The Best Canadian Aeroplan Credit Cards

Aeroplan credit cards are credit cards that give Canadians air rewards when used. There are several Aeroplan credit cards, all of which are as competitive as the others, and offer attractive sign-up bonuses to attract your attention. By applying for one of the following credit cards, you will enjoy their attractive sign up bonuses and be able to earn even more Aeroplan Points. Here is a summary of the best Aeroplan credit cards currently available on the market:

American Express offers three excellent deals

  • First, with the American Express Aeroplan Plus Platinum Card, you’ll receive 50,000 miles when you spend $ 1,000 in the first three months of activation. There is an annual fee of $ 499 and a minimum income requirement of $ 40,000.
  • Second, with the American Express Aeroplan Plus Gold Card, you can receive 15,000 miles if you spend a minimum amount of $ 500 in the first three months. It has an annual fee of $ 120 and requires a minimum income of $ 20,000. With this credit card you will get less points but will also have to spend less per month.
  • Finally, the American Express Gold Rewards card is the most profitable and the most advantageous program, offering 25,000 miles when you spend $ 1,500 in the first 3 months of activation of your card. No annual fee for the first year, but for each subsequent year, the monthly fee is $ 150. Even if you need to spend more per month to get this credit card, it offers a very high amount of points and no fees for the first year. In addition, this reward card offers to transfer Amex Gold points to Aeroplan for free and requires a minimum income of $ 20,000. This makes it more accessible to the general public. This card also gives users two points for every dollar spent on gas and groceries and for pharmacy purchases and travel expenses. Users will receive one point for every dollar spent elsewhere.

TD offers two great deals

  • First, with the TD Aeroplan Visa Infinite Card, you receive 25,000 miles for your first purchase, no minimum required. The annual fee of $ 399 and the minimum income required is $ 200,000. Because of the annual fee and the high income requirement, it is obvious that this card is not the best option for everyone, but those who can afford it will certainly benefit.
  • Second, using the Aeroplan Visa Infinite TD Card gives you 15,000 reward miles. For the first year, there is no fee, but $ 120 for each following year. The minimum income requirement is $ 60,000.

As you can see, there is no minimum expense constraint to being eligible for TD premiums, while American Express reward cards require a minimum amount of expenses ranging from $ 500 to $ 1500. The card you choose depends only on you. Your spending habits, your personality and your income are other factors that should contribute to your decision. In addition, each credit card requires a minimum income and the necessary expenses; thus, not all will qualify for all credit cards.

Here are some of the things you can do to identify which Aeroplan Credit Card is right for you:

1 Bonus size. Expect an Aeroplan bonus of at least 25,000 miles, not just 15,000 points. Waiting for a unique and profitable contract is worth it.

2 Welcome bonus. Make sure you choose the deal with the lowest expense, otherwise, make sure you have the time and the means to pay off your credit card.

3 Is the annual fee removed? Although most credit cards that offer Aeroplan Rewards charge annual fees, you should always look for offers where the annual fee is waived.

4 Can you transfer the points? Take a look at other credit card reward programs that allow users to transfer other types of points into Aeroplan Points.

If you travel frequently or want to make it a priority, Aeroplan Miles are a great way to offset the cost of airfare. One of the Aeroplan Credit Cards above can help you earn Aeroplan Miles even faster, especially with additional miles of registration.

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Credit Bureaus in Canada: How Do They Work?

We know that Canada’s credit bureaus are Equifax and TransUnion and know that they keep our credit information. But, in general, we do not know more. So that you are as informed as possible about your credit, let’s take a look at how these agencies work, why they are so important and finally, how you can use their services to improve your financial life.

What is a credit bureau?

A credit bureau is a business that compiles information about how people manage their credit, their debts, their payment histories, and whether they repay their loans. Credit companies, lenders and banks provide credit reporting agencies with this information, then agencies create a credit report for each individual. A credit bureau will then provide this report to the person to whom it belongs or to a loan or credit provider. Credit files serve as a risk management tool to help determine a person’s creditworthiness. Credit bureaus charge consumers and credit and loan providers for the use of their services. These offices are not administered by the government but are still regulated by federal and provincial laws.

How do these agencies work?

Here is an overview of how these agencies collect and provide your personal credit information.

  • Lenders and creditors report your credit habits to one or both credit reporting agencies.
  • Credit agencies also collect information about your credit history from public records. This includes information about legal judgments, liens, insolvencies, bankruptcy, consumer proposals and debt management programs.
  • Lenders and creditors do not have to report all your credit information to both agencies, usually a creditor will report to a single agency.
  • Once a month, your credit activity is reported to the credit reporting agencies and your credit report is updated or created.

Be aware that credit bureaus rely on information provided to them; if they accidentally report false information, they assume no responsibility. But of course, you can go through the error challenge process to see the error corrected.

  • Once credit is used and a credit report is opened in your name, other potential creditors and lenders can now request to see your credit report.
  • This is how your creditworthiness is calculated. In other words, credit bureaus collect consumer information from lenders and creditors, create a report and then provide that information to other lenders or creditors themselves to help determine if they can give you a new loan credit.

What services do these offices offer?

As noted above, credit bureaus provide consumers, lenders and creditors with credit reports, a file containing information about a person’s habits and credit history. Apart from that, they also offer other credit information tools and services.

