ReportWire

Tag: Debt Consolidation

  • Credit card interest calculator – MoneySense

    Play around with our credit card interest calculator to calculate credit card interest and figure out how long it will take you to repay the debt. This tool can help you develop a plan to address your balance and avoid paying interest going forward.

    How to use the credit card interest calculator

    Our credit card interest calculator can help you figure out two key pieces of information: 

    • How much money you’ll pay in interest based on your current monthly payment
    • How many months it will take to pay off your credit card balance

    Start by inputting your credit card balance and your card’s annual percentage rate (APR). If you don’t know this number, log into your credit card account and pull up your card’s terms and conditions. 

    Next, decide if you want to see how much total interest you’ll pay based on your current monthly payment (and enter that amount) or specify your payoff goal in months to see how the total interest charges.

    How to calculate credit card interest

    Since interest is expressed as an annual percentage rate, card issuers take several steps to determine how much to charge each month. Here’s how you can figure out their method:

    1. Convert your APR to a daily rate. Most issuers charge interest daily, so divide the APR by 365 to find the daily periodic interest rate. Make sure you’re using the purchase interest rate (not the cash advance or balance transfer rate).
    2. Figure out your average daily balance. Check your credit card statement to see how many days are in the billing period. Then, add up each day’s daily balance, including the balance that carried over from the previous month. Once you have all the daily balances, divide the figure by the number of days in the billing period to find your average daily balance.
    3. Multiply the balance by the daily rate, then multiply the result by the number of days in the cycle. Now that you have all the details you need, multiply the average daily balance by your daily periodic interest rate. Then multiply that number by the number of days in the billing cycle. This shows you how much interest you’ll pay in a month.

    A quick example

    If you have a credit card with a $1,000 balance and 20% APR, your daily interest rate would be 0.0548%. Assuming you don’t add to the debt, you’ll be charged around $0.55 in interest every day. If there are 30 days in the billing cycle, you’ll pay $16.50 in interest for the month.

    How to avoid paying credit card interest

    When you get a credit card statement each month, you’ll see a minimum payment amount listed. This is often a flat rate or a small percentage of your balance (usually 3%), whichever is higher. 

    While it’s tempting to just pay the minimum payment your credit card issuer asks for, doing so guarantees you’ll be charged interest because you’ll be carrying a balance into the following month. 

    Instead, make a point of paying off your balance in full every month. Not only will you avoid paying credit card interest, but your card issuer will report these payments to the credit monitoring bureaus, which can boost your credit score. Plus, the cash back or rewards you earn with the card won’t be offset by the interest you’re charged, so you truly get more out of using your card.

    How to reduce credit card debt

    If you already have a credit card balance, don’t despair. There are strategic things you can do to get out from under credit card debt.

    1. Negotiate with your credit card provider

    As a first step, call your bank or credit card provider to request a lower interest rate. Your card issuer may be willing to work with you, so don’t hesitate to ask. They might agree to lower your rate, offer to switch you to a lower-interest card, or create a repayment plan that works for your situation—but you’ll never know if you don’t ask.

    Article Continues Below Advertisement


    2. Make a budget and pay with cash or debit

    It’s important to honestly track your income and expenses so you can trim unnecessary costs. Stop charging purchases to your credit cards and switch to cash or debit, instead.

    While it might seem difficult, try to contribute to an emergency savings fund. If an unexpected expense comes up (like an appliance repair or vet bill), you can pull from your fund rather than charge it to your credit card.

    3. Open a balance transfer credit card

    If you have significant debt, find a balance transfer credit card with a great promotional rate. Then, move your existing balance to the card. You can quickly pay down the balance while you’re not being charged interest. The golden rule of balance transfer cards: never charge new purchases to the card.

    Canada’s best credit cards for balance transfers

    4. Try the avalanche or snowball repayment strategy

    There are two main approaches to paying off debt:

    • Avalanche method: Focus on paying off the debt with the highest interest rate first, while making only the minimum payments on your other accounts. Once the highest-interest debt is paid off, move on to the next-highest-interest debt.
    • Snowball method: Start by paying off the debt with the smallest balance first, while continuing to make minimum payments on your other debts. After clearing one debt, move to the next-smallest balance. This method may cost more in interest over time, but it can provide strong motivation and momentum to stay on track with debt repayment.

    5. Work with a credit counselling agency.

    It’s completely understandable to feel overwhelmed by your credit card debt, which is why a credit counsellor can be so helpful. Speak to representatives from your financial institution, a credit counselling agency, or a debt consolidation program to discuss your options. They can help you create a tailored plan to resolve the situation.

    5. Consider debt consolidation.

    If you’re juggling multiple loans and credit card balances and having trouble paying them off, it may make sense to consolidate your debt. This means combining two or more debts into one, with just one payment to make each month.

    Another option is a debt consolidation loan from a bank or other financial institution. Or you could work with a credit counselling agency to negotiate a debt consolidation program (DCP) or consumer proposal (repaying only part of your debt) with your lenders.

    Learn more about each of these options by reading “How to consolidate debt in Canada” and “Who should Canadians consult for debt advice?”

    Jessica Gibson

    Source link

  • How smart borrowing can grow your wealth

    Taking on debt isn’t always a bad thing. In fact, some strategic borrowing could help you build wealth, as long as you have a clear purpose for the funds.

    When used wisely, debt such as a personal loan can be an effective tool for growing your income, improving your credit, consolidating debt, or increasing the value of your home. Using a personal loan for a vacation or other discretionary expense, however, won’t improve your long-term financial picture.

    Knowing how to use a personal loan strategically can help you achieve your financial goals while avoiding the pitfalls of burdensome debt.

    Taking on debt to make more money may seem counterintuitive, but personal loans can be useful tools for building financial security. The key is to use the loan for a specific goal that offers a return on investment (ROI), such as consolidating high-interest debt or increasing your home’s value with renovations. Here’s a closer look at some of the ways a personal loan could improve your financial stability.

    Using a personal loan to consolidate high-interest debt could save you money on interest and get you out of debt faster.

    • Lower your interest rate: Personal loan rates are typically lower than credit card rates. According to the Federal Reserve, the average interest rate on a two-year personal loan is 11.14%, while the average rate on a credit card is nearly double that at 21.39%. Reducing your rate can save you money and potentially help you pay the debt off faster.

    • Simplify repayment: After consolidating, you’ll have just one monthly payment to manage, rather than juggling multiple due dates and payments. Personal loans typically have fixed rates and repayment terms, so your monthly payments are predictable and won’t fluctuate over time.

    • Reduce your credit utilization: If you use a personal loan to consolidate credit card debt, you’ll reduce your credit utilization, which could boost your credit score. This can make it easier to qualify for good rates and terms on a loan in the future.

