Getting Out Of Credit Card Debt

KIM ASKED: What’s the best way to deal with huge credit card debt? I want to pay it off but with three maxed out credit cards, the interest alone is killing us. Answer: There is no doubt that the interest on credit card debt can be a killer.  Most credit cards have interest rates in excess of…
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Credit Card Companies Love Students

I remember the first time I used my credit card to order pizza. All I had to do was give the guy my credit card number and magically pizza showed up at my house. As a student, I didn’t really have to apply for the credit card. The card was basically given to me and…
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Why do most people file for bankruptcy?

According to the Office of the Superintendent of Bankruptcy Canada, the total number of insolvencies (bankruptcies and proposals) in July 2014 was 1.5 percent higher than the total number of insolvencies in July 2013. While it isn’t a huge increase, it still spells hard times for a lot of families. Although each situation is unique, some of the…
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4 Financial Lifestyle Changes To Make Before A Baby

When it comes to having a baby, people tend to talk most about how you won’t be able to sleep for the first few months and how your social life will suffer. The financial impact of having a baby is less talked about yet needs serious consideration. I like to think that I am pretty…
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Ripped off by a Debt Settlement Company?

I’ve met many people who feel they have been ripped off by debt settlement companies in Canada. Unfortunately, it’s almost impossible for the average consumer to discern who they can trust. If you are one of the thousands of Canadians who feel they’ve been ripped off by a debt settlement company, you should consider taking…
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Financing To Avoid Personal Debt

Yes, I know it’s a little early to start talking about the holidays, but it’s never too early to address the financial stress that the holidays cause. The major source of stress for people struggling with financial issues during the holidays is trying to figure out how to afford gifts for loved ones.  When money is…
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RRSP Loans: Good or Bad?

With the RRSP contribution deadline just around the corner (March 2), it’s better late than never to consider making a contribution. If you don’t have a lump sum of cash set aside for your contribution, should you forgo your contribution this year or should you borrow from the bank? This is a popular debate at…
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Should I pay off my credit cards or pay down my mortgage?

I was recently asked by a friend if it was better for them to pay down their mortgage or pay off their credit cards. I answered him with a question of my own. I asked him if he was given the option of the following two investments which would he choose? INVESTMENT A: guaranteed rate…
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Are credit card companies willing to lower interest rates?

AMANDA ASKED: How can I get my credit card company to lower my interest rate? ANSWER: As crazy as it might sound one of the ways to get your credit card company to lower their interest rate is to ask them. Surprisingly some creditors can be quite reasonable and willing to work with you. If your…
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Preparing Students For a Financially Sound Future

As students prepare to make the leap from high school to college or university, many have not been prepared for life on their own, especially when it comes to money. Low financial literacy can lead to major debt challenges down the road. Coming out of university with major debt is one of the worst things…
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