Credit rating. This is a 3-digit number that is created based on your credit report. Credit agencies create this number to help lenders and creditors decide whether or not they can provide you with new credit. This number is based on 5 main components: payment history, total debt, credit duration, account diversity and new inquiries.

Credit monitoring. The two credit reporting agencies provide consumers with a credit monitoring service. This service allows a consumer to access his credit report and credit rating, usually via an online account. Consumers can keep an eye on identity theft or errors and receive alerts when information is changed in their credit report.

How can a credit agency help you?

It is fair to say that the majority of your financial life revolves around your credit history and credit score. Credit bureaus can provide you with the information you need to keep your finances on track, build your credit rating and even rectify past financial mistakes. Credit records, credit ratings and credit monitoring services are all provided by the credit bureaus. If you are looking to build your credit, these are the tools you need. This can help you find errors and determine which aspects of your credit need to be improved.

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Spring Cleaning: Making room for new things while saving money

At the latest when the cupboard overflows with unworn clothes, bills and contracts on the desk go down in the paperwork and the windows do not let the bright sunshine through, it’s time for the spring cleaning. In the first post of our blog series “Spring cleaning: From old to new!” We’ll tell you how to make your space and make money with clearing out or save money. In the following articles of this blog series we will give you some important tips for home renovation as well crafts activities around the house and around the garden.

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Create space – clearing out comes first

Before you start with dusting and window cleaning, it is important to make room first. For spring cleaning, clearing out therefore comes first. You can create space by sorting out unused, unworn and unloved things. Often, the superfluous accumulates in wardrobe, garage and cellar. If you sell the sorted out things, you can even earn money with it. Once that’s done, you’ve created order and space. But now the apartment is empty? Maybe you need a new wardrobe or generally new furniture? At Xpresscredit you can quickly and easily apply for a microcredit online and borrow money for new purchases.


Spring cleaning – clearing out has a liberating effect

Related imageCreating space and clearing room by room can be very liberating. Sometimes your own home is too chaotic and you feel energyless and powerless. Clearing out and creating order can give new impetus and inspire every area of ​​life such as love, family and money. Who says that you can not create order and at the same time make money? You can use your sorted items to earn money. Offer clothes, books, furniture, or your old wardrobe at flea markets or the Internet, and you can even make money from it. The money is not enough to bring furniture into the apartment and new clothes in the closet? You do not want to save a lot of money for your wishes? The savings potentials revealed are not quite enough to cover enough money for new acquisitions? With a small credit at Xpresscredit you can borrow money quickly and conveniently online.

Create order – check contracts and uncover savings potential

Image result for savingsSpring cleaning is not only an option to make room in the apartment, garage and cellar, contracts for electricity, mobile phone and insurance providers should also be checked for potential savings. Are the contracts still suitable for one’s own needs? Are there currently better deals for less money in the market and where can you save some money? Use the spring cleaning to give you an overview of your finances and saving potentials. Maybe you still have open invoices? Settle these and free yourself from the legacies of winter. If you need more money then help you from the small loan of Xpresscredit like.

Xpresscredit: Reward for the spring cleaning

The spring cleaning is not only a good opportunity to dispose of the old, to create order and potential savings, but also to let new things into life. Whether you need new furniture, need to renovate your apartment or garage, or want to freshen up your wardrobe with new clothes, at Xpresscredit you can lend you the necessary money and reward yourself with new things for the successful spring cleaning. The small credit of Xpresscredit is the solution, if you do not want to save long, until you can fulfill your wishes. Likewise, the small loan from Xpresscredit offers, if your uncovered savings potentials are not quite enough to cover enough money for new purchases. Our tip: Apply quickly and conveniently online for a small loan on Xpresscredit and reward yourself for your successful spring cleaning.

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Oktoberfest muffle: So you flee the Oktoberfest

As Oktoberfest muffle you have it in the month of October again hard: not only in Munich, but everywhere in Germany is advertised locally for Oktoberfest, where Bavarian Schunk music and tons of beer whim should make fun of traditional costumes. For Oktoberfest muffle, however, this does not mean fun, but the sheer horror that awakens the quiet longing for meaningful alternatives for Oktoberfest muffle.

Not only is it no fun to squeeze into traditional fashion and spend huge amounts of money in advance, but the atmosphere in the marquees spoils the mood of many a party-goer. There is not everyone on dense crowds, crowds of beer steins and hits for a real Oktoberfest mustache there is nothing worse.Image result for oktoberfest germany

Nationwide Oktoberfest parties – Germany in Oktoberfest fever

Although the original Oktoberfest is a well-established tradition of Bavarian origin, event organizers across the country have come to understand that they can earn a lot of money and do not miss the opportunity to host Oktoberfest parties in the months of September and October. Because a large part of the crowd speaks to the mix of Dirndl, Brezn and good mood quite.

Nonetheless, Oktoberfest opponents want alternatives for Oktoberfest mustaches. Going out with friends at least during the hot phase in October is no fun because the Oktoberfest follows at every turn.

Oktoberfest -Muffel: What alternatives exist?

