Credit Debt Articles

In the aftermath of the Equifax hack, a lot of people are taking a closer look at the credit bureaus and how they operate. The purpose of this article is to give you some insight into the nuts and bolts of the bureaus – specifically, looking at how they keep ...

If you know anything about loans and borrowing money, then you know how vital a role your credit score plays in lending decisions that banks and credit unions make. You may think that if your credit score is too low, you will be told that you cannot get a bank ...

With the hope that mortgage interest rates will gradually starting to decrease, many borrowers in Canada are looking to refinance their loans and take advantage of the rate reduction. When your credit is less than ideal, though, refinancing can be more difficult. Also, not all refinance decisions are based on ...

As the calendar turns from one year to the next, it's natural to find ways to improve yourself. A lot of people talk about improving their nutritional habits, hitting the gym more regularly, getting rid of cigarettes once and for all, and improving their family relationships. With regard to money, ...

Credit as a Second Language If you're someone who finds the whole business of understanding your credit score to be confusing, you're far from alone. Many people wonder how the credit bureaus can boil down your history of making payments down to a single number -- and how that number ...

Consolidating Unsecured Debt & Your Mortgage Did you know that, among Canadians, the average household debt ratio is at a steady climb and currently sits at 176.9%; as per Statistics Canada. That ratio measures the proportion of debt to disposable income. The average Canadian owes $1.77 in credit for every ...

'T'otally 'I'n touch with your 'P'ersonal 'S'pending Pay extra on your debts if you are in the position to do so. For example, by paying an extra $50 a month more on any bill is $600 more yearly than you would have paid otherwise. Never go over your assigned credit ...

How to Get Mortgage Financing if you have Bad Credit A couple years ago, Jim was a successful regional operations manager for a major restaurant company based in Vancouver. He was bringing home $750,000 a year, and he and his wife bought a lovely home, using a bonus to make ...

Understanding Credit Metrics: What is Debt Service Coverage Ratio? When companies want to take out loans from banks, they go through credit screening processes, just like individual loan applicants. Companies do have credit scores, as individual borrowers do, but there are other metrics that are part of the application process ...

One question that we get from our customers has to do with what happens to debt over time, and how that affects their credit scores. Not a lot of people know what creditors can do with respect to writing off bad debts, sending debts to collections and referring debts for ...

People often view personal bankruptcy as a sort of nuclear bomb that will destroy their financial future. They think that if they go through bankruptcy, they will never be able to do things such as buy a car, buy a house or take out any significant line of credit for ...

Debt is one of the greatest sources of lifestyle paralysis out there. Right now, you may feel like all you ever do is make a bunch of minimum payments on all of your accounts. In the meantime, your credit score is OK, but the “Balance Due” numbers never seem to ...

Do you ever wonder why you never seem to get ahead when it comes to managing your finances? You’re not alone – and in an era when costs keep going up while wages and salaries often seem stagnant, finding ways to manage your money becomes more and more important. We ...

Understanding Credit Metrics: What is EBITDA? One of the most important metrics of a company’s overall financial health and its capacity for generating cash is called EBITDA, an abbreviation for Earnings Before Interest, Taxes, Depreciation and Amortization. Analysts view this number as a clear look at a company’s core profit ...

Mistakes on credit reports resulting in false credit scores can cost consumers thousands of dollars. A recent investigation by CBC News found that credit reporting errors have not only prevented consumers from getting loans, lines of credit and credit cards, but consumers are charged higher interest rates. In many cases, ...

When people run into serious debts beyond what they can handle in Canada, there are several options available to them. One is consumer bankruptcy, which is the province of the Bankruptcy and Insolvency Act. A Consumer Proposal and an Orderly Payment of Debts are other possibilities. Here is how the ...

Got CRA Debt? - Your largest asset may be at risk. There are very few people who enjoy paying income taxes. Many people have their taxes withheld from their paycheck, so they never even have the chance to fall into arrears, but others are self-employed or work on a contract ...

If you have debts that have spiraled out of control, in Canada you have four options: bankruptcy, a Consumer Proposal, an Orderly Payment of Debt or working with a debt settlement company. Bankruptcy is obviously the "nuclear" option as far as impact on your credit score goes. A bankruptcy stays ...