    • Remove the temptation to keep borrowing: A personal loan offers a lump sum up front. Since it’s not a revolving line of credit, you won’t be able to continually borrow against it and incur additional debt.

    If debt consolidation helps you pay off your debt faster, you’ll have more money to save for retirement, funnel into investments, or put toward another long-term goal.

    Paying for home improvements is another common use for a personal loan. Refurbishing your home can increase its value, potentially leading to a higher sale price or rental income. It can also increase your equity, which could make it easier to borrow a home equity loan or HELOC in the future.

    You can put a personal loan toward a variety of projects, such as replacing an old roof or adding energy-efficient upgrades that reduce your utility costs. Renovations that can add the most value to your home include renovating a kitchen, remodeling bathrooms, and sprucing up the curb appeal.

    You may also use a personal loan to cover the costs of job training, such as one-on-one coaching or a certification program. Gaining new skills can lead to a higher income if it helps you secure a promotion, land a new job, or attract new clients.

    Developing your expertise through professional training or business coaching can offer a high return on investment over time. This ROI may outweigh the interest you pay on a personal loan. Keep in mind, however, that most lenders don’t let you use personal loan funds for college tuition.

    If the lender allows it, you might also use a personal loan to start or expand your business or side hustle. You could use the funds to pay for startup expenses, create new products, or grow your team.

    Leveraging a personal loan in this way could grow your wealth if it helps your business succeed. Keep in mind that not all lenders let you use personal loans for business expenses. You should consider small business loans to determine which type of loan better suits your needs.

    Read more: Can I use a personal loan for anything? 6 expenses that are restricted.

    Taking on a personal loan isn’t always a recipe for wealth creation. There are situations where borrowing could hurt your financial situation more than it helps, such as:

    • Using the loan on nonessential expenses: Taking out a personal loan to pay for discretionary expenses, such as a vacation or wedding, can be costly and is unlikely to offer a financial ROI.

    • Borrowing without a clear plan for repayment: Before agreeing to a loan, review the terms, interest rate, and monthly payment to understand your financial obligations and have a solid plan for covering them.

    • Taking on more debt than you can afford: If your budget is already tight, taking out a loan could create financial strain. Failing to make payments on time can result in late fees and a negative impact on your credit score.

    • Consolidating debt without changing your spending habits: Using a personal loan for debt consolidation would only be a temporary solution if you continue to accumulate high-interest credit card debt.

    • Spending the funds on a depreciating asset: If you’re purchasing an item that loses value quickly, like a boat, electronics, or luxury goods, you could end up paying more in interest than the item is worth.

    Read more: Good debt vs. bad debt: A guide to borrowing wisely

    If you’re considering a personal loan to grow wealth, ask yourself how the loan will improve your financial situation over time. Will it help you grow your income or increase the value of your home? If you’re using it for debt consolidation, will you save money on interest or pay the debt off faster? Ensure the loan aligns with your long-term goals and doesn’t add unnecessary risk.

    Check that you can comfortably afford the monthly payments without draining your emergency savings. Consider how borrowing will impact your debt-to-income (DTI) ratio too, which compares your monthly debt payments with your gross income. Most lenders prefer a DTI below 35% when considering you for a new loan or line of credit.

    Finally, take the time to shop around with multiple lenders before picking a loan. You can often check your rates and prequalify online, a quick process that won’t affect your credit score. By doing your due diligence, you can find your best offer and use the loan to achieve your wealth-building goals.

    This article was edited by Alicia Hahn.

    Source link

  • How to manage debt when you’re between jobs in Canada – MoneySense

    In July 2025, Canada’s unemployment rate hovered around 6.9%, with youth unemployment reaching 14.6%. Two in five Canadians say they’re worried someone in their household could lose their job, the highest level of job loss anxiety ever reported, according to MNP. At the same time, 42% of Canadians say money has been their biggest source of stress this year, and nearly half are losing sleep over it. 

    If you’re in between jobs and worried about how to cover your bills, protect your credit, or figure out what kind of help is available, you’ve come to the right place. In this article, we’ll walk you through how to prioritize payments, negotiate with creditors, and access unemployment relief programs so you can keep things manageable while you search for your next opportunity.

    The first 48 hours: Triage your finances

    The first few days after losing your job can feel overwhelming, but taking a few simple steps can help you regain a sense of control. 

    Start by adjusting your current budget or making a bare-bones budget that covers only essentials: housing, utilities, groceries, phone, internet, transportation, and minimum debt payments. Factor in any income you expect to have during this time, such as severance, emergency savings, or Employment Insurance (EI). This gives you a clear picture of what you need and where you might need to cut back.

    Then, you’ll want to prioritize your expenses. Make housing your top priority, which includes rent or mortgage and utilities, then add in basic food costs and health needs. Secured debts (loans tied to assets, such as a vehicle) come next, followed by unsecured ones like credit cards. 

    Once you’ve got the essentials covered, you can look at any non-essential costs that you can trim. “Prioritize housing, utilities, food and transportation. If money is tight, try your best to keep secured debts current, as it is easier to negotiate with unsecured ones,” suggests Mike Bergeron, Credit Counselling Manager at Credit Canada. 

    It may be tempting to rely on payday loans or high-interest credit, but these can trap you in a cycle of debt. Safer alternatives might include taking an installment loan from a bank or credit union, talking to a non-profit credit counsellor about debt consolidation, or exploring hardship options with your lenders. While not all debts carry the same risk, be aware that missing payments can lead to added fees, damage to your credit score or collections.

    Read more: How to consolidate your debt

    Article Continues Below Advertisement


    Invest your money or pay off debt?

    A comprehensive guide for Canadians

    Speaking to creditors: When to reach out and what to say

    If you’re struggling to make payments, contact your creditors as soon as possible. It may feel uncomfortable, but reaching out early can open the door to options that help lower your payments and protect your credit. Many lenders offer hardship programs like reduced interest, lower minimums, or payment deferrals—but they won’t offer them unless you ask.

    “One of the most common mistakes I see people make is avoiding their creditors when they lose their job,” says Bergeron. “The earlier you communicate your situation, the more options you’ll have. Most creditors would rather work with you than send your account to collections.”

    When you get in touch, be direct and honest. You could say, “I’ve had a loss of income and want to keep my account in good standing. What hardship options are available?” Before agreeing to anything, ask: “Can you confirm how this will affect interest, fees, and my credit report?” If you’re offered a deferral or payment plan, clarify how long it lasts, whether interest continues, and when regular payments resume. Always get the full agreement in writing. This helps avoid surprises and gives you something to refer back to later.

    If your account has already gone to collections, know your rights. Collectors must follow provincial laws and cannot harass or threaten you. You can ask them for details about the debt and any payment options, just like you would with a creditor. Stay calm, ask for everything in writing, and don’t feel pressured to agree to anything on the spot. Consult a credit counsellor if you need help dealing with collections.