With a little luck event organizer 80’s or 90’s parties that promise variety. However, since this does not happen often in practice, the only alternative among the sparse alternatives for Oktoberfest muffels is to go abroad. Because luckily the tradition of the Oktoberfest with the country border stops. The good thing is: there is a choice in terms of goals – both in the Netherlands and in Belgium, Poland or France, it can endure in the fall. With a bit of luck you can, for example, spend a few nice days in Holland on the beach, far from the hustle and bustle. Endless sandy beaches and the soothing ups and downs of the waves provide relaxation and tranquility. A paradise for every Oktoberfest muffle! Even city trips can be excellently realized as alternatives for Oktoberfest muffle during this time. Paris and Prague, for example, offer the ideal contrast program and attract a lot of culture and interesting sights.

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Escape the hustle and bustle of the Oktoberfest – so it works financially

Of course, it may be that the desire to escape the Oktoberfest hustle and bustle, spontaneously arises – and the last penny was spent money for extended summer vacation. In this case, it is difficult to deal with booking a trip or other escape (eg by car). If you want to top up your travel budget, for example, you can take advantage of the loan offer from Nora Helmer: an ideal solution for Oktoberfest mustaches. Through quick and easy provision of small sums for private persons, planned alternatives for Oktoberfest muffels can be realized despite a tight travel budget.

Conclusion: The Oktoberfest enjoys in Germany in the majority of popularity, but does not meet everywhere on favor. Anyone who has nothing to do with traditional costumes and marquees wishes for a break during the hot phase – and fortunately can escape the party hustle and bustle in the neighboring countries. Thanks to good offers, the project can be implemented despite financial bottlenecks.

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The recovery process in Canada

If you find yourself unable to repay any type of unsecured debt, you will most likely have to deal with a collection agency. Credit card companies and other types of lenders who grant unsecured loans hire collection agencies to recover the money their clients have to pay back.

Unfortunately, dealing with a collection agency is never a pleasant thing and often if you borrowed from a less reputable lender, you may have to deal with illegal collection tactics. That is why it is imperative that you, as a borrower, have a general idea of ​​what the collection process should look like in Canada.

We will show you everything you should know, the good, the bad, the legal and the illegal. This article will be a reference for anyone going through a debt collection process. We want you to know all your rights and even your responsibilities, because if you do not pay your debts responsibly, consequences will ensue.

The process: A step-by-step overview

First, you should know that collection agencies are regulated at the provincial level. This means that the rules, regulations and laws relating to debt collection vary depending on the province in which you live. That being said, in general, the process and resulting steps should look like this:

Step 1: First Contact

The first contact you have with a collection agency is usually made through a written letter. This letter will be a general request that you start repaying your debt. It could also include information that your credit is now part of a recovery.

Step 2: First phone call

5 days after sending the first letter by the collection agency, it is legally allowed to call you. If they are unable to reach you or your phone number has changed, your collection agency is legally allowed to call your friends, family members, neighbors and employers. While the latter may seem invasive as a tactic, collection agencies are allowed to do so for the sole purpose of obtaining your new phone number or new address. It is still possible to refuse to provide any information to a collection agency.

Step 3: Proof of Debt

Once the collection agency has contacted you, it must then provide you with the following information in writing:

  • What is the name of the collection agency
  • Which creditor bore the initial debt
  • The date on which the debt was transferred from the original creditor to the collection agency
  • Finally, how much do you need

Step 4: Pay off the money you owe

Now that you are aware of all the information from your collection agency, you should find a way to pay off your debts. While we can understand that no one wants to deal with a collection agency and that they may seem insensitive and harsh, if you really owe money, this is a good time to find a way to repay it .

Step 5: toe 5: Last pre-judicial application will be made

If you continue to refuse to pay off your balance due, your collection agency will probably make a final pre-legal request to get you back on track.

Step 6: Start Legal Action

If you still refuse to repay, your collection agency will take legal action against you if it believes this is necessary. You will receive a legal notice at least 21 days in advance.

Step 7: Audience

As part of the lawsuit against you, you will have to attend a hearing in court. If you really owe the amount of money your collection agency is trying to recover, the judge will likely sign a judgment that you are legally required to repay your debt.

Step 8: Conclusion

Now that your debt is being judged, your collection agency can seize your salary. The only way to not pay off your debts is to declare bankruptcy or file a consumer proposal.

Keep in mind

All debt collection claims are unique and may not exactly observe the process, but in general, this is what you should get through.

You can repay your debt at any time and stop the collection process.

By making one payment to your debt, it becomes your property in court. You will not be able to dispute this fact in court.

Agreeing with your collection agency on a repayment plan will eliminate the entire collection process and save you a lot of time and energy.

Legal issues to watch for

As mentioned above, since each of the 10 provinces and 3 territories of Canada all have their own laws regarding the protection of creditors and debtors, the collection process may seem disorienting. While collection agencies are regulated by law, there are some that are not. Here are some of the legal issues you should be watching:

While debt collectors are allowed to communicate with your friends, family members or neighbors in the event that you have changed their phone number or address recently, they can not ask for other information or act with behavior. which might seem harassing.

  • A collection agent can not lie or provide you or anyone you know with false information for the purpose of obtaining answers to questions.
  • You must be notified in writing before an officer tries to recover his money or lodge a legal appeal against you.
  • Depending on the province in which you live, debt collectors can not contact you during certain prohibited periods.
  • One of the first things a debt collector needs to do is to identify himself, name the company he’s working for, where your debt comes from and the balance is due.
  • If you declare that you do not owe money, your collection agent must go through all the necessary steps to verify the truth and get back to you.

We will not recommend you enough to visit the Government of Canada site if you have specific questions about a collection agency.

