Staying afloat during COVID-19 has been a challenge for most households especially now that the unemployment rate has risen due to companies closing down their businesses. People that are living by paycheck to paycheck are the ones taking the hardest hit in their finances.
Canada Revenue Agency (CRA) is a strong and powerful government agency that administers taxes in Canadian provinces and territories. The power that CRA has to execute debt collection is intimidating, it includes freezing of bank accounts, wage garnishments, and worst – taking possession of your assets.
Some people think of Student Loan as an investment, well in fact it is. However, after years of payments, debtors start to struggle to pay their student loans; and from investment, it becomes a tedious debt.
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.
Debt consolidation is now becoming more popular in Canada due to its amazing benefits. It is a method of debt settlement option that is government-approved and has been receiving great feedback from clients who have already taken advantage of this debt relief option. In this article, you will learn the pros and cons of debt consolidation in Canada.