Building credit might be challenging. When you’re new to credit or “credit invisible,” you don’t have enough payment history recorded to the credit bureaus to generate a credit score, so finding a lender who would approve you for a loan can be tricky.
In Alberta, non-mortgage debt is at extraordinarily high levels due to consumer dependence on credit cards, which is expanding, according to credit reporting agency Equifax Canada.
For many Canadians, debt consolidation is the right solution to eliminate huge debt. It allows an individual to combine all debts into a single monthly payment.
Back in March, the credit rating agency Equifax Canada found that non-mortgage debt (credit cards, loans, lines of credit) amounted to $23,800 at the end of 2019.
Whether you only carry a small credit card debt or huge financial obligations (Credit Cards, Personal Loans, Car Loans, Taxes, CERB, HST, 407, Household Bills, Payday Loans, and Student Loan), it can affect your goals and well-being.
It’s no surprise that most Canadians have been using credit cards as a lifeline during this difficult time. By now, your credit card debt might have already piled up and it’s becoming a burden.
Checking your credit card billing statement every month is now more important than ever. By doing this regularly, you can protect yourself from possible credit card billing errors and fraud which may impact your financial health and most importantly your credit history.
In Canada, there are various ways of consolidating your debt. If you are a Canadian and are looking for a guide to debt consolidation programs, this is the right place for you to know your options; and find steps on how to choose the right program for you.
Small Business owners, especially start-up ones, know how much they have to put into their business. The time, sweat, money, and tears you have to invest to ensure success is irreplaceable.
Your credit history describes how you used credit, both good and bad. How many credit cards and loans you have? How high are your balances? Do you pay your bills on time? It’s frustrating for people to learn that they can’t control their credit score, but what you can control is your credit behavior.