Used wisely, credit is a powerful financial tool, but if you’re not careful, it can lead to a heavy debt load. If this has already happened to you, know that you’re not alone. According to recent Certified General Accountants Association of Canada data, the total amount of consumer debt in the Canada is $1.3 trillion – that’s about $39,000 for every single person living in the country.
Whether you’ve accumulated debt, or are considering credit options, understanding the essentials of credit and debt management will keep you on solid financial ground.
The advantages of credit cards are numerous – quick access, fraud protection, bill consolidation, convenience. But what about the responsibilities? Understanding credit card basics is essential to choosing and using your cards wisely.
To get a glimpse of your financial future, businesses look at your financial past. This history is contained in your credit report and impacts your ability to qualify for a loan, rent an apartment, and more.
If you're in debt, you're not alone. Consumer debt in Canada is at an all-time high. Determining how much debt you have will give you clear understanding of your financial health.
When your private financial information gets into the wrong hands, the consequences can be devastating. If you should fall victim to identity theft, it is important that you act quickly.