    Available support: Accessing government and non-profit resources

    If you’re between jobs, there are programs across Canada that can help. Start by applying for EI as soon as you stop working, even if you haven’t received your Record of Employment yet (processing can take a few weeks). “Ensure that you have enough income coming in to support your expenses around the house, keep a roof over your head, and keep food on the table,” says Randolph Taylor, a certified Credit Counsellor with Credit Canada. Each province also offers its own emergency or income assistance programs that may help with urgent needs like rent, utilities, or basic living costs, depending on your situation. 

    You may also be eligible for utility relief programs, offered by many hydro and gas providers across the country, which can include bill deferrals, payment plans, or seasonal discounts. For help with day-to-day essentials, food banks, and community organizations can provide groceries and supplies with no cost or judgment. These resources are designed to support Canadians through temporary hardships like job loss.

    If you’re struggling to manage debt while unemployed, consider reaching out to a non-profit credit counselling agency like Credit Canada for free one-on-one financial coaching and review your income, expenses, and debts to help build a realistic plan for your situation. Credit counsellors can walk you through options like debt consolidation, contact creditors on your behalf, and provide educational and budgeting resources.

    Prioritizing payments: Which debts to handle first

    When money is tight, it’s important to focus on the debts that carry the most risk. Start with secured debts, like your mortgage, rent, or car loan. Since secured debts are tied to an asset, missing these could lead to eviction, foreclosure, or losing your vehicle. If you’re falling behind, contact your landlord or lender early to ask about deferrals, rent relief programs, or adjusting your repayment plan.

    Doris Asiedu

    Source link

  • Loans for Canadians with bad credit: How to improve your score – MoneySense

    The reality is that more and more Canadians are falling behind on credit payments. Thanks to the spike in inflation that occurred after the pandemic lockdowns were lifted, the cost of living across the country has ballooned. And credit card interest rates? They’re sitting at around 20% or more, which means even a small balance can turn into a monster rather quickly. In a recent Ratehub.ca survey, 50% of respondents said they had taken out a loan (student, auto or personal), and 41% carried debt over $1,000. (Ratehub.ca and MoneySense.ca are both owned by Ratehub Inc.)

    Even if you keep up with your minimum monthly payments, credit card interest charges will eat into your progress; it’s like financial quicksand. But here’s the good news: you don’t need a perfect score to start turning things around. In this article, we’ll cover different options to get back on track, including debt consolidation, low-interest credit cards, and more.

    Consolidating debts can mean lower interest fees

    For some Canadians who are struggling to repay multiple debts, a debt consolidation loan may be the most optimal solution. With one loan, you can pay off those credit cards, swap your 20%-plus interest rate for something much lower, and then focus on making one predictable monthly payment. Throw in the occasional extra payment when you have a bit more cash, and you can really start to chip away at that debt mountain.

    The “secret sauce” here isn’t just getting the loan—it’s picking the right one, with the right terms, and then paying it back consistently. A debt consolidation loan can be very effective for Canadians who want to stop drowning in debt AND boost their credit score. Read on for more details, plus other options to consider.

    LoanFinder is moments away from showing your personalized loan matches

    In under 60 seconds, get matched with a personalized list of loan providers based on your needs and approval likelihood. No SIN required.

    Why does “bad credit” carry so much shame?

    Many Canadians are uncomfortable talking about money and finances in general, let alone debt and bad credit. 

    Having bad credit or being in debt often carries a negative stigma, which can lead to feelings of shame. Because of this, people may avoid seeking help when their debt grows and spirals out of control. When this happens, people may turn to payday loans or other kinds of predatory lending with sky-high interest rates, which only makes things worse.

    If you’re struggling with debt, you’re not alone. As of the second quarter of 2025, the average non-mortgage debt per Canadian consumer was $22,147, according to credit bureau Equifax Canada.

    Bad credit and debt can make us feel like we are not in control of our lives—they can feel like a crushing weight on our chest that gets heavier with each passing day. While that shame can become unbearable, I’m here to tell you that there is a legitimate financial tool that can help you improve your debt situation and your credit score in one shot.

    Article Continues Below Advertisement


    Can borrowing actually be part of the solution?

    It seems counterintuitive, doesn’t it? Taking on more debt to pay off your older debt? You’re not wrong, but when done correctly, debt consolidation loans can achieve the goals I mentioned earlier: paying down your debt while also improving your credit score. Still don’t believe me? Here’s how it works.

    What is a debt consolidation loan?

    In Canada, a debt consolidation loan is a personal loan you can take to combine your debts into one payment. Ideally, this will allow you to eliminate your high-interest debt in exchange for a single monthly payment with a lower interest rate. Instead of worrying about paying off a credit card, a student loan, and a car loan, you will only need to repay the debt consolidation loan. 

    This can simplify your financial situation and streamline your debt, with the bonus of saving you money with a lower interest rate. Most Canadian financial institutions can provide a debt consolidation loan, including banks, credit unions, and even online lenders. 

    How can a debt consolidation loan help rebuild your credit score?

    • Lower debt ratio: Your debt ratio is the amount of debt you carry compared to the amount of credit you have access to. This is a critical factor in determining your credit score. 
    • Manageable payments: With a debt consolidation loan, you make one monthly payment, rather than juggling multiple payments for different debts. This can help you to budget your money and maybe even pay down your debt faster. 
    • Pre-determined payment schedule: Debt consolidation loans also come with a clear fixed term and payment schedule. This allows you to have an end date in mind for paying off all of your debts. 
    • Diversified credit mix: Interestingly enough, lenders like to see that people can handle different types of credit and manage them well. This can help improve your credit score. 
    • Demonstrating responsible debt repayment: This is probably one of the biggest ways in which debt consolidation can improve your credit score. Consistently making payments on time shows that you’re reliable, and it can help give you a track record for future loan applications.

    Who a consolidation loan isn’t right for

    I’ve talked a lot about debt consolidation loans being an excellent way to pay down your debt and improve your financial situation. But sometimes, even a consolidation loan isn’t enough to help someone get their debt under control. Here are a few examples of people who shouldn’t consider a consolidation loan:

    • Those who are unwilling to change their spending habits 
    • People who continue to go into debt without a plan to repay it
    • People who don’t have enough steady income to keep up with payments 

    How to get a debt consolidation loan in Canada

    • Application process: Most financial institutions have their own application process and approval criteria. A basic credit check is also standard to qualify for these loans. 
    • Documents required: Generally, you will need to provide financial documentation including proof of income or recent pay stubs, income tax returns, and a list of current debts and assets.  
    • Who qualifies? This will vary by institution. Generally, lenders look for steady income. 
    • Debt types covered: These loans cover most types of unsecured debt, meaning those without collateral. These can include credit card debt, personal loans, and some lines of credit.

