What is a creditor? A creditor is an entity which is owed money by another entity. This could be a single person, a company or organisation or a government who lended money to another person, organisation or government. You will often hear the term creditor used in conjunction with the word debtor, but creditors and […]
Why is Canadian household debt so high? Unfortunately, for most people across the globe, debt is a reality of life. Whether you’re taking out a loan to further your education or kick-start your own business or getting a mortgage… There are a multitude of reasons why people may find themselves in debt. The Covid-19 pandemic […]
What is debt consolidation? Debt consolidation is a form of debt management solution that consists of applying for a loan to pay off all your current debts and pay a single lower-interest loan over a certain period of time. This solution is great for people with multiple high interest debts such as credit card debt. […]
What is student loan debt? Student loan debt is a debt that occurs after an individual has taken out a loan to subsidize their education. Students across the world and within Canada rely on student loan companies to pursue their education after secondary school. Full time and part-time education post-secondary school are extremely expensive so […]
Over the last 12 months, how we spend our money and use our credit has changed a lot. Everyone needs a little financial inspiration to be able to save wherever they can. To help you out, we’ve compiled a list of 10 useful money saving tactics! What is the 30-day rule? The 30-day rule is […]
The 2008 financial crisis and recession have undoubtedly reshaped our world. Besides changing the economic landscape and forcing powerful countries to reconsider their strategies, many individuals have lost their homes, savings, and jobs. This has left many people with massive debts and Canada is no exception to this. While having an important amount of debt […]
What is financial stress? Financial stress is a situation in which financial problems cause a person anxiety or worry. It can affect anyone at any time. Regardless of your financial situation, stressing about money is a universal phenomenon that almost every single person encounters at some point in their lifetime. What are the effects of […]
When managed carefully, credit cards are important financial tools. They allow cardholders to build credit, benefit from cash back or travel rewards and even purchase insurance or protection. On the other hand, when a person is not able to manage its money, things can quickly get out of control. Credit card debt can easily become […]
The COVID-19 pandemic has had adverse economic consequences around the world and small businesses have not been spared. The financial situation of many businesses has been completely destabilized as a result of the financial impact of the pandemic in an already competitive and challenging marketplace. Many companies faced a total cash flow disruption and were […]
The Covid-19 pandemic has caused financial uncertainty for individuals, families and businesses across Canada. The Canadian financial landscape has been volatile for some time, with pre-pandemic figures showing the debt-to-income ratio as 180.4% in Q1 of 2020. It is clear that even before the financial complications of the pandemic, much of the Canadian public was […]