Your Debt, Your Liability

Having debts in a collection agency is a serious problem that should not be taken lightly. We understand that any financial problem can happen out of nowhere and that there may be grueling circumstances that prevent you from paying off your debts. But ignoring them or ignoring a collection agency is never a good idea; it’s always better to manage your problems head first. Contact your creditor before your account goes to recovery or if your account is already, talk to your debt collector immediately. If you owe the money effectively, it is your responsibility to repay it.

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Doing business with a collection agency in Canada

Image result for informIf you currently have a credit account in the collection or have already had to deal with a collection agent, then you know that the process can be both complicated and intimidating. Nobody wants to have a credit account in a collection agency. This means that when it comes to processing and talking to a collection agent, most Canadians are unprepared and uninformed. The good news is that we take care of you. We will teach you everything you need to know about Canadian debt collectors and how to deal with them if any of your credit accounts fall into their hands.


Who are the collection agents?

A collection agent (or sometimes called collection agency) is a company engaged by a credit or loan company. Collection agents come into play when a person stops making payments for a loan or a credit account. Generally, they work either for a fixed amount or a percentage of the total debt owed to the creditor.

Who will you deal with?

Depending on who you owe money for, you will face either an internal collector of the company or a collection agency engaged by your creditor. If you are contacted by an outside agent, he or she was probably hired by your creditor for joint work or sold your account to the collection agency in question. In either case, you will first receive a written notice and will receive telephone calls later from your agent.

Questions to ask during your first phone contact with a collection agent

When a debt collector makes contact with you for the first time, make sure you get the following information and make a note of it for your own sake:

Ask if you are talking to your original creditor or if it is a collection agency

Ask for the name of the person you are talking to, their phone number, and the name of the collection agency they are working for

Ask for detailed information about the debt they are trying to extract from you; to whom do you owe money, how much do you owe and when does the debt begin?

Make sure that the information given is familiar to you. If this is not the case, check your previous reports.

What to do if it’s your debt

If it is your debt, it is in your interest to repay it immediately. Refilling a rush as quickly as possible after being contacted by a debt collector is the quickest way to fix the problem.

Paying down the debt immediately is obviously the best thing to do, but we understand that it is not always possible for everyone. If it is about your debt but do not have the funds to repay it, here are some options:

  • Be as open and honest as possible with the debt collector. Explain your financial situation and why you can not repay your debt immediately.
  • Ask your agent if there is a repayment plan. Could you make a few payments instead of just one big amount?
  • Always ask for written proof after an agreement because unfortunately, not all collection agencies are as honest as you think.

When you are able to repay your debt or decide to do it:

Do not pay in cash

Without a doubt, make sure to get a receipt or other verification information regarding the payments you have made. In addition, to avoid confusion, do not attempt to contact your original creditor once contacted by the collection agent (unless it is really necessary)

What if it’s not about your debt?

If, after verifying the information provided by the collection agent, you decide that it is not your debt, here is what you should do:

Talk to your debt collector and explain why you think it’s not your debt

Then enter into communication with your original creditor and see how and if they can solve the problem

Request a copy of your credit report from Equifax or TransUnion. If the debt you believe to be an error appears on your credit report, you will need to contact them and your original creditor so that the error is cleared. Incorrect information on your credit report may affect your rating negatively, which would prevent you from being eligible for credit or a loan in the future.

Finally, if for some reason you do not trust the collection agent who contacts you, you can contact your original creditor to verify the identity of the agent.

Your rights when it comes to dealing with a collection agent

In Canada, there are laws that protect the consumer from the dubious practices of certain collection agencies. When dealing with a debt collector, here are some signs on which you should keep an eye open:

A collection agent has the right to contact your family, friends and employers to request your personal information such as phone number and address. However, they are not allowed to ask for further information. If a debt collector harasses you or people you know, contact the Financial Consumer Agency of Canada immediately.

A debt collector should never ask to speak to anyone other than you about repaying your debt.

A collection agent should never use violent, threatening or abusive language.

A collection agent is not allowed to contact a consumer after 9:00 pm or before 7:00 am, on statutory holidays, or certain hours on Sundays.

Are Canadian debt collectors regulated?

In Canada, there are federal laws that regulate financial institutions. If one of these institutions or organizations (collection agencies) acting on the back of a federally regulated institution contacts you about a debt, you have rights. If you have any questions regarding these fees, contact the Financial Consumer Agency of Canada.

If you are contacted by a collection agency that is not regulated by the federal government, you should contact the offices of the consumer agency in your province.

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How to consolidate your credit card debt

According to a recent TransUnion study, approximately 43 million credit cards are currently used in Canada. If you have the following question: Canada’s current population is about 35 million, that means there are more credit cards than Canadians. When there are so many credit cards circulating, ready to be used, debt problems are self-evident. Currently, the average Canadian has a balance of approximately $ 4,094 for one or more credit cards. Credit card debt seems to have become an essential part of most Canadian adults’ lives, but fortunately the problem can change. While we will always be the first to say that it is easier to go into debt than to save money, there are countless options for those seeking to regain control over their expenses and indebtedness. Debt consolidation is one of those options.

What is a credit card debt consolidation?

