Debt Relief Experts
Making Extra Loan Payments More Important Than Ever
What is the point of making extra loan payments? Here we explain how making more payments can save your money and help you pay off your debts much earlier.
Loans and Borrowing
What Is an Acceptable Debt-to-Income Ratio?
You often read in the media that the average Canadian has a debt-to-income ratio (DTI) of around 176%. Statistics Canada monitors the financial health of consumer households with this ratio. For their purposes, they use total household credit (including all... Read more »
5 Borrower Profiles You Need To Know: From Subprime to Super-Prime
Most everyone understands that your lender will look at your credit score when they extend credit. Lenders use your credit profile to determine how risky it is to loan you money. They may deny your... Read more »
Predatory Lending: How to Identify & Avoid Unfair Loan Practices
Nearly 40% of all bankruptcy and consumer proposal filings in Canada are caused by payday loans or some other form of high-cost, predatory lending. Even more concerning, our average client usually has more than one... Read more »
Should Married Couples Get a Joint Consolidation Loan?
Applying jointly for a loan can improve your chances of being approved, but should a married couple use their combined credit to consolidate debt, especially if one partner has a bad credit score? The correct... Read more »
Should I Borrow to Pay Taxes to CRA?
You may find yourself owing money to the Canada Revenue Agency, or CRA, after completing your annual tax return or because the CRA reassessed your tax return and perhaps denied some deductions. While CRA will... Read more »
Should You Consolidate or Pay Bills with a Car Title Loan?
There are many ways to pay off or consolidate a few bills and credit card debts, but is getting a title loan the best consolidation option? I’m going to explain how title loans work, their... Read more »
Beware The Payday Loan Modification Trap
Payday lenders never cease to amaze me in their creative attempts to deceive their borrowers. Last week, one of our consumer proposal clients received an e-mail from a payday lender called Cash 4 You. The... Read more »
Should You Get a Debt Consolidation Cosigner?
If you are looking to consolidate debt with a new personal loan and have a low credit score, your lender may request you get a debt consolidation cosigner before approving your application. The question is,... Read more »
Why Bad Credit Installment Loans Are Seldom the Answer
Money in 24 hours. Simple online application. Low payments. 36 month payment terms. That all sounds great when you need a quick unsecured loan to help consolidate some unsecured bills or pay for an emergency... Read more »
How Does a Debt Consolidation Loan Work?
If your current debt carries a high-interest rate, one way to reduce your borrowing costs is to consider a debt consolidation loan. Every day I talk with someone about whether or not a debt consolidation... Read more »
Loan Scams: Advance Fee Loans are Illegal in Canada
Recently we received a call from someone asking about a company called Sherwood Financial Service who bill themselves over the phone and online as Advanced Fee Loan Brokers. They even have profiles on the Better... Read more »
The Pros & Cons of a Pre-Approved Credit Limit Increase
Your bank has just sent you a pre-approval credit limit offer. Should you accept credit limit increases? When should you think twice about accepting a credit offer from your bank or credit card company? While... Read more »
4 Personal Finance Ratios That Measure Your Debt Risk
Many people we meet are surprised to find themselves so far behind financially they can no longer pay their bills. The problem with debt is that it creeps up on us slowly. Today we are... Read more »
Think Twice Before You Get a Home Equity Line of Credit
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 »