    Other options to consider

    If a debt consolidation loan isn’t a good fit for your financial situation, you may want to consider other options:

    • Low-interest credit card: Lower interest rates can help reduce the amount of debt you accumulate.
    • Balance transfer credit card: This type of card offers a lower interest rate for debt transferred from one or more higher-interest cards. Some offer a limited-time promotional period with an extra-low interest rate, even 0%.
    • Line of credit: A personal line of credit from a bank or other financial institution lets you borrow money up to a pre-set limit, at an interest rate lower than a typical credit card. The interest rate is usually variable, and there is no repayment schedule, aside from monthly interest payments.
    • Home equity line of credit (HELOC): This is a type of line of credit that is secured by your home, meaning your home is the collateral for the money you borrow. Like personal lines of credit, most HELOCs have no repayment schedule, besides monthly interest payments. Learn more about HELOCs.
    • Various saving methods: Anything you can do to reduce your debt and improve your earnings and savings. Cut spending or subscriptions, or take on a side hustle. 

    Canada’s best credit cards for balance transfers

    My final thoughts

    Debt is a scary thing, and things are made worse by the stigma that surrounds it. If you find yourself in debt, you need to take immediate action before that snowball gets too big to handle. A debt consolidation loan is a financial tool that can help make it easier to manage your debt. 

    If you are in debt, it’s not too late to change. Create and stick to a budget. Look for ways to reduce spending and earn more income. 

    You do not need to let debt define who you are. Use the tools available to take back control. If you’re serious about paying down your debt and rebuilding your credit, a consolidation loan might be the smartest money move you make this year.

    Natasha Macmillan

    Source link

  • How to fix bad credit history in Canada: 3 steps to boost your score – MoneySense

    How to fix bad credit history in Canada: 3 steps to boost your score – MoneySense

    1. Review your credit report for errors

    It’s important to review your credit report and score at least once a year, especially when you’re trying to improve it. You can obtain your credit report and score through Canada’s two credit bureaus, a third-party service or your bank’s website or mobile app, as noted above. Doing so will not affect your score.

    Look over the report to see what’s documented and ensure the information is correct. You can remove incorrect information at no charge by filing a dispute directly with the credit bureaus. Errors in your report or instances of identity theft can cause your score to be lower than it should be and addressing these errors could increase it dramatically. Look for things like:

    • Errors related to personal details such as phone number, reported addresses, birth date and full name
    • Incorrect accounts due to identity theft
    • Balances on accounts that have been paid off
    • Unauthorized purchases due to fraud

    It can take time for errors to completely disappear from your credit report, so the sooner you address the issue, the sooner you can start the process of rebuilding your credit.

    Even if there are no mistakes, the report provides an overview of your accounts, offering insights into how to enhance your credit and better manage debt.

    2. Focus on paying down debt

    A history of consistently paying down debts is a good starting point for improving your credit, and it’s something you can immediately take action on. Even if you only have one big bill, it’s important to prioritize paying it down. Paying at least the required miniumum amount, on-time, every time, is crucial for your credit score. And remember that carrying debt is expensive, so you’ll want to try to pay off these debts in full as soon as possible by putting more money towards the outstanding balances.

    You can do this by creating a debt repayment plan using either the avalanche or the snowball repayment methods. Avalanche focuses on paying off the debt with the highest interest rate first. By prioritizing high-interest debt, you save money in the long run and can pay off your debts more efficiently. The Snowball method has you pay off the smallest debt first, which can provide quick wins and keep you motivated with each debt that gets knocked out. Each method has its pros and cons, so pick the one that best fits your financial situation.

    3. Watch out for credit repair scams

    Some companies claim they can fix your credit and solve your debt problems quickly—and you may be tempted to use their services if you have a less-than-perfect credit score. However, you can only rebuild credit—there’s no quick fix. 

    Credit repair companies may say they will fix your credit by removing negative information from your credit report to boost your credit score—for a costly, up-front fee. These companies often take advantage of the fact that many Canadians don’t know you accurate information cannot be removed from a credit report—even if it’s bad. Be cautious of companies offering credit repair services. It’s likely a scam if a company: 

    Randolph Taylor

    Source link

  • Personal loan versus line of credit: Which should you choose? – MoneySense

    Personal loan versus line of credit: Which should you choose? – MoneySense

    Personal loans vs. lines of credit

    With a personal loan, you borrow a single (fixed) amount of money from a bank or other lender. In return, you agree to pay back the principal plus interest over a certain period of time. This is called “installment credit.” Often, personal loans are for specific expenses. For example, you might apply for a car loan to buy a vehicle, or a debt consolidation loan to reduce your debt. Personal loans can be secured with collateral or unsecured, and the amount you’re eligible to receive is tied to your credit history and financial picture.

    When you’re approved for a line of credit, the bank, firm or lender extends a certain amount and you can borrow on an as-needed basis. Whatever you pay back, you can access the credit again, just like with a credit card. This is called “revolving credit.” You can use the money for any purpose you wish. Just like with loans, lines of credit can be secured or unsecured. 

    Here are the key differences at-a-glance.

    Personal loan Line of credit
    Type of credit Installment (non-revolving) Revolving
    Payment schedule A fixed amount over a fixed time period. As-needed, with a minimum monthly payment if you borrow
    Interest rates Fixed or variable Usually variable, and tied to the Prime Rate (which is currently 6.45%.)
    Interest applicability On the whole loan Only on what you borrow
    Extra fees Transaction or service fees Transaction or service fees
    Uses A need specified when applying Any purpose, no need to reveal

    Pros and cons of a personal loan

    Here are the pros and cons for personal loans.

    Pros

    • Interest rates can be lower than with credit cards
    • The fixed payment schedule ensures your loan will be repaid by a certain date.

    Cons

    • Typically higher interest rates than the majority of lines of credit.
    • To use more credit you have to refinance the loan or get a separate loan.
    • Lenders may charge fees for administering the loan.
    • There might be limitations on what you can spend the money on. A car loan is only for the purchase of a vehicle, which may seem obvious, but other loans may only be used for renovations or debt consolidation. 

    Pros and cons of a line of credit 

    Here are the pros and cons for lines of credit.

    Pros

    • Typically have lower interest rates than personal loans.
    • Interest is only charged on the portion of credit used.
    • There is no fixed term so you can pay it off at any time without penalty (as long as you pay the minimum monthly amount).
    • The credit is “revolving”, meaning that once you pay it back you can borrow again without refinancing.
    • You can use the money for any purpose.