Credit card debt consolidation is when you have balances on multiple high interest cards and want to consolidate or combine all of these balances into one easy-to-manage and more affordable payment. There are several ways to consolidate your credit card debt, here are the details:

Debt consolidation options for your credit cards

When it comes to consolidating your credit card debt, you have several options that can help you regain control of your finances and a better debt free future.

Debt consolidation loan

The most common form of credit card debt consolidation is probably an unsecured personal loan. Depending on the amount of your credit card debt, you can apply for an unsecured loan to pay off the balances you have on your credit cards. For people with bad credit, this option may not be the best choice. One of the most important parts of debt consolidation is to be approved for a lower interest rate so that your hard earned money goes directly to repaying your debt rather than interest charges.

Unfortunately, the fact is, if you want to apply for a large secured loan with a low interest rate to pay off your credit card debt, you must have a credit rating above average. Remember that this is not the case for all unsecured loans. You will probably have more difficulty getting approval if you plan to apply for a loan of $ 30,000 or more and your credit rating is below average.

Debt Management Program

A debt management program, on the other hand, is a good choice for those with significant credit card debt to consolidate. The goal of a debt management program is to consolidate all your eligible debts, in this case, your credit card debts, into one affordable monthly payment. A debt management program is a great option for those who are interested in seeking the help of a professional. You will work with a credit counselor who:

  • Assess your financial situation
  • You will find a personalized plan
  • Negotiate with your credit card providers to see if they can lower your interest rates or eliminate penalties that may be imposed on you

You will make your monthly payments to your advisor and he will then distribute the money to the appropriate credit card company based on how much you owe him and the agreement you have made.

Credit card balance transfer

A credit card balance transfer is when you transfer the balances of all your credit cards to a new credit card at a lower interest rate. The drunk of this is to save on interest charges and pay off your debt as soon as possible. There are two questions you need to consider if you decide that a credit card balance transfer is the best option for you.

1 You need to make sure your new credit card has a lower interest rate than all your other credit cards. If you simply transfer your balances to a card with the same interest rate, the only benefit is that you will need to make only one monthly payment instead of several.

2 The biggest problem you need to be aware of is the fees associated with balance transfers. The majority of credit cards charge a fee for balance transfers; Generally, this is a percentage based on the balance you are transferring.

However, it is possible to opt for this option at a very low cost. In Canada, there are balance transfer credit cards that offer low fees and an introductory interest-free period for new customers. This means that you could potentially save a lot of money if you are able to repay all your debts during the interest free introductory period. Generally, credit card companies offer a six-month interest-free period, but keep an eye on bids, we’ve seen some cards with an interest-free period for a full year.

Line of Credit or Home Equity Loan

If you are a homeowner, you can use the capital you have accumulated by repaying your mortgage to obtain a loan or line of credit. Since you are going to put up collateral to secure the loan, you will not only have a better chance of being approved, but you will also have access to a larger amount of money, depending on how much capital you have accumulated. Interest rates are often considerably lower than other debt consolidation options.

When you use a home equity loan or a line of credit to consolidate your credit card debt, it is the same as an unsecured debt consolidation loan.

  • Reimbursing high interest credit cards
  • Focus all the attention and finances to pay off a single loan, instead of multiple cards
  • Save on interest
  • Get out of debt as soon as possible

It is important to consider the consequences of setting up your home as a guarantee to pay off a consumer debt. Since a home equity loan or line of credit is guaranteed by your home, you risk losing it in the event of default.

Repayment of your debts

Remember that when consolidating your credit card debt, your debt still exists. Debt consolidation does not make your debt go away. It is only moved to give you a better chance of paying it back. This means that after subscribing to an unsecured loan or transferring all your balances to one card, you will always need money to pay back what you owe.

Friends and family

This can be a good time to ask for help from your friends or family members if you are having trouble getting the money needed to pay off your debt consolidation. Of course, borrowing money from a friend or family member means that you will always be in debt, but if you choose someone with whom you have a very open, honest and trustworthy relationship, you may be able to find an agreement that could significantly reduce the stress that your debt puts on your finances.

Sell ​​assets

Another great way to offset some of the cost associated with consolidating and then repaying your credit card debt is to sell assets. Of course, this can be a valuable asset that you have but do not need or use anymore. Make sure you do not sell something you really need and that you will be tempted to buy back once your debt is repaid. This could kick you into the vicious cycle of bad spending habits that took you into debt in the first place.

Live more simply

By effectively reducing your lifestyle, you can still have more money available to repay your debt after you have consolidated it. Downsizing can range from eating less at the restaurant to selling your home and buying a less expensive one. Obviously, it depends entirely on your screw style and the debt you have to pay. We do not recommend that everyone with a credit card debt sells his house. But if you have a large debt that needs to be dealt with quickly, it could not only help you, but also make your life easier to manage, and could be a good option for you.

Why consolidate your credit card debt

There are many reasons why someone would have accumulated an immeasurable amount of credit card debt. Whether it is irresponsible spending on unforeseen expenses. When life goes on, sometimes we have to turn to the easiest and most convenient way to borrow money; our credit cards. Debt consolidation is one of the best options for those who have overused their credit cards for whatever reason. Here are some of the most common reasons why someone might want to consolidate their credit card debt.

