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100 podcast interview partners wanted personal finance
- Posted December 29, 2009 by Monty Loree
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100 Podcast Interview Partners Wanted - Personal Finance

So many times we visit and read blogs about personal finance.. We visit sites which promote products and services that help us either make more money, or save money. I thought it would be a great idea to interview 100 people involved in personal finance to get the low down on the industry.

After writing hundreds of articles , and thousands of discussion posts, I thought it would be nice to interview others in the industry and get their fresh perspective on things.

If you're one of these people, I would like to interview you!!

I am looking for 100 podcast partners to interview in 2010 as follows:
~ Personal Finance Blogs
~ Owners/Managers of companies who service the personal finance industry:
~ Mortgage Brokers,
~ Investment Counsellors,
~ Life Insurance Agents,
~ Creditors,
~ Collection Agencies,
~ Credit Bureaus
~ Motivation and Education Consultants who help their clients make more money

Sharing ideas and concepts for our personal finance visitors.
The objective for our interviews is to give our visitors news about the industry, some new insights and tips from experts who are involved everyday!

Suggested Topics:
For Bloggers
~ What got you interested in Personal Finance Blogging?
~ How long have you been blogging?
~ What is the subject you like to blog about most?
~ What are 3 of your favorite personal finance blogs?
~ What are 3 of your favorite personal finance websites/products/services?

For Industry Service Providers
~ What service do you provide?
~ What are Products/services you offer that can help our visitors save/make money?
~ What are the Benefits of your product/service?

For Motivation & Education Consultants
~ How does your service relate to the personal finance industry?
~ How does your service help our visitors make/save money?
~ Can you give one or two case studie examples from your own experience, where your service helped an individual make/save money?

Guidelines:
~ The premise of the show is to help our visitors learn more about existing resources and services.
~ You must have a few years experience in the personal finance industry if you're a service provider.
~ This is not an advertisement for your product or service
~ You need to indicate when you're available to be interviewed. (I prefer to do my interviews in the morning)
~ I will be doing these 100 interview throughout 2010.. Booking early is important.
~ It would be beneficial, however, not imperative if you could write a little promotional piece and put it on your blog/site to tell your readers about our interview. This way, your visitors would get the full benefit of our interview as well.
~ There is no cost to you for this interview.
~ I will need to see your topic ideas a few days before we do the actual interview


If you're interested please email me at:

Or leave a comment below..


Thanks.. I'm looking forward to a great year doing 100 interviews!

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what are life insurance rates
- Posted December 28, 2009 by Monty Loree
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What are Life Insurance Rates?

Importance of life coverage
Insurance is a protection that you take against uncertainties and complications in the future. There are various types of insurance but the most important is life insurance. This provides solace to the insurer that his loved ones will get financial assistance after his demise. The insurer however has to pay regular payments to the insurance company for a period of time or until his death. The insurer also has to specify a nominee or any number of nominees who will get the financial assistance. The nominees have to claim the insurance after the demise by providing proper credentials. It is a good and recommended practice to inform the nominee about it. There have been several insurance policies that lie unclaimed with insurance companies. Life insurance policies are of different types and the insurer can choose anyone based on his requirement and suitability. The life insurance rates change based on the type of insurance policy taken.

Insurance quotes for Canadians
The insurance providers in Canada offer two types of life insurance mainly. The types are Term insurance and Full life insurance. The former is for a period of time only. At the expiry of the contract, the insurance cover ceases. This might be used in specific cases only. Full life insurance is for the whole life. The premiums should be continued to be paid by the insurer. The money however serves two purposes. A part of the premium goes towards life insurance and the rest will go towards investment. The investment could be either in deposit account with a bank or in a unit linked plan for investing in shares and stock market. The life insurance rates of term insurance are comparatively lesser than full life cover. The purpose of term insurance is solely for providing cover against life. Full life insurance however deals with both cover and investment. There are lots of sites which provide quotes for insurance policies for Canadian people. They get schemes and details from almost all insurance providers in Canada. The quotes will be displayed based on the information provided by the users. The expectations of the insurer from the policy are collected. Some medical information is also collected. These quotes will tell you which policy to take and the amount of insurance cover that might be taken. This amount should be based on the dependants of the insurer and their income.

