What does your credit score mean?
Basically, a credit score is like a report card for your finan. Each purchase you make on credit affects a 3-digit score set between 300 and 900. The higher your score, the better your financial reputation. When talking about your credit score, you may hear people call it FICO or Beacon report. But they are all…
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What happens if you don’t have enough money to pay your tax debt?
For people who anticipate owing at tax time, it can be a very stressful time…especially if they are already in debt. It’s important to be aware of where you stand so that when tax time comes, you can be prepared. But for some people, it’s not that easy. So, what happens if you don’t…
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Should you invest in a TFSA?
The answer is a resounding yes, if you have the means to do so. But if you’re in debt, it may be better to pay down some of your debt. Actually, consider completely eliminating all your debt before venturing anywhere near a TFSA. This is especially true of “bad debt” such as credit cards, consumer…
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So, what exactly is bankruptcy?
Many people find themselves drowning in debt but the thought of bankruptcy is so scary to them, they are willing to go further and further into debt. To those people I say, bankruptcy isn’t something to be afraid of. In fact, bankruptcy is often times describe by many bankrupts as a way out, or a…
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What does it mean to have my wages garnisheed?
Many people who are in debt are so afraid of bankruptcy that they don’t educate themselves on what can happen to them if they ignore their current financial issues. That’s because it’s easy to get overwhelmed by debt and the ways to get out of debt may seem too complicated. If you’re in a large…
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Can’t afford to pay the CRA? You have options!
With tax season in full effect, worry may be at the forefront of some peoples’ minds. Worry that they won’t receive an income tax return. And even more worry that they will owe more than they can afford. It can be a huge shock to people when they get their income tax done and are…
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The Cost of Being in Debt
When you’re overwhelmed by debt, it’s often difficult to look beyond the “minimum payment due” box on your bills. Constantly racing against disconnection dates, juggling payments, and fielding debt collection calls leaves little time or energy for long-term planning. Often, the loudest debt collector or the one with the most intimidating threat gets whatever funds…
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Debt in Canada and the USA is Not the Same
Although personal debt is an issue that can touch anyone, it’s not the same for everyone. In Ontario, we are seeing a significant increase in both the information available through the media that discusses personal debt action plans and offers advice. As a Canadian, you may not realize that a lot of these articles are coming from sources in the U.S. This…
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Is it possible to go to college without going into debt?
If you’re deciding which college acceptance letter you want to accept, you may also be worried about the cost of your upcoming post-secondary education. If you don’t have a large RESP that you can dip into, the idea of paying for school, and all of the added expenses it brings, can be daunting. It’s no…
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Is a consolidation loan right for you?
Consolidation loans are a great way to manage your debt. The problem is, they are hard to get approval for. If you qualify for a consolidation loan, it will allow you to: Consolidate your personal debts into one monthly payment Reduce interest charges Will not damage your credit rating If you’re in debt, I definitely…
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