  • To simplify your finances by reducing the number of monthly payments to stay on track
  • To get a lower interest rate and save money
  • Because the debts have become too important
  • As an alternative to more drastic options such as consumer proposal or bankruptcy
  • To get out of debt the fastest

Consolidation of credit card debt and your credit rating

The effect of credit card debt consolidation on your credit rating depends on the option you choose. In general, paying off the debt is always a good thing, and eventually you will be rewarded with an improved credit rating. However, it is important to keep in mind that certain debt consolidation options will negatively affect your credit rating, especially a debt management program.

A debt management program will be visible in your credit report for 3 years after the repayment of your debts in full. Each of the accounts that were part of your debt management program will receive a rating of R7. Both of these factors could affect your ability to obtain loans and other financial products in the future.

Positive effects of credit card debt consolidation

If you choose a debt consolidation loan or a balance transfer to manage your debt, your credit rating will begin to improve, not necessarily immediately but quietly. The good thing is that you do not have to make big changes to start. Of course, it depends on how much debt you have to pay and what you think is the best option for your current financial situation.

Use of credit

When credit improvement is discussed, the payment history is often given great importance. While it is a good idea to make your payments on time, there is another factor that affects your credit rating just as much. This is your use of credit; how much you use compared to how much you have available to you. If you have $ 20,000 of credit available on your credit cards and you are constantly using almost all this available credit, your credit rating will not benefit. When you consolidate your credit card debt and start repaying it, your credit utilization rate will go down and your credit rating will increase automatically.

Be free from any debt versus your credit rating

Once everything is said and done, being debt free is one, if not the best, thing you can do for your future. If you are currently carrying a large number of credit card debts that you want to pay back once and for all but are afraid of how this will affect your credit rating, answer the following question: Is a rating high credit is really more important than being debt free?

Credit Card Debt Consolidation Tips

Choosing the right debt consolidation option and then going through the process can seem like a daunting task and we understand why. Debts are not fun. To help you make informed decisions, here are our best credit card debt consolidation tips.

  • Choose a fixed payment plan to know exactly when you will be debt free
  • Choose only one option that you can afford and that will not cause you additional financial problems in the future
  • Reconsider your lifestyle, your income and your financial management style
  • Consider choosing the option that will free you as soon as possible (this will save you money on interest charges)
  • If you use a debt management program, work only with a trustworthy company with whom you feel comfortable.

Manage your finances after a debt consolidation

The first thing that many consumers do after consolidating their is to recreate more debt. Once you have gone through the process of consolidating your credit card debts and having them repaid, it is extremely important to change your spending habits so you do not return to the same place.

Here are some steps to take after completing a debt consolidation:

  • Prioritize your expenses
  • Remove expense triggers
  • Learn to say no
  • Replace shopping with a more productive activity

Choose what is best for you

A credit card debt consolidation is a great way to regain control over your expenses and finances but if you do not choose the right option for your needs, you may have problems taking full advantage of the chosen option. We can help you find a professional who will help you and guide you through the process.

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7 things you do not have to give up to pay off a debt

Nowadays, there are a lot of things you buy or spend without thinking. Cellular bill, credit card, account here, account by there. The list can be long and without knowing it, you are in debt to the ears. In this situation, the best thing you can do is work to pay off those debts and it will not cause you any more problems. When debt becomes a problem, we may feel that we must sacrifice everything we value. Do not worry, there are some general expenses that you can change a bit instead of cutting into your budget.

Your cell

Cell phones are something you need. Since new smartphones have great features, it’s easy to spend money on something that will change in a few months. However, wanting to pay off your debt does not mean giving up your cell completely.

When you negotiate a new contract, the mobile phone retailer will probably want to sell you the last phone with the highest rate. You probably will not read the fine print because you are too excited to have this new gadget at your fingertips. Before signing the contract, think about everything you will really use on the phone. If you are looking to save a little money in order to pay off a debt, going down to a lower package with a simpler phone can help you.

Your healthy diet

We always encourage you to save money by making your own meals at home, rather than always dine at the restaurant. We also understand that it is contradictory to spend hundreds of dollars a week trying to repay a debt. Healthy eating is usually more expensive than eating less healthily. When it comes to your health, you must continue to invest. By all means, try to get the best prices and wait for some products to go on sale. But you do not have to give up your lifestyle to pay off a debt.

Your gym membership

With summer our doors, canceling your expensive gym membership and enjoying the outdoors to keep fit is often a good idea. What happens if it rains? The perfect excuse to stay indoors. Be honest, being motivated to stay in shape at home is a chore. As mentioned above, being in debt does not mean taking unhealthy lifestyles. Most gyms cost more than $ 50 a month, unless you have a student fee or 65 and over. This can be a problem and we can not all afford to spend hundreds of dollars a year on a gym membership.

Just remember, the reason these places are expensive is that they offer all kinds of facilities, fitness classes and other amenities. So, if you’re looking to save money while staying healthy, change gyms and find one at a lower cost. No matter what province you live in, there is surely a gym that provides basic facilities for well under $ 20 a month. If you do not need to follow all classes, a pool and a sauna, you can easily find a less luxurious gym.


When you are trying to pay off your debt, not taking a vacation and stressing with work may seem like the only option. Your trip to the Bahamas will have to wait until next year, will not it? After all, it can be very expensive to book for a vacation in a tropical destination, no matter when you go. On the other hand, it does not mean that you can not take a few days off to relax a bit at a low cost. When summer finally arrives, why not try to go camping or rent a cottage on the edge of a lake? Gather a few friends and split the costs of the campsite or cottage and get some rest. Depending on the number of days you take and the cost of camping, you will surely spend far less than you would have spent for just one plane ticket.

