6 things you didn’t know could be hurting your credit rating + MORE Jun 8th

If you are struggling with mounting debt as the cost of living rises in Canada, you are not the only one. It may be student loans, a line of credit, a mortgage or balances owing on credit cards, but few people these days are completely debt-free. The average Canadian owes $21,183 in consumer debt (excluding mortgages), according to a December 2022 report from Equifax.

If you’re carrying multiple debts, you might be unsure which to tackle first, or what is the best way to repay it. First, we’ll show you how to calculate the amount of personal debt you have, and then we’ll look at proven strategies for paying it down.

How to calculate your debt

When it comes to paying off debt, most people want to know their best or quickest route to getting it done. There are a few ways to get there, and using an online debt calculator can help you decide what to do.

Here’s how it works: For each bill, enter the balance (the amount you owe) and the interest rate you’re paying (if you use Credit Canada’s debt calculator, you can enter up to five debts at once)…

Air Canada is back with another promotion for buying Aeroplan points. This time instead of extra points they are offering a discount of up to 50% on the purchase price. This offer is only available until June 17. The up to 50%  Discount: Receive up to a 50% discount when you buy or gift Aeroplan […]
The post Receive up to a 50% discount when you buy Aeroplan points appeared first on Rewards Canada.

Can’t get enough of your Tim Hortons? Love your Tims Rewards? If that’s you, you now have an additional route to earning even more Tim Rewards points with the new Tims Credit Cards. Yes, Tims Hortons will once again have a co-brand credit card. No LEDs and buttons this time however as seen on their […]
The post Tim Hortons introduces new Tims Credit Cards to amp up their Tims Rewards program appeared first on Rewards Canada.

How’s your credit rating? Unless you’re looking for a mortgage or another type of loan, you probably don’t think about this very often—especially if you’re diligent about paying your bills. Your credit rating is probably good…right? Well, not necessarily, and that’s a surprise to many people. 
There’s more to a good credit rating than simply paying the bills on time, explains debt counsellor Brian Betz of Money Mentors, a non-profit credit agency in Calgary. While payment history counts for 35% of your score—which is calculated within a range of 300 to 900—the other determining factors break down as follows (and you’ll find more detail below):

30% credit utilization
15% length of your credit history
10% the number of credit inquiries on your report
10% the types and variety of credit you have

A score of 800 or more is excellent, 720 to 799 is very good, 650 to 719 is good, and 600 to 649 is fair. If your credit rating is between 300 and 599, lenders will consider you a poor bet…