    Cons

    • Interest rates are variable, based on the prime rate, so the loan rate will fluctuate. For example, you might have a line of credit where the interest rate is prime + 1.5%. As the prime rate changes, so will the total interest on your line of credit.
    • Lenders often offer the maximum amount which can make it easy to overborrow. 
    • As there is no fixed payment schedule, you must manage repayment on your own. 
    • A secured line of credit against your home (like a HELOC) will require a one-time appraisal as well as legal fees. 

    How interest rates work for loans and lines of credit

    The interest you pay on a personal loan or a line of credit will depend on many factors including the lender, your credit history, the terms of the credit and the prime rate (in the case of variable interest). That said, these are the variables you can negotiate to get the best rates. 

    For a personal loan:

    • Interest rate
      Look for the lowest rate available to you, and decide whether you prefer a fixed or variable rate. 
    • Fixed or variable rate
      Loans most often incur a fixed rate, meaning that the interest is the same throughout the term of the loan. With a variable-rate loan, the interest rate will change in the same direction as the prime rate. 
    • Secured or unsecured
      You might negotiate a lower interest rate if you can secure the loan with collateral, such as a home. 
    • Amortization period
      Amortization is the amount of time you take to pay off the loan and can range from six months to 60 months (five years) for personal loans, reports the Financial Consumer Agency of Canada. Adjusting your amortization period might affect your interest rate.
    • Fees or penalties
      Loans come with fees. With personal loans, for example, you may pay a penalty if you pay it off early.

    For lines of credit:

    Keph Senett

    Source link

  • How Nonprofit Debt Consolidation Works | Bankrate

    How Nonprofit Debt Consolidation Works | Bankrate

    Key takeaways

    • Nonprofit debt consolidation can make debt payments more manageable by reducing the number of bills you need to pay.
    • Unlike traditional debt consolidation, where borrowers pay off existing debts with a new loan, nonprofit debt consolidation relies on a debt management plan that works with your existing debts.
    • You may want to try a nonprofit service before considering a for-profit company.

    If you’re one of the almost half of Americans who carry a credit card balance every month, you might struggle to juggle multiple debt payments to numerous creditors. You have to remember all the different due dates and make sure the money is available when you need to pay each bill.

    Debt consolidation can help by combining two or more debts into a single payment with a due date that works for you. Nonprofit debt consolidation may be particularly useful for borrowers who are taking care to protect or improve their credit scores.

    What is nonprofit debt consolidation?

    Unlike traditional debt consolidation, nonprofit debt consolidation does not require a new loan to pay off your other debts.

    Instead, a nonprofit debt consolidation service works with your creditors to create a debt management plan (DMP). The DMP allows you to make one payment to the nonprofit consolidation services each month. The service will distribute your payment to the individual creditors for you.

    “Nonprofit debt consolidation can be a good option for those feeling overwhelmed by multiple payments with different due dates to remember,” says Katie Ross, executive vice president for nonprofit American Consumer Credit Counseling. “With debt consolidation, you make one monthly payment on the day of the month that works best for you.”

    It’s important to note that “nonprofit” doesn’t necessarily mean the service is free for borrowers. It simply means that the service does not turn a profit for owners.

    However, much of the nonprofit debt relief services funding comes from government programs, grants and donations. As a result, these organizations can offer much lower fees for their service than a for-profit company that relies on customers to turn a profit. Sometimes, nonprofit debt relief organizations may have enough outside funding to offer their services free to borrowers.

    How nonprofit debt consolidation works

    When you hire a nonprofit debt consolidation company, a financial counselor will contact your creditors to negotiate more favorable terms on your debts.

    The counselor might be able to get late fees waived or even lower your interest rate. A lower interest rate reduces the total amount you’ll have to pay on the debt, which can mean a lower monthly payment.

    The counselor will then create a DMP based on your budget and schedule. Tell your financial counselor if you are struggling to make the current payments on your debts. They may be able to negotiate lower monthly payments either through lower interest rates or by extending the terms of the loans. Just remember that extending the loan term may mean paying more in interest expenses over the long haul.

    You should also tell your financial counselor which payment date works best for you. For example, if you get paid on the 1st, they might schedule the payment for the 4th, when you will likely have the funds in your account.

    Your counselor will then present the proposed debt management plan to your creditors for approval. Nonprofit debt consolidation only works if creditors agree with the proposed arrangement.

    Types of debt eligible for nonprofit debt consolidation

    Nonprofit debt management services typically only apply to unsecured debt.

    Credit card debt

    This is the most common type of debt in debt management plans. Americans carry a lot of credit card debt. With credit card interest rates being so high, your credit counselor may have more room to negotiate the rate down. A lower rate could reduce your monthly payment or even help you pay off the balance faster.

    Credit card companies may require you to close active accounts before they will approve a debt management plan. You would not be able to use that card for future purchases, and it may result in a temporary decrease in your credit score.

    The average age of credit and total available credit are two main factors in calculating your credit score. Closing a long-open account affects both categories.

    Medical debt

    Medical debt comes with more consumer protections than credit card debt, so a nonprofit debt management counselor may have more options for negotiating this debt, such as social service referrals. In some states, medical debt forgiveness may be an option.

    Student loans

    Student loans may or may not be eligible for nonprofit debt consolidation, often depending on if they are federal or private. However, there may be additional options to help ease the student loan burden.

    According to Ross, “These options may include loan cancellation, consolidation or income-driven repayment plans. The options will vary depending on whether the client has federal or private student loans, as federal student loans have different types of repayment plans.”

    Debts that are ineligible for nonprofit consolidation

    Debts that are secured by collateral are typically excluded from debt consolidation services.

    Home loans

    Home mortgage loans are secured by the property being mortgaged. This means the lender could foreclose on the home if the borrower fails to repay the loan. Home loans are not eligible for nonprofit debt consolidation plans as a secured debt.

    Auto loans

    Auto loans are secured by the vehicle. If a borrower fails to repay the loan, the lender could repossess the vehicle. Using the automobile as collateral disqualifies auto loans from nonprofit debt consolidation.

    Nonprofit debt consolidation vs. for-profit debt relief

    Nonprofit debt consolidation and for-profit debt consolidation have several important differences.

    The financial objectives of the companies

    Nonprofit credit counseling agencies are not focused on turning a profit. Any profits must be funneled back into activities that support the organization. No individual shareholders are looking to benefit financially from the organization’s profitability.

    By contrast, for-profit debt relief companies aim to make money from their services.

    How the organizations are funded

    Nonprofits receive financial support from other sources, such as grants, government programs and charitable donations, so their services are inexpensive or free to borrowers.

    For-profits are funded by the consumers using the service. This means for-profit companies must charge customers more than nonprofit organizations.

    When the organizations pay creditors

    Nonprofit debt consolidation services can begin making payments to creditors on your behalf as soon as the creditors approve your DMP. As long as payments are up to date on your accounts, the nonprofit debt consolidation service can take over with no interruption to your payments. This means no late fees or penalties from the creditors.