Outings with friends

Even if you decide to postpone your vacation, you can at least spend time with your friends on the weekend and lower the tension a bit. When you do not see your friends often, it can be easy to flambé your entire wallet in one evening. To make sure this does not happen, it is always wise to find cheap or free alternatives to a city night. We agree that evenings of board games are not always the most exciting, especially those that end with the Monopoly, but by gathering a lot of friends and different games, you could have a fun evening and no cost. No matter what city you live in, there are always ways to have fun at a low cost while finding outings with your friends if you do not want to stay at home. Do a little research and you’ll find a variety of activities that will cost you less than going to the bar to buy $ 8 pints. For the amount you will spend on a beer, you could go see a movie at the movies on Tuesdays when movies are cheaper.

Your other financial goals

When you are in debt, your life may be a little stuck. You will work twice as hard and all your money will be spent immediately on repaying your debt. Yes, paying your debts should be a priority, but that does not mean that you can not be impatient to move on. Remember, if you want to buy a house, you must start saving early. So, achieving a good balance between work and putting money aside for the future should remain a priority for you. If you have found ways to save money on all the things listed here, it means that you are on the right track. So with every pay check you receive, use most of it to pay off your debt, and the rest, if only $ 10 or $ 20 here and there for your savings.

Have fun and be happy

Repaying your debt, whether it’s a consumer debt or a student loan, can be heavy in the long run. It can take months, if not years, depending on how much you owe, but it’s worth getting rid of it as quickly as possible. The most important thing to remember is that if you have taken the appropriate steps to save money, it means that you have recognized your debt and do not ignore it. When you make an effort to get rid of debt, you should not sacrifice your happiness and time for yourself.

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Newcomer to Canada? Here are some tips to help you build your credit

You may have an expectation that your credit will follow you everywhere, even overseas; you may expect that your good credit history in your home country has followed you so far. This is unfortunately not the case! When you immigrate to Canada, when it comes to your credit, you have to start from scratch.

The bank account

One of the first things you should do is open a bank account. This will be the foundation on which you will build your new credit history. To this end, you will need at least two forms of identification, of which at least one must have a photo. The regulation requires each bank to make sure to have certain types of specific identification of registered to your file before being able to treat your request. For this reason, you will likely be asked to have your primary identification obtained in Canada. That being said, your foreign passport will probably serve as a secondary identification.

Once your checking account is open, it would be a good idea to open a savings account: this is a tool to demonstrate to your chosen financial institution that you are able to save and, once it contains a good reserve of funds and that you contribute actively and regularly, you will have demonstrated to your bank that you have the necessary capital to adapt to the bad circumstances. This will be the first step towards the goal of establishing yourself as a low risk client. It is a good idea to continue to develop your portfolio with the same institution because a bank with which you have a well-established record will be more likely to want to extend the credit you are looking for when you will need it.

The path to good credit

To take advantage of your fresh start in your financial life, it is important to know what are the best methods to build good credit. Once your bank accounts open, the next step is to get a line of credit, such as a credit card. So, think of trying to get:

  • A secured credit card
  • A store credit card
  • A line of credit from a bank

A secured credit card is one of the easiest forms of credit to obtain without help. A financial institution such as your bank can offer you a secured credit card with your own capital. It works just like any other credit card, but you basically borrow from yourself. If you are trying to get another kind of credit, you may be asked for a co-signer, but you will be able to build your credit even faster! With this method, by making your full payments before the due date, you will build a favorable credit report in a period of approximately 18 months. This one will only become more favorable as you maintain your good payment habits.

The components of credit

In Canada, the Financial Consumer Agency of Canada (FCAC) administers the regulations for credit bureaus. They give you a credit rating that ranges from a very low rating around 300 and a phenomenal rating around 900. Individuals with a rating below 650 will find it very difficult to get any form of credit that you can expect. he is. A rating above 680 will greatly facilitate your credit. With so many different ratings, what are the factors that contribute to this assessment in Canada?

  • Your payment history
  • Your existing debt
  • The credit that has already been extended to you
  • Recent credit surveys

In order to establish a favorable credit history, it is important to always make payments before their due dates in order to establish your payment history. You will be expected to have an existing debt, but it is not so important that adding an additional line of credit will hurt your ability to keep your payments. You should always have less than 50% of your unused credit available. If a new line of credit takes you above this threshold, you may be denied. That being said, being a holder of established lines of credit can demonstrate that you are a good risk for financial institutions. It is important to note that while a very low credit scare, very little to your overall credit rating, several consecutive surveys may indicate that you are looking for credit in a desperate way.

Whether you own your home or your vehicle and the length of time you have been employed are other factors that can affect your credit rating.

Going forward

Keep in mind that your credit rating is a tool to help financial institutions assess your risk by borrowing money. By putting in place healthy payment habits, you can build a strong financial life in Canada, allowing you to take important life steps, like buying your first home, without worries. Once the foundation of your financial success is established, consider diversifying your financial life with additional investments and savings accounts for a secure future.

