Tag: credit card

MoneyFit Challenge

Do you want to learn more about financial topics like budgeting and saving, and be entered to win money for doing so? How does $30,000 in prizes sound? The MoneyFit Challenge is a new tool to improve your financial well-being, sponsored in part by the Financial Consumer Agency of Canada and the Economic Club of Canada. You can join this free program by registering at… Read more

Getting Help to Pay Off Debt or Repair Your Credit

The Financial Consumer Agency of Canada ( FCAC ) has recently issued a consumer alert about being cautious if you are looking for a company to help you pay off your debt or repair your credit. If you are struggling with your debt, you need to remember: 1)      No company can guarantee they will solve your debt problems No one can solve your debt problem… Read more

Staying Financially Healthy on a Single-Income

Many Canadians are faced with the reality of managing a household on one income. A recent Globe and Mail Article highlighted the story of someone who overnight became a single mother. She reached out to a debt counseling service which helped manage her debt load of $20,000, and to curb expensive spending habits she had developed during the course of her 16-year marriage.  Today, she is… Read more

The Nine Rules of Credit – How to Start, Rebuild and Always Maintain Good Credit

Last year we told you about The Nine Rules of Credit, a quick, 120 page book that was written in 2012 by Richard Moxley, a former licensed mortgage agent in Canada. In October, 2016 Richard launched “What is Credit TV” and each Tuesday he posts a new episode. With the help of his wife and young children, he illustrates and explains one different tip about… Read more

Avoid Interest Charges, Thanks to Grace

Have you ever wondered when your credit card starts to charge you interest after you have made a purchase?  By staying within the “grace period,” or the interest free period, you avoid paying any interest charges. Here’s the basics of what an interest free grace period is: A grace period is typically 21 days long, in which you do not have to pay any credit… Read more

You’re Meeting Your Minimum Debt Payments. Are You OK?

We are all about partnerships at Momentum. We know that we cannot do everything and that many of the people in our community have knowledge and expertise that we can learn from. It is in the spirit of learning from our community members that we present the following blog post from guest blogger Douglas Hoyes, Founder & Trustee of Hoyes, Michalos & Associates. If you… Read more

5 Better Alternatives to Payday Loans

We are all about partnerships at Momentum. We know that we cannot do everything and that many of the people in our community have knowledge and expertise that we can learn from. It is in the spirit of learning from our community members that we present the following blog post from guest blogger Douglas Hoyes, Founder & Trustee of Hoyes, Michalos & Associates. If you… Read more

Dealing with Debt on a Fixed Income

We are all about partnerships at Momentum. We know that we cannot do everything and that many of the people in our community have knowledge and expertise that we can learn from. It is in the spirit of learning from our community members that we present the following blog post from guest blogger Douglas Hoyes, Founder & Trustee of Hoyes, Michalos & Associates. If you… Read more

Four Problems with Cash Advances

Have you even been short on money and decided to just withdraw what you need through your credit card at the ABM to make ends meet?  If so, here are four things to be aware of before you decide to borrow against your credit card. ABM Transaction Fee—if you’re looking to access cold hard cash, you’re going to get hit with a fee of at… Read more

Test for New Credit Card Users

I’ve recently read a great article by the Center for Financial Social Work called: How and Why to Engage Clients in Financial Behavioral Change.  In this article, there was a great point about how before you can get your driver’s license, you must pass both a written exam and a road test, yet no test is required when you go get your first credit card. … Read more