Which type of insurance to take?
The different types of insurance have their own purposes. Term insurance can be used by small families whose main aim is for protection in case of death. The life insurance rates are also lower. The insurers however do not enjoy many benefits other than cover. Full life insurance can be useful for tax planning purposes and as a long term investment plan. Some people go in for this full life to get both cover and get returns on them. The decision to go for the insurance policy should be made after consultations with the financial advisor or manager. There are different types of policies for different people.

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what is penny stock advice
- Posted December 28, 2009 by Monty Loree
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What is Penny Stock Advice?

Penny stocks and investment
Stock markets are one of the areas where you can put money into it and watch it grow. This has attracted people so much that share markets were established to enable them trade the shares and the stocks. The people trading in stock markets are so much that a large company has market capitalization running hundreds of millions of dollars. The share prices of such shares are also in terms of tens of dollars to even touching hundreds for some. Such shares are out of reach of people for those who have a small budget. These people however can invest in Penny stocks. These stocks are of small companies that are not popular and profit making to be traded on the main share markets. They have a share price of lesser than $1 to even $5. The market capitalization of these stocks is also very less. These stocks can be considered second rung stocks that mainstream brokers stay away from. A fresher before investing in penny stock should take penny stock advice before investing.

Steps to do before investing
Investing in penny stocks needs more research and homework to be done before investing when compared to mainstream shares. The details about penny stocks are tough to get since they are small companies and will be hard to get information. There are listings of penny stocks that are doing well or which are promising as a prospect to invest. The investor can collect the companies that he might look at from them. There are also penny stock leads which could be utilized to get information. The investor must then narrow his choices to two companies. The investor should look at the company�s financial status, profitability, management and recent progress when deciding the company. The investor can also get advice from any eminent expert in the field. They would be able to give any inside information about the company. The sector where the company operates should also be researched to know its prospects. The recent news about the company if any can be got from financial articles and on the internet. The best penny stock advice is to do a lot of research before investing.

Precautions and care to be taken
Penny stocks are highly speculative as an investment. The investor could either get manifold on his investment or end up losing all his money. There are also lots of irregularities and scandals revolving around penny stocks. Penny stocks are sued by companies to make profit illegally. They will increase the share price by false propaganda and sell a lot of shares when it increases. The investor should not fall into such traps. The investor should get a good broker to manage the transactions. Most brokers prefer not to involve in these stocks. There are some online websites that help the investors to trade penny stocks in Canada. Since the number of shares is less for penny stocks, it may be difficult to buy or sell these stocks. The best penny stock advice is to tread with caution and care when dealing with these stocks.

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i saved 89 on annual fee mbna
- Posted December 15, 2009 by Monty Loree
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I saved $89 on Annual Fee - MBNA
I called MBNA today to switch my card over to a No Annual Fee card..

The customer service mentioned that I have an incredibly low interest rate on this card... MBNA Travel Rewards Platinum.. the rate is 7.99% which is pretty sweet.. I also have 1.99% interest on balance transfers until October 2010.!! That's pretty sweet as well.

I'm not crazy about the $89 annual interest rate. I told the CSR that I want to switch over to another credit card that doesn't charge the annual fee.. He indicated that I probably wouldn't get the same low interest rate if I changed to another card.

The CSR asked to be excused for a moment while he checked my options... when he returned on the line, he quickly indicated that he would remove the $89 annual fee, for this year, if I stayed with this card.

While I'll have to call back again next year... I saved $89 with a 6 minute phone call! This goes to show that MBNA is ready to give you a break, if you've got good credit. The other main point here is this: You may be able to save on interest rates and annual rates if you call your creditors.

The Keys To My Success in this regards:
If you're wondering why I get such good rates, and good privileges, I've done the following:
• Had the card since 2000
• Paid it up as agreed since then.
• My credit score is around 805
• I don't carry a balance.

These all make me able to negotiate favorable rates with MBNA.

