Credit Information

Your credit life is not

The marketing divisions in the financial industry have worked very hard to show us how to have it all and how to have it all now. After all you are worth it, aren’t you?

Whether it is a bottle of shampoo or a diamond, which according to the marketing people must be equal in value to three months salary - we can have it now. No one ever stops to ask if you can afford that diamond – and in many cases you cannot.

October 19, 2016

Margaret Johnson, ACE, RQIC, President of Solutions Credit Counselling will be online on Thursday, October 20 at 10 PDT/1 EDT to answer any debt and credit related questions you might have.

  • Are you in a unique debt situation and cannot find an answer anywhere?
  • Do you have a question about latest credit industry news?
  • Or do you just have a debt/credit question?

All questions are welcome and be sure your privacy will be protected.

Leave your question in the comments below.

After the Live Chat session, all Qs and As will be posted here on our blog.

Transforming debt fear into credit knowledge™! Let's get started now!

My advice to Canadians: only deal with Canadian Credit Counselling Agencies. While many agencies say they are Canadian, if you dig deep enough, you may discover that is not the case. Do your homework!

Seek out the licensed agencies and ones that can demonstrate to you their excellent track record. If an agency tells you they will only deal with some of your creditors and not ALL of your creditors - RUN! With the exception of government debt, a good agency can work with all creditors.

How lenders determine a person’s ability to pay

When you apply for credit, the lender must estimate the probability that you will be able to repay the debt as scheduled. What does a lender need to know in order to predict your reliability and your capacity to repay this debt? The creditor starts by assessing your application for credit, in which you provide quite a bit of information about yourself, your residence, occupation, bank, salary, mortgage, and consumer debts. In addition, the lender may want to know how you have handled previous credit transactions; such information can be obtained from the credit bureau.

Shop wisely and read the fine print

As the season for gift shopping is now in full swing – consumers may not be aware that shopping for credit should be given the same attention as shopping for anything else - look for bargains. Keep in mind there are plenty of places to “buy” money from – credit unions, trust companies, banks, finance companies, retailers, life insurance companies, credit card companies, and the most expensive of all - the payday loan advance companies. 

Interest rates and lending conditions will vary widely with each lender and it is in your best interest to know all of the details before you sign on the dotted line. Be an informed consumer - know all of your options before you make your purchase of “credit”.

Are You Confused About the Difference Between Various Debt Repayment Options?

Financial hardship can happen to anyone and it is often unexpected. A loss of employment, medical emergency or a change in personal circumstances, such as a divorce, can quickly put somebody behind on their bills.

With personal consumer debt becoming an increasing concern for Canadians, Consumer Protection BC (CPBC) has noticed a growing number of new businesses entering the marketplace offering a variety of debt repayment or “debt solution” options.