Debt Consolidation Archives - Page 3 of 4

Should You Roll Your Debt Into Your Mortgage or Car Loan? (Secure your Unsecured Debts)

Knowledge Blog, Debt Consolidation, Debt Relief, Debt Repayment Agency, Financial Literacy

When people are struggling with credit card debt, lines of credit and other unsecured debt, they have a few options available to help them. One popular choice is to refinance your home (if you own it with enough equity) which means to increase your mortgage and use that extra money to pay off your credit cards and unsecured debt. That way the unsecured debt you had will now be part of your mortgage, a secured debt. The benefit to doing this is saving money on interest, thus making it more affordable to repay. Mortgages these days have very low interest rates, thanks in part to being a less risky loan for the banks because they are secured by the home. If you cannot make your payments, the bank simply repossesses your home to recover its money. In contrast, credit cards can have much higher interest rates and make repayment of the debt very difficult.

Credit and Debt – The Good, The Bad and The Ugly

Knowledge Blog, Bankruptcy, Consumer Proposals, COVID Financial Help, Debt Consolidation, Debt Help, Debt Relief, Payroll Loans

Yesterday the boiling hot news of the day was a 25% interest bearing car loan to a BC couple. The story involved the TD bank and a family that had gone bankrupt recently. It raises a number of troublesome questions.

Lawsuits mount against Don Antle’s Chilliwack debt counselling firm

Credit Counselling, Debt Consolidation, Debt Help, Debt Repayment Agency, Financial Literacy, Knowledge Blog

Jun 18, 2013

By David Baines, Vancouver Sun columnist

Chilliwack’s Don Antle refers to himself as “chief success officer” at his credit counselling firm, which is now doing business as Options Debt Consolidation Canada, but there are a few people who might scoff at that appellation.

Payday Loans

Credit Counselling, Debt Consolidation, Payroll Loans

What is a payday loan?

A payday loan, or payday advance, is a short-term loan of usually 14 days, which you promise to pay back, plus fees, after you receive your next paycheque. The loan is often between 30-50% of the amount of your paycheque.

To qualify for a payday loan, you must provide proof that you have a regular income, a permanent address and a bank account. You will have to sign a loan agreement which states the loan interest, fees, and due date. Most of the time you will need to provide a post-dated cheque for the full loan amount including all fees and interest, or sign a form for a pre-authorized debit of your account on the loan due date.

How much do payday loans cost?

Credit Card Debt

Debt Consolidation

Credit Card Debt is the most common form of unsecured debt in Canada. During the past decade Canadian and US credit card companies have been very successful in targeting low income families as their main client. In an effort to cope with a weaker economy many families tend to pay with a credit card for basic necessities thus adding more to their Credit Card Debt. This makes credit card companies really prosper as the less money you pay them each month, the more interest they receive. And the larger the Credit Card Debt gets the sooner families are not able to make even minimum payments creating a very serious problem.