Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Federal consumer agency delays report on Canadian banks' sales practices Dec 30th
The Financial Consumer Agency of Canada won't be releasing the results of its review of business practices among Canada's major banks by the end of the year, as originally anticipated..... More »
Busting 7 Myths About Your Credit Score May 15th
Your credit score can affect your ability to get a credit card, personal loan, or low-interest mortgage. Everyone knows you should pay your bills on time to keep your credit score healthy. However, some aspects of credit scores can be confusing. Here, we’re busting seven common myths about your c.... More »
The best GIC rates in Canada for 2024 Jun 28th
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The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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MoneySense is an award-winning.... More »
Thomson Reuters to create 400 jobs in Canada, relocate senior roles to Toronto Oct 7th
TORONTO – Thomson Reuters says it will create 400 jobs in Canada over the next two years, including at a new technology centre in Toronto.
Initial hiring will start in the coming weeks, with a focus on the company’s cognitive computing initiatives.
The global information and media compan.... More »
With a global debt load of $291 trillion, these are dangerous times Jan 6th
(iStock)
Scribes of my generation were programmed to keep numbers out of the first sentence of works of journalism. Now that we are in the second sentence, I can relay the Institute of International Finance’s latest tally of global debt: $291 trillion at current exchange rates. That’s the most .... More »
How to Tackle High-Risk Debt
– ratesupermarket.ca
Stressed out about your debt? You’re not alone – high debt levels are becoming an unsustainable issue for more than a third of Canadians; a recent survey from Manulife finds respondents are increasingly covering daily costs by turning to credit cards, borrowing from family, and selling off assets.
What’s most alarming is the type of debt we’re relying on; the high-interest, high-risk variety that not only racks up big payments, but dings your credit score as well.
The good news: by managing your existing debt wisely, you can mitigate the damage to your score and set yourself on the path to debt payoff. Here’s a look at your options.
Also read: How I Ruined My Credit Score>
Target Your Revolving Debt
Revolving debt is the most common type of credit available: it’s an open-ended loan that never needs to be paid off in full in exchange for regular minimum payments and high interest charges – think credit cards, lines of credit, and HELOCs. They’re also the easiest form of debt to abuse; with no payoff date in sight, balances and interest charges can pile up beyond a borrower’s control…
