Owing money on a payday loan can be daunting, but this is especially true if you can’t repay your payday loan on time. These short-term, high-cost loans seem like a quick solution to money needs... Read more »
The past year has seen a steady erosion in financial stability for Canadian debtors. The result is that consumer insolvencies are rising rapidly. In my year-end post, I will outline what is behind the average Canadian debtor's re-accumulation of consumer credit and how that will impact consumer insolvency levels in the coming year.
A payday loan may be tempting, especially when you are in need of an emergency expense but beware! They do more harm then good and can put you into serious debt. Doug Hoyes explains the pros and cons of using payday loans for emergencies.
Revolving credit means credit cards and lines of credit. You probably use it everyday but it's important to understand all of its benefits and risks so you avoid financial trouble. Doug Hoyes explains in this post.
Do you know what a rise in interest rates could mean for you? Learn about the interest rate patterns in Canada, how a rise affects your finances, and what you can do to move forward confidently.
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.
Do you ever wonder if the debt you have accrued is more than you can handle? Or what is considered a ‘normal' debt-to-income ratio of someone in your financial situation? Find out more in this post.
Does my credit profile expose me to risks when applying for loans? Use this guide to help you understand what your borrower risk profile is, and how to navigate your lending options.
Predatory loans are the causative agent of 40% of filings for bankruptcy or consumer proposals in Canada. Read along for Doug Hoyes’ tips on how to spot this form of lending and how to protect yourself.
Trying to figure out if a joint loan is your best option? Learn here, about the pros and cons of having a joint consolidation loan with your partner and debts that may be a bad idea to consolidate.
If you are unable to meet your tax payments, you may be considering borrowing to reduce long term interest and penalties. Learn if taking out a loan to pay taxes is a good choice for you.
Considering borrowing against your vehicle to help deal with some debts? Find out how car title loans work, the advantages and disadvantages, and other options you have to pay off debts.
Payday lenders will try anything to collect. Loan modification agreements do not alter the ability of your bankruptcy or proposal to wipe out these debts. Learn about these traps from Ted Michalos.
Thinking about applying for a debt consolidation loan, but don’t have good credit? A cosigner can help you get approved but there are risks. Learn the pros and cons, and alternatives if you are not successful.
Are you trying to quickly pay off some credit card debts or old bills with a cash loan? Here is our expert opinion on why these credit instalment loans might not be such a good idea.
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