthy relationship. If you’re in debt and hiding it from your partner, family and friends, you’re only ignoring the inevitable. Sooner or later they’re going to find out about your debts and feel betrayed. Wouldn’t you rather tell them on your terms? Here’s how to talk openly about…

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