How can I re-establish my credit

After you have been released from your debts by completing a bankruptcy or consumer proposal, re-establishing your credit in Canada can be achieved most quickly if you follow this 6-step plan: Complete your Insolvency ASAP The sooner you are finished, the sooner it will disappear from your credit report. Complete all of your duties as soon as possible. (Note: In some cases you may be able to make your payments faster to help shorten your time period.) Start Saving Money It is a simple fact of li Read More

How much credit is affordable

Having a lot of debt or having a good credit rating does not always mean that you are a good credit user. There are safe limits for debt and they are based on your monthly net family income. This proportion will determine whether you are able to afford the monthly payments. If your income is less than the poverty line in Canada, which is $20,676 for a single person or $41,351 for a household of four, according to 2011 data by Statistics Canada. Feb 20, 2017, you may never be able to afford to Read More

Obtaining and using credit

Responsible use of credit helps prevent debt problems. Credit is a way of getting goods and services now and paying later, but it can lead to an endless cycle of debt. Obtaining credit is the same thing as receiving a loan. The borrower must repay the funds, with or without interest, before a fixed date or he may be required to pay additional interest. Different companies have various repayment methods. Credit Cards A credit card can be a very useful financial tool that makes everyday life ea Read More

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