    For-profit debt relief companies, on the other hand, often require that accounts go delinquent before they begin negotiations. They want the creditor to be concerned that the borrower may default on the loan completely. That gives the debt counselor more leverage in negotiations. While this strategy can potentially result in some level of debt forgiveness, it can also severely impact your credit score and finances.

    “Not paying your creditors will result in collections, additional late fees and possibly legal action,” says Ross.

    Additionally, there is no guarantee that your creditors will accept the proposed settlement, which would mean risking your credit score for nothing.

    Ongoing support

    Nonprofit debt consolidation agencies often provide free educational resources to help with financial tasks like budgeting, credit repair or retirement planning.

    For-profit debt settlement companies may offer some free resources for ongoing support but often charge for premium versions of these tools.

    Pros and cons of nonprofit debt consolidation

    The benefits of nonprofit debt consolidation include:

    • Less impact on your credit score compared to a for-profit debt relief service
    • Lower cost than for-profit debt relief
    • More manageable payment schedules
    • No need to apply for a debt consolidation loan
    • Potentially lower interest rates
    • Potentially lower monthly payments

    There are also a few possible downsides of nonprofit debt consolidation, including:

    • A temporary dip in your credit score
    • Not available for secured loans
    • The requirement to close accounts

    How to choose a nonprofit debt consolidation service

    When selecting a nonprofit debt relief company, look for one accredited by an independent organization.

    Companies that join the National Foundation for Credit Counseling (NFCC), for example, must be accredited by the Council on Accreditation (COA), an independent organization that accredits more than 1,600 social service organizations in the United States and Canada. Financial counselors with the NFCC have been trained and certified.

    You should also check online reviews to see if customers are generally satisfied with the service. Check reputable review sites like the Better Business Bureau, TrustPilot and Consumer Affairs.

    The bottom line

    Nonprofit debt consolidation is a legitimate, affordable way to manage debt by creating a more manageable repayment structure. Working with a nonprofit debt consolidation service can lower your interest rates, reduce your monthly payments and save your credit score from taking a major hit.

    Find a reputable nonprofit debt consolidation service by searching for accredited debt counselors through the National Foundation for Credit Counseling (NFCC).

    Source link

  • Canadian consumer debt: How we’re paying for our credit cards – MoneySense

    Canadian consumer debt: How we’re paying for our credit cards – MoneySense

    What is causing debt for Canadians?

    Matthew Fabian, director of financial services research at TransUnion Canada, said many household incomes are not keeping up with inflation and higher interest rates, leaving them to rely on credit.

    “Consumers that have had significant increases in their mortgage payment have made that deliberate trade-off to pay less on their credit card and in some cases, they’re missing their payment,” Fabian said in an interview. “We’ve seen a higher delinquency rate in credit cards for those consumers that have mortgages than traditional credit card consumers.”

    How much debt do Canadians have?

    Total consumer debt in Canada was $2.38 trillion in the first quarter, compared with $2.32 trillion in the same quarter last year, and down only slightly from a record $2.4 trillion in the fourth quarter. The report said 31.8 million Canadians had one or more credit products in the first quarter, up 3.75% year-over-year. The jump was mainly driven by newcomers and gen Z signing up for their first credit products. The report showed there was a 30% surge in outstanding credit card balances for the gen Z cohort compared with the previous year.

    “The younger generation (is) only getting access to credit for the very first time in their life,” said Fabian. “They’re still learning how to use it, they’re still learning what it means to pay your monthly obligations.”

    Meanwhile, millennials held the largest portion of debt in the country—about 38% of all debt—likely due to higher credit needs as they grow older, according to the report. “They’re in the life stage where they’re probably having children, getting houses and have auto loans,” Fabian said. “The structure of the debt is shifted where 10 years ago, the majority of them would have had credit cards and car loans.” (Read: “How much debt is normal in Canada? We break it down by age”)

    Are mortgages in Canada at risk for defaults

    Fabian said he isn’t overly concerned about households falling behind on their mortgage payments because of the strict screening process established by the banking watchdog to qualify for a mortgage. He also said cash-strapped consumers will typically pay their mortgage first at the expense of other credit products like their auto loan or credit card. 

    Even though there are concerns about missed payments among the vulnerable population, Fabian said, “We’re still seeing pretty decent resiliency in the Canadian consumer base, especially when you look at how quickly it’s grown with gen Z and the volume of credit participation.”

    He added interest rate cuts, which are anticipated as early as June, can lessen the burden on households over time. “Our expectation is that the market will start to correct back to normal,” Fabian said.

    The Canadian Press

    Source link

  • Why young people keep getting caught in debt traps and how to break the cycle – MoneySense

    Why young people keep getting caught in debt traps and how to break the cycle – MoneySense

    “They may see a slight increase in their income, and they think, ‘Oh, I just kind of hit the lottery, and now I’m going to spend like crazy,’” Schwartz said. “And it’s tough to change those behaviours after it’s been ingrained for a long period of time.”

    To prevent this from happening, track spending diligently—you can download apps for this purpose—and delay milestones such as moving out or getting a car if you can, Schwartz said. Build up an emergency fund in case you lose your income or suffer a financial setback, to avoid falling into serious debt.

    “If you have the opportunity when you’re young, when you’re not spending as much on rent, you’re not spending as much on food, if you can cut back on how much you’re socializing—that’s a great place to start to build up that reserve fund,” Schwartz said.

    Live within your monthly cash flow—using your debit card or cash—and develop a short-term austerity plan to make big strides on debt repayment, Terrio said.

    When to focus on debt repayment

    Summer months are tough for austerity because you want to socialize, he pointed out, but January through March are a good time to adhere to a severe budget. Up to 40% of your non-rent income should go to debt, Terrio said, noting short-term austerity is tolerable because it’s over quickly.

    Ultimately, the aim is to reach the tipping point when at least half of your debt payment is going to the principal—and the portion going to interest starts to slide. Never use an instalment loan, he added.

    “All these 36 to 48% interest loans that are $10,000—if you get one of those, you’re done,” Terrio said. “You’re never, ever getting out.”

    Once you’re free of debt, stay that way. Keep your credit limit low and turn down offers to increase it, Terrio said. If you move debt to a line of credit, stop using your credit card.

    The Canadian Press

    Source link

  • What happens if I don’t pay my credit card bills?  – MoneySense

    What happens if I don’t pay my credit card bills?  – MoneySense

    If you’re struggling to make your minimum credit card payments, you’re not alone. Unexpected emergencies can sometimes leave us short on funds to make the minimum payment on a credit card. According to Equifax Canada’s 2023 Market Pulse Consumer Credit Trends and Insights report, nearly 35% of Canadians carry balances on their credit cards from month to month. However, there are potential consequences for not paying your credit card bill on time. So here are the steps you can take to minimize the impact.

