At some time in our lives, most of us will need to borrow money. Whether to pursue higher education, purchase a home or a car, or start a business, there are times where you simply won’t have enough cash flow to fund a purchase without taking on debt.  When a loan helps you to better...Continue reading

Although Canadians are carrying fewer credit cards, they’re carrying increasingly higher balances, according to a survey conducted by TransUnion. More alarming, consumers seem to be more focused on the points they are earning rather than the interest they are racking up.  Credit cards are an important way to build credit history, they can be useful...Continue reading

As a parent, one of the things you are most likely to teach your child is that they shouldn’t touch a hot element on a stovetop because it will hurt them. However, it is just as important to teach them about other less obvious things that can hurt them as well, such as mismanaged finances....Continue reading

20-year financial veteran Paul Murphy shows you why the Rule of 72 is the most powerful (and dangerous) personal finance rule to master. It’s the most powerful rule in all of personal finance. A simple formula that has helped geniuses like Warren Buffett turn millions into billions. And a powerful weapon that Canadians can either...Continue reading

Good and Bad Debt – What’s the Difference?  There is an abundance of coverage in the news these days about how Canadian household debt has climbed steadily in recent years and hit record levels, fueled by mortgages and low interest rates. While debt is generally perceived as bad, some debt is necessary and if well...Continue reading

Emergency Funds—An Important Part of Financial Planning  How long would your current savings last in an emergency? What if you suddenly lose your job or face unexpected expenses, such as urgent home or car repairs? Maybe you want to make a career change, possibly to self-employment, and will experience a less stable financial situation for...Continue reading

Remember the surge of excitement that came with getting your first credit card? It felt like a rite of passage; that somehow you were finally an adult.  Over the years the thrill of getting your credit card statement has decreased. In fact, for a great many Canadians, just the thought of their credit card bill...Continue reading

WHAT IS DEBT CONSOLIDATION? According to the Bank of Canada, the average Consumer Debt (excluding mortgages) held by Canadians is $20,759.  As most Debt Experts will tell you if you owe more than $20,000 it gets harder to make a payment that is substantial enough to pay down your interest.  As a result, your debt...Continue reading

Canadian households are carrying more debt today than ever before. According to a Statistics Canada study beginning in the early 90s, the amount of household debt has risen consistently. In fact, by 2012, 71% of Canadian families were living with debt; mortgage and consumer debt including credit cards, lines of credit and other loans. If...Continue reading

How to Repay your Ontario Student Assistance Program (OSAP) Congratulations graduate!!!  You’re finally finished with exams, study sessions, and all-nighters fueled by bad coffee. As you embark on this new phase of your life, where will the journey take you; an exciting new job? Time off to relax and travel? Perhaps you’re not sure of...Continue reading