Payday loans are short term loans made by companies like Money Mart and The Cash Store at very high interest rates. A borrower writes a personal cheque for the loan amount, plus a fee, payable to the lender. The lender holds the cheque until the borrower’s next payday and then deposits it if the borrower…
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Category Archives: Debt
Debt Service Ratio – GDS and TDS
Gross Debt Service (GDS) and Total Debt Service (TDS) are ratios that banks and mortgage brokers will calculate to determine if you are financially able to afford the mortgage you are applying for. Gross Debt Service is the percentage of your gross income that is required to cover housing costs. Your GDS should not be…
How To Establish Or Rebuild Your Credit Worthiness
All my articles this week have shown how you can find out your credit history and score, and what you can do to improve it. But what if you have no previous credit, or some of your accounts went to collection agencies and now no one will give you credit? There are a few steps…
How To Improve Your Credit Score
In the first two articles this week, we discussed how to get your credit report and how to calculate your credit score. Now we’ll look at what you can do to improve your credit score. Pay your bills on time. Late payments are one of the biggest hits to your credit score. Keep your balances…
Calculate Your Credit Score For Free
In yesterday’s article on checking your credit reports, I mentioned that it might be worth paying for your credit report to get your credit score. However, if you’re not too worried about an exact number and would like to have a general idea of your credit score, there is a way to calculate this for…
Check Your Credit Reports
When you apply for a credit card, loan or mortgage, the bank will check your credit history before making a decision to lend you the money. This information comes from the two reporting agencies in Canada: Equifax Canada Inc. TransUnion of Canada These companies keep files on individuals who apply for credit. Lenders, insurers, creditors…
Reduce Your Credit Card Interest Rate
Is your credit card interest rate 18% or higher? Call the number on the back of your card, tell them you have seen lower rates and chances are that you can get them to lower it. Your best leverage during the call could be if you have a recent offer in the mail with a…