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10 Ways to Live the Moment While Saving for the Future

Would you like to live your life on your own terms without accumulating credit card debt? There is a way to live life to the fullest, while saving your money for the future. The secret is to pay what you want, with good reason, but in small quantities at specific times and for specific reasons. Once in a while, you should reward yourself and spend money on fun activities. By depriving yourself of the pleasures of life, you may feel that you are missing out on your life. This makes saving more difficult and boring, and you demotivate to save. On the other hand, if you enjoy life, reach your life and spend little money on fun activities, you will be more likely to save money because you will feel more satisfied and less restrained. Much like a cheat day when you’re on a diet, you need a day to splurge when you stick to a budget. As long as you limit yourself to what is best for your finances and goals.

Understand your financial flow

In order to make financial decisions that will improve your present and future financial flow, it is important to understand your current financial flow. Understanding your spending habits is crucial in order to realize how much you are wasting and where you can cut back on certain expenses. For example, if you calculate that you are spending $ 100 more per month than your gas budget, it is likely that you will pay more attention to lowering your fuel consumption.

This process can apply to any of your expenses. Really see where all your money goes can even be the kick you need to get back on track. Review your expenses each week, rather than every month, in order to have a clearer picture in mind. It is much easier to review your expenses weekly and easier to see where you are spending too much. In addition, if you spend too much a week, you can catch up the next week, while if you let go for your dependencies for a month, it could be much more difficult to compensate the following month.

Decide in advance what your future financial goals are

The more you are clear about how you are going to spend your money, the easier it will be to make decisions about your expenses that you will not regret. If you plan ahead, how you will spend your personal money, you will be happier with your choices because you will have had time to think. Once you have set a goal and decided what you really want for your future, you can start making choices today that will help you get there. Once you have that goal or vision in mind, it will be much easier to live in the present moment because you know that you are working towards something bigger. You will not feel deprived of living right now because you know your choices are worth it in the long run. If you have bought impulsively all year long without thinking about the end goal, you are missing out on what you really want. Take the time and think about how you want to spend the money you are saving now.

Open multiple savings accounts

Another way to live in the moment while saving for the future is to open several savings accounts with your bank so that you can save money efficiently. We suggest you have two basic savings accounts, one for emergencies and unforeseen expenses, and one for retirement. Then you can have as many additional accounts as you want, depending on the number of financial goals you have. For example, if you dream of traveling across Europe next summer, create a savings account for that specific purpose and have automatic deposits made. This will allow you to see the progress you are making, which will encourage you to save even more.

Save for spontaneity

You can not predict everything life has to offer. Thus, you must be ready to face spontaneous decisions that you may be facing. Even if the amount is not so important, it is important that you save a certain amount of money every week to spend on fun and / or spontaneous activities and events. Whether it’s a memorable experience, having lunch with friends or local events and shows, you do not want to miss out on an opportunity just because you’re only focused on the future. When you save for fun things, you can enjoy the present while not feeling deprived and not having to worry about putting your future goals at risk.

Prioritize your expenses

With a lot of money to spend on fun activities every month, so you do not just feel confined to saving, it’s important to prioritize your spending. It means not spending your “fun money” for the same thing every week. If you spend that amount at a party having a drink a week, try skipping the next week and spend your money for something different, like going to see a movie you want to see for a long time. Spending your money always for the same will become boring and less entertaining. In addition, if you add new activities to your life, you will not feel limited. Make sure to limit this to once a week or every two weeks, or even once a month, depending on your goals.

Find simple activities

There are so many enjoyable and rewarding activities that you can do by spending little or no money. A sport, for example, usually requires a ball and energy. Go running, go hiking, or just go walking in your local park. Being outdoors is healthy for your mind and body, it is proven that just being active in nature relieves negative thoughts or feelings. Ride a bike, swim at the community pool, or if you have a tennis racket, go play tennis. No matter what sport or activity you choose, the key is to get into the habit of taking small actions that do not require a lot of money.

Cut everything in half

Now that you save for the future and the present moment, you can spend that money. You deserve it. However, you must also be aware of how much you are spending and not going too far. An easy way to do this is to cut everything in half. For example, say you’re going to drink a sangria on a terrace this weekend. Instead of taking two glasses, take only one. Likewise, if you shop around and see two swimsuits that you like, just buy one. Following this simple rule will cut your expenses in half and help you keep control of your expenses in a reasonable and realistic way.

Find joy in your work

It can be difficult to enjoy life when you despise your work and hate being at work. If you have the opportunity to invest in a job that you really enjoy doing, do it. If you are stuck with your current job and can not find other opportunities, start a hobby that could potentially lead you to a business. If you are a writer, start a blog, which can be done for free. If you like to make jewelry or draw clothes, be more serious and start innovating during your free time. Whatever the hobby, if it can potentially lead to a lucrative business, there is no harm in trying. Doing a job you love will help you find the balance between today’s work and the savings for the future.

Make people a priority

Sometimes we prioritize the “things” of your life rather than the people around you. By things, I mean clothes, cell phones, furniture, gadgets etc. All this requires pocket money. However, prioritizing people will cost you almost nothing and will bring you closer to your friends and family. Take the time to visit friends you have not seen for a long time, or visit your parents just to chat with them. It does not mean going out for dinner or movies, but sitting in the backyard and exchanging ideas over a cup of tea or coffee.


One of the most rewarding things a person can do is volunteering. It does not cost a dime and will make you extremely satisfied, a feeling that money can not buy. With a sense of accomplishment, contentment and pride, volunteering is good for your mind and soul, as well as for your wallet.

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