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some downsides of being frugal
- Posted December 11, 2009 by Monty Loree
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Some Downsides of Being Frugal
On the overall, my family is pretty frugal... We are by nature , which makes it easier to live the lifestyle...

I've taken up watching DIY Network and it's shows. I like the concept of saving money by do it yourself home repairs. I'll be honest, many of the repairs they show are really expensive. Kitchen renovations for $20,000, bathroom renovations for $15,000, bedroom renovations for $10,000 etc..

Many of these expensive renovations have some of the latest and fancy gadgets. They're much more than adding insulation and new drywall.

In our situation, I am not a handyman, and I don't want to take on credit for home renovations.

Downside #1 of Being Frugal: Home Renovations
One of the first downsides of being frugal is that I'm not really the handyman type, and it costs money to bring in a contractor to do home renovations.. I refuse to take on debt to fix up the house.. Our house is paid off, and I'm not interested to get mortgaged up again.

• Quite frankly, we need a new floor in the kitchen.
• Our house has had problems with black mold, and drywall needs to be replaced.
• Our basement foundations are cracked and in some places the concrete is pretty much like sand. It needs to be replaced.
• We can't do alot of other major renovations because of the basement's problems.

Our financial policy is cash only.. So.. realistically the basement and other renovations are going to take years to save up for.

Downside #2 of Being Frugal: Yard Renovations
Our yard is kind of basic. Nothing really exciting. The grass is old and outdated, there are no fancy features and our garden needs alot of work.

Again this is not something I envision myself doing. I would rather hire a contractor in some cases than do yard work. (I'm glad the yard is covered in snow right now... at least my conscience gets a break in this regard for six months! ) It's important to note that I am learning about home renovations, but after not doing them ever, it's going to be a long learning curve...

I'm curious to know anybody's recommendations for getting home & yard renovations done, but using cash only. If you've got ideas, I'm really excited to hear about them.

Frugal Home Maintenance & Frugal Yard maintenance.

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balsam hill canada christmas trees
- Posted December 11, 2009 by Monty Loree
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Balsam Hill Canada Christmas Trees


I was asked to write a review about the Balsam Hill Christmas Tree site.
As it's getting close to Christmas, they're excited to show people their lovely select of trees, wreaths & garlands, ornaments and skirts and more.

Saving Money on Christmas Costs


As we're always concerned about saving money on things, the Artificial Christmas Trees is one way to save money over the long term. Artificial Christmas Trees can save money if you use them over a 10-20 year period. And.. they save the environment by not killing live trees for the three usage. If every Canadian family who celebrated christmas used artificial trees, we would save millions of trees.

If you like nice things for your family christmas celebration then check out Balsam Hill's wreaths & garlands collection. They got sizes from 24" to 60" wreaths. These would go nicely on all Christmas Trees. They've got styles from Aspen Christmas, Vermont Signature, Napa Christmas, and the Classics Collection. They have pictures on their site which will help you pick your favorite one.

This site is nicely laid out and simple to follow. If you're in the market for that special christmas treat or even an Artificial Christmas Tree , you should check out this site... They really do have nice stuff.

As I usually do with these types of reviews... I always caution people to spend money that they have saved up. I do not recommend that people spend money that they can't afford, or put the purchase on a credit card that they don't have cash reserves to pay back right away. Christmas purchases should be fun, and as such you shouldn't be paying for them with interest over the long haul... Bottom line, if you don't have the cash, please don't make the purchase. Please Purchase responsibly.

Balsam Hill Christmas Trees

Sponsored Review

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what is accident cover insurance
- Posted December 07, 2009 by Monty Loree
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What is Accident Cover Insurance?

