Gain valuable insights into responsible borrowing practices and loan management in Canada. Learn about different types of loans, including personal loans, lines of credit, and secured vs. unsecured loans. Understand key factors that affect loan approval and interest rates, such as credit scores and debt-to-income ratios. Discover strategies for comparing loan offers and identifying predatory lending practices. Get information on how to read and understand loan agreements, including terms and conditions. Learn about the impact of borrowing on your overall financial health and credit score. This section provides essential knowledge to help you make informed decisions about loans and borrowing to avoid future debt problems.
Too much debt already? Schedule a free consultation with Hoyes Michalos. Our Licensed Insolvency Trustees will conduct a free debt assessment and help you find debt relief.
Has your bank sent you a pre-approved credit limit increase and you’re not sure if you should accept it? Find out what the pros and cons of an increase are, and what decision is right for you.
Category: Loans & Borrowing
Interest depends on the types of loans you borrow. Ted Michalos explains what the criminal interest rate is in Canada, how payday loans are a trap and what to do if you have overwhelming monthly interest.
Category: Loans & Borrowing
Did you know there are several ratios you can use to measure your personal debt risk? Find out how to calculate these ratios and what you can do to apply the knowledge to your financial decisions.
Category: Loans & Borrowing
You have debt and poor credit. Can you get a debt consolidation loan and how much will this cost? We explain the consequences of a bad credit consolidation loan and give you options.
Category: Loans & Borrowing
Is someone you love asking you for a loan? How can you tell if you are financially stable enough to help them or not? Doug Hoyes explores this topic and provides a real-life story from a client.
Category: Loans & Borrowing
Lenders might offer you more money to deal with your cash crunch, or to consolidation high interest loans like credit cards and payday loans. We explain when getting a new loan is a bad debt management option.
Category: Loans & Borrowing
The Licensed Insolvency Trustees on our team have noticed an upward trend on debt consolidation in Ontario. Before you make this decision, learn the 25 tips on debt consolidation we've curated from our experts.
Category: Loans & Borrowing
Mogo was one of the first new-age fintech lenders to enter the Canadian market. We review what this ‘sexy’ approach to lending really means for consumers and offer practical advice on the cost of getting a Mogo loan.
Category: Loans & Borrowing
Credit cards are required with some purchases for consumers, however filing bankruptcy means surrendering your cards. Doug Hoyes has 5 payment options if you don’t have access to a credit card.
Category: Loans & Borrowing
Credit card use has increased across all demographics in Canada. In this blog find out how one of our clients fell into debt using credit and learn 7 signs that signal you're in credit card danger.
Category: Loans & Borrowing
Mortgages give people the ability to buy homes, but is there such a thing as a mortgage that costs too much? Doug Hoyes explores high ratio mortgages and what you can do if you can’t afford your mortgage.
Category: Loans & Borrowing
Have you ever run low on cash before your next payday? What solution did you use? If your answer is a payday loan, find out why they aren’t the best choice and 8 alternatives you could use instead.
Category: Loans & Borrowing
People struggling with debt often turn to debt consolidation first, which is not the best choice for everyone. Find out common reasons why debt consolidation usually fails and what your alternative options are.
Category: Loans & Borrowing
It seems like a simple concept, but some people do find themselves in a vicious cycle of only paying the minimum amount. Ted Michalos explains why paying more than the minimum benefits the consumer.
Category: Loans & Borrowing
