Debt Blog, Debt Advice & Tips for Canadians

Tips for Lowering Credit Utilization Ratio

Tips for Lowering Credit Utilization Ratio  

By on August 19, 2020

When lowering the credit utilization ratio, it’s key to improving credit. However, you should watch out for the credit utilization on your credit card and line of credit because high credit utilization might drag down your credit score. Credit card interest rates also go up when you have a high credit utilization. Since credit utilization…

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Mortgage Stress Test Falling

Mortgage Stress Test Falling

By on August 17, 2020

The mortgage stress test rate has fallen once again. This is the third time since Covid-19 started. In this article, we’ll look at what the mortgage stress test is, why does it matter and what the lower stress test rates mean for you if you’re thinking of buying a home or your mortgage is coming…

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Plus and minus signs

Pros and Cons of Debt Consolidation

By on August 14, 2020

Understanding the pros and cons of debt consolidation is pivotal when reviewing your options. It’s indeed a tough situation to get saddled with debts. There’s always anxiety every time the repayment schedule is coming. If you fail to make payments on time, there’s the chance of getting a low credit score that can mess up…

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kids in school

ChildCare Subsidy for Canadian Parents

By on August 11, 2020

In this article, we’ll review what a childcare subsidy is and how it works. Figuring out how the child care subsidies work in your province isn’t always easy. The rules can be confusing and difficult to interpret. That’s why we’ve done our best to outline the child care subsidies available in some of the provinces…

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Capping Interest and Fees on Payday Loans

Capping Interest and Fees on Payday Loans

By on August 6, 2020

Do you rely on payday loans? The Coronavirus pandemic has been tough for a lot of Canadians, especially the most vulnerable. If you don’t qualify for the Canada Emergency Response Benefit (CERB), you could find yourself relying on payday loans to survive. In this article we’ll look at what are payday loans. We’ll also look…

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Man wearing mask with credit card

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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low inerest rate

The Lowest Debt Consolidation Rates You Can Find

By on July 29, 2020

The lowest debt consolidation rates in history may be available right now. Do you have multiple balances on credit cards or loans at high-interest rates? You could be saving yourself money and freeing up your cash flow by consolidating your debts. Consolidating your debts has never made more sense than it has right now at…

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Toy figures of an old couple sitting on stacked coins

Start Your Retirement Savings Plan Today

By on July 23, 2020

The younger you are, the harder it can be to imagine what retirement is going to look like. For some, retirement age is 40 or more years away. The earlier you start retirement savings, the more likely you are to have a successful retirement. It can be filled with all the things you want to…

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Friend Co-Signing A Loan

Is Co-Signing A Loan A Foolish Mistake? Learn Before You Loan

By on July 22, 2020

Co-signing a loan sounds like a great way to help someone in need. Usually, a friend or family member needs a loan or some other type of security guarantee. Perhaps it’s for school, a car, or an emergency payment for home repairs or medical expenses. Qualifying for a loan on their own is impossible, most…

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Calculating balance Transfers

How to Come Out Ahead on Credit Card Balance Transfers

By on July 20, 2020

Credit card balance transfers may be a good alternative to many other debt relief options. If you’re currently stuck in credit card debt and feel like you just can’t move on because of interest charges, you may be wondering what you can do to settle it. It can be tough to climb out, especially if…

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