Learn to borrow wisely and avoid the common pitfalls of taking on the wrong debt. We know that some debt is inevitable, and even necessary in our modern world. At Hoyes, Michalos we want you to have the financial tools to be cautious about your debt.
Some people struggle with $5,000 dollars in debt. Others can handle $50,000. It’s not the total amount of debt that you owe that signals you have debt problems, it’s your ability to repay your debt that matters;... Read more »
A home equity line of credit (HELOC) is a loan secured by the equity in your house. A HELOC is often presented as a great borrowing tool because unlike with credit cards or unsecured loans,... Read more »
Debt accumulates over time, a little bit here, a little bit there. You don’t notice the balance growing until it’s too late. Why not take the same approach to pay off debt? Making multiple, small... Read more »
If you have a lousy credit score, chances are you already carry high-interest debt. Your ability to obtain a debt consolidation loan at a reasonable rate when you have bad credit is severely compromised. You... Read more »
Yes, we’ve had years of relatively low and stable interest rates in Canada, but no more. On October 24, 2018, the Bank of Canada increased its benchmark interest rates another 25bp to 1.75%, the fifth... Read more »
Carrying debt into retirement is risky. An early retirement due to illness or job loss can derail your repayment plans. Making debt payments on a fixed income is difficult. Here are five types of debt you... Read more »
When you have debt on more than one credit card, a common solution to managing payments is to get a debt consolidation loan. But, if you’ve fallen behind on your monthly bills or have multiple... Read more »
Household debt to income levels in Canada continue to rise. We now owe $1.71 for every dollar earned. But, with no shortage of experts discussing the risks of high debt and how to repay it, why... Read more »
It is not uncommon today for partners to enter a relationship with their own pre-existing debt then add to that debt after they’re married or common-law. Understanding the difference between financial versus legal responsibility for... Read more »
In early February, we released updated research that shows 3 in 10 Ontario insolvencies involve payday loans. Payday loans have been a fairly popular discussion in 2018, as the Government of Ontario changed laws lowering the... Read more »
On more than one occasion, we’ve said that compound interest is great for savings, but terrible for debt. On today’s show, Ted Michalos shares a simple math trick to help you easily calculate the impact... Read more »
We've compiled 52 simple and easy-to-use tips for avoiding debt. Take a look and feel free to share. Don't forget to vote for your favourites!
How fast do you pay off your monthly credit card charges? People frequently do not know the full terms and conditions of their credit cards, bank loan or line of credit. Do you know what... Read more »
Words matter. Have you ever wondered why a credit card isn’t called a debt card like it should be? Think about it. That’s what a credit card really does – it gives you debt. Well, I’ll... Read more »
Everyone thinks that a house provides both stability and financial security, but on today’s show, I’ll explain why that is not always the case. It is true that if you live in the same home... Read more »
Debt Relief Experts