    Note that credit card companies may respond differently to missed payments, ranging from a tersely worded letter to potential legal action, depending on your issuer and your situation. In this article, we’ll explore the implications and ways to manage your credit card debt.

    What are the immediate consequences of not paying a credit card bill?

    If you don’t pay your minimum credit card balance, there could be different outcomes depending on the type of credit card you carry and the credit card issuer. Missing a couple payments will usually result in a hit to your credit score, as well as penalty fees like late charges and potentially a higher interest rate. If you miss more than one payment, the credit card company may also close your card. 

    Review your credit card agreement to ensure you are aware of your obligations and any potential penalties. If you miss payments, the credit card company may do any or all three of the following, according to the Canadian government:

    1. Revoke promotional interest rates.
    2. Increase interest rates in general.
    3. Cancel the credit card.

    Will my credit score be impacted if I don’t pay?

    Payment history is the biggest factor in calculating your credit score, so a late or missed payment can definitely impact it. Your credit score indicates creditworthiness for lenders, meaning it influences the loans you may qualify for, the interest rate you’ll pay, what you can buy on credit, and maybe even where you work and where you live. 

    Typically, one missed payment won’t end up on your credit report for at least 30 days after the payment due date. If you make the payment before that point, you might incur penalty fees, but your credit score likely won’t suffer. However, if you don’t pay your credit card for longer than that, your credit will take a hit and hinder your ability to qualify for certain financial services in the future.

    Interest increases and penalty fees on missed card payments

    Depending on the terms and conditions of your credit card, you may have to pay a late fee if you miss a payment. Penalty fees can depend on your balance and what’s outlined in the credit card agreement. 

    In addition, you might face a penalty annual percentage rate (APR) if you miss payments by at least 60 days, resulting in a higher interest rate being applied for a period of time. And that can grow your debt even higher. These terms differ depending on the credit card issuer. 

    Randolph Taylor

    Source link

  • The risks of credit repair companies in Canada – MoneySense

    The risks of credit repair companies in Canada – MoneySense

    Some companies claim they can repair your credit and solve your debt problems quickly. However, you can only rebuild credit and there’s no quick fix to do so. We’ll walk you through why you should be skeptical of companies offering credit repair services and explore other ways to rebuild and maintain strong credit. 

    The importance of strong credit in Canada

    It’s important to have a good credit score so you can get a loan, be approved for a credit card, buy a home and a car. And you want to get the best interest rates when doing so. A credit score may also determine whether a landlord approves your rental application, and employers might even consider credit histories in their hiring process. Having a strong credit score shows you are good at managing debt and credit. In contrast, bad credit suggests you are a risky bet to lenders because you may be having problems with money. 

    Why someone might reach out to a credit repair service

    The average Canadian owes more than $21,000 in consumer debt. When you have a lot of debt and other monthly bills to take care of, it can become difficult to manage and make all of your payments on time, especially amid high inflation and rising costs of living. However, if you don’t manage your payments on time, your credit score will take a hit. Feeling desperate in a financial situation can cause anyone to make a bad decision. But many people run into further financial problems by trying to repair their credit with a quick fix.

    How credit repair companies work

    Credit repair companies say they will repair your credit by removing negative information from your credit report, thus boosting your credit score—for a costly, upfront fee. They may also offer to negotiate with credit reporting agencies to improve your credit score or encourage you to take out a high-interest loan to pay off your debts. Be aware that these credit repair companies make money from fees, set-up costs and interest, so you may be left with even more debt without any changes to your credit score.

    These companies often take advantage of the fact that many Canadians don’t know you can’t remove accurate information from your credit report—even if it’s bad. You should be skeptical if a company says they can remove accurate, negative information from your history.

    Pay attention to the warning signs

    Many Canadians run into further financial problems as they attempt to “repair” their credit because they fall victim to credit repair scams. Credit repair services are different from not-for-profit credit counselling agencies. The latter are typically a free service offering non-profit financial education and advice. But back to the scams, here are the warning signs that a company offering credit repair services is likely a scam: 

    • They request an “upfront” payment (this is illegal under Canadian consumer protection laws)
    • They offer instant approval for loans or other credit products without fully understanding your financial situation
    • They call themselves a “credit repair company” 
    • They request payment by gift cards
    • They use high-pressure sales tactics
    • They say they “erase” your negative credit information
    • They don’t provide a transparent contract (or any contract at all)
    • They warn you against contacting a credit bureau

    How to rebuild your credit in Canada

    Accurate negative information on your credit report cannot magically go away; it’s there until it falls off your credit report, which takes about six years. If your credit report isn’t great, the only way you can go about “fixing” it is by rebuilding it with a positive credit history. You have to show your creditors that your financial habits have improved, which takes time. Here’s what you can do to get the ball rolling: 

    1. Review your credit

    It is important to review your credit report regularly by getting a free copy of your credit history from both Equifax Canada and TransUnion. Look over the report to see what’s documented and if the information is correct. For no charge, you can remove incorrect information by filing a dispute with the credit reporting company.

    Special to MoneySense

    Source link

  • How to prepare for possible job loss in Canada – MoneySense

    How to prepare for possible job loss in Canada – MoneySense

    Let’s back up a bit to explain how we got here. When the COVID-19 lockdowns ended in 2022, financial experts warned that the economy would be due for a contraction. That’s partly because of years of massive spending and borrowing by the federal government and historically low interest rates set by the Bank of Canada (BoC), as well as rapid hiring when the world opened up. And there is good reason to ask about Canada’s employment—persistent inflation means that the BoC has been aggressively hiking interest rates since March 2022, and is willing to risk a recession to do so. Plus, Canadian and international companies have started to shed the jobs they created during the pandemic. Headline-making mass layoffs from X, Meta (Facebook and Instagram) and Alphabet (which owns Google) have shaken up the tech industry, stoking fears that other companies would follow. And several have—so far in 2023, Canadian communications giant Bell has laid off 1,300 workers, Qualcomm will lay off 1,258, Canopy Growth has lost 35% of its staff and Shopify reduced its workforce by 20%.

    There’s good news, though. So far, the Canadian job market has proved to be more robust than anyone expected. In July, job vacancies decreased by 28.1% year-over-year to 701,300 (the most recent data available). Employment has increased recently, rising by 0.3% in September, Statistics Canada said in its labour force survey. 

    Here are some strategies to help you prepare your finances so that you can cope with a job loss—just in case. (Read more on how to prepare for a recession.)

    Signs your company may have upcoming layoffs

    Often there are warning signs when a company is considering shrinking its workforce. A major one is obviously the economy—in a recession, companies may look for ways to cut costs. What about your place of employment? Have you noticed signs of cost-cutting? Other signs: It keeps missing its earnings targets, its share price is falling, or other companies in the same industry are starting layoffs.

    Know your rights when it comes to layoffs

    You do have rights if you are laid off. Each province and territory in Canada has its own employment laws governing notice for termination, pay in lieu and other termination processes. Generally speaking, if you are laid off in Canada, your employer must provide you with two weeks’ notice, or two weeks’ severance pay if it fails to give you notice. Some employers provide laid-off employees with a combination of advance notice and severance pay. There are some exceptions to this requirement, when the mandatory notice and pay in lieu of notice do not apply—such as being dismissed for just cause (which is usually serious misconduct), when the layoff is temporary or if the laid-off employee has been working for their employer for less than three months. 

    This severance pay should cover a couple of weeks or months of living expenses until you can find another job or switch over to employment insurance (EI).

    Fiona Martyn, an employment lawyer at Samfiru Tumarkin LLP, an employment and labour law firm in Toronto, recommends taking your severance package to a lawyer for review before signing anything. Even though you signed an employment contract upon being hired, sometimes the termination clauses are unenforceable, as the law may have changed during your tenure. “What [an employment lawyer] can do is help you negotiate a better severance package which reflects factors like your age, length of service and position. Severance packages help to bridge the [financial] gap until you find a new job,” she says.

    That’s exactly what Michael did (last name withheld for privacy reasons). Michael, who lives in Toronto, lost his job at a large tech company in 2019. “I saw the writing on the wall from a mile away,” he says. “I started getting my ducks in a row.” He was disappointed with his settlement offer—the company let him go only weeks before his stock options would have vested, so his total compensation package was much lower than he expected. 

    Danielle Kubes

    Source link

  • Top 10 Jungle Explains Debt Relief: Your 5 Choices in the Financial Jungle

    Top 10 Jungle Explains Debt Relief: Your 5 Choices in the Financial Jungle

    “Debt is an issue that can spiral out of control in a short period of time. The only way to tackle rising debt is to take action.”

    Press Release
    –


    updated: Jan 16, 2018


    DALLAS, January 16, 2018 (Newswire.com)
    –
    ​Top 10 Jungle, a Dallas-based provider of online reviews and slick digital content, offers tips for people who are struggling with too much personal debt. In an article titled, “Debt Relief: Here Are Your 5 Choices In The Financial Jungle,” the company breaks it down and explains the five primary paths that can move you from the red to the black.

    “Debt is an issue that can spiral out of control in a short period of time. The only real way to tackle rising debt is to take action,” said Charlie Rose of Top10Jungle.com, “Although it can be incredibly difficult to face up to the fact that you’re in trouble, the sooner you take steps in the right direction, the better. Many of us are ostriches when it comes to our finances, but being honest and open is the first step to overcoming debt. When you start to take incisive steps, you’ll realize that there is help out there and there is a way out.”

    Debt is an issue that can spiral out of control in a short period of time. The only real way to tackle rising debt is to take action. Although it can be incredibly difficult to face up to the fact that you’re in trouble, the sooner you take steps in the right direction, the better. Many of us are ostriches when it comes to our finances, but being honest and open is the first step to overcoming debt. When you start to take incisive steps, you’ll realize that there is help out there and there is a way out.

    Charlie Rose, Top 10 Jungle Analyst

    Debt is a common problem, but that doesn’t make it any less daunting for those who are having trouble keeping their heads above water. If you are struggling with debt, there are options out there that can help you pay off outstanding bills, cards, and loans and get back into the black. Not all options are suited to everyone, and this is why it’s so beneficial to consider different methods listed below and speak to experts about your individual situation. 

    1) Paying Off Your Debt In Monthly Installments

    2) Debt Settlement

    3) Debt Consolidation

    4) Debt Management or Counseling

    5) Bankruptcy

    Top 10 Jungle recently added popular companies such as Pebblestone Financial, Peak Lending Network, Timberline Financial, and Lafayette Funding to its list of covered companies.

    ABOUT TOP 10 JUNGLE

    Top 10 Reviews

    Top 10 Jungle collects reviews and provides rankings for popular categories such as debt consolidation, personal loans, medical alerts, VPN, Anti-Virus Software, Small Business Loans, Pet Insurance, Web hosting, Website building and much, much more.

    Best Rated Products

    The Best Rated Products Division is where you want to look when you are about to make a purchase. We cover a wide range of products from the best-rated laptops, tablets, smart home devices, modems and e-Readers to the latest book you just have to read. We are adding categories daily. Our purpose is to make it easy to pick the best product and to be confident in your decision.

    We have something for everyone at Top 10 Jungle and best of all — it’s free!

    For press inquiries or partnership opportunities, please contact Benny Alvarez (benny@top10jungle.com).

    Source: Top 10 Jungle

    Source link

  • LJK Value Creator: Get Business, Income, and Home Improvement Support in One Place

    LJK Value Creator: Get Business, Income, and Home Improvement Support in One Place

    Press Release
    –


    updated: May 3, 2017


    Pensacola, FL, May 3, 2017 (Newswire.com)
    –
    LJK Value Creator, a new, full-service, multi-functional website designed to provide home owners, entrepreneurs, and business owners with all of the service providers and information they need in one consolidated location, this week officially opened its virtual doors to everyone intent on using service providers who have been pre-vetted and approved for maximum performance.

    Borne from a passion for providing valuable assurance to clients unsure about which service providers they need to select, LJK Value Creator is creating value in business and homes of all sizes today.

    “It can be incredibly difficult today trying to assess if a business planning or home improvement specialist is the real deal. With our site, we take care of the annoying vetting process, so our site visitors can simply choose from the people and the information they need to move forward with their projects.”

    Lindsay Kelly, Founder and Owner of LJK Value Creators

    “It can be incredibly difficult today trying to assess if a business planning or home improvement specialist is the real deal,” said Lindsay Kelly, Founder and Owner of LJK Value Creators. “With our site, we take care of the annoying vetting process, so our site visitors can simply choose from the people and the information they need to move forward with their projects.”

    LJK Value Creator is broken down into three categories: work from home, business-to-business, and home improvement. By using the site, visitors can find service providers they need, adept in the ways of working from home and owning a successful personal business, business financing and mapping out a long-term strategy for revenue growth, and home improvement specialists for transforming homes into never-before-seen locations.

    “We’re covering it all here, from home renovation and development requests, to business financing questions and debt consolidation services,” said Kelly. “Spread the word on the official opening of our new multi-functional site, and head on over today to peruse our pre-vetted selection of top quality service providers today.”

    For more information, visit: http://www.ljkvaluecreator.com/.

    Source: LJK Value Creator

    Source link