Human life can best be characterised by various elements of uncertainty. Insecurity means that accidents may happen at any time, and with anyone. The bad thing is that serious accidents have a very negative impact not only on the person who suffered it, but also on his/her family. In order to prevent at least the financial concerns in such circumstances, insurance companies designed a special product called Accident Plans to provide some kind of financial security for those who suffered an accident as well as for their families. These policies ensure that if an accident takes place, a benefit is given to those insured individuals who are seriously injured or if they die, such benefit is given to their families.
What kinds of injuries are covered by this policy? Benefits are paid in the event of the insured’s accidental death, but also if the person suffers the following injuries due to an accident:


  • Quadri-, para- or hemiplegia
  • Total/ permanent loss of use of one’s limbs
  • Deafness
  • Blindness


So in one word, Accident cover is used to protect the insured and his/her family from the negative financial consequences of the insured person’s injuries resulting from a serious accident. It gives the financially reassuring feeling that in case an accident happens, and the person becomes permanently disabled to work, the insurance company will provide a lump sum as insurance benefit. This means people get financial help when they need it most. Moreover, insured individuals also get a certain amount of money for each day of hospitalisation. Also an immediate lump sum is given in case of disability, the amount being based on the nature and seriousness of the injury.
An important advantage of accident insurance policies is that they address the majority of the key life -stages, from the young through new parents until the older generation. Moreover, Accident Cover gives applicants differentiation by providing them with many flexibility features in order to meet each applicant’s unique needs. The policy thus can be personalised, so one may get a specific coverage against professional hazards for instance. In addition to this, people may add the Children's Insurance option to their accident plans. This will provide an additional benefit to pay medical bills, tuition fees or similar expenses in case one’s child contracts a serious illness.
Is there anything important to know about eligibility? In order to be eligible, people must be at least 18 and under 70, and they should be permanent residents of England, Scotland, Wales, or Northern Ireland. Applicants must be able to demonstrate they have at least 40 weeks residency in any year in the previously enumerated places. When insured people reach 65, their cover ceases to provide protection against permanent total disability and coverage ceases entirely at age 75.
What is the application procedure? The easiest way to apply is either online or over the phone. The whole application procedure will take only a few minutes: people have to answer a few questions, and there are neither blood tests, nor any medical tests. Cover may start as soon as the next working day after the application. Generally people are given a period of 30 days to review their policies and decide whether it is right for them. If they change their minds during this trial-period, people may cancel their plans for free.

One of the main benefits this kind of policy offers is the global coverage. Insured individuals are covered anywhere in the world for the majority of the possible accidents. Nevertheless, it is of primary importance for people to get the necessary information regarding what exactly is covered and what is not. So people are advised to read out the terms and conditions of the policy and ask the company about those elements or features that are not clear.

It is unfortunately true that we cannot prevent accidents, but at least we can protect ourselves and our loved ones from the negative financial consequences of such accidents. A protective insurance we may conclude typically provide:


  • an extensive accident cover from as low an amount as £4-5 a month
  • easy and permissive eligibility criteria (almost anybody is eligible)
  • a possibility to increase the coverage-level up to £150,000
    policy guaranteed without medical examinations
  • Tax-free cash payments
  • the security of fixed insurance premiums that do not change as the insured gets older
  • options to get additional protection for the insured’s entire family (for instance, people may cover their partners as well)
  • worldwide, 24/7 insurance-protection
  • benefits in addition to other policies the insured has
  • coverage until the insured becomes 75
  • 30 day period of money-back guarantee

Talking about the cover in details, people should know that the following are involved: permanent total disability (a coverage of £100,000), loss of sight either in one eye (£50,000), or in both eyes, loss of use of either a limb (£50,000), or of two limbs, loss of hearing (£20,000 - £100,000), loss of use of a hip, knee, ankle, or wrist (£10,000 for each), shoulder (£12,500), thumb (£7,500), any finger or toe (£5,000), hospitalisation up to a maximum of 180 days (£50 per day), and accidental death (£10,000). The amounts given in brackets are approximate sums of money given if the insured suffers the injuries in question. In order to know the exact amounts provided people should get up-to-date information from their insurance providers.

As with any insurance policy, people should keep in mind that there are some excluding factors or limitations. With an Accident Cover there are no benefits for accidents that are direct or indirect consequences of the insured person’s suicide or attempted suicide. Similarly, alcohol or drug use is also an excluding factor. There is no benefit given if any of the previously mentioned injuries happen 12 or more months after the accident. Nevertheless, people who conclude this type of policy are recommended to read out the full details of exclusions that are valid for the policy.

A final advice for applicants is to review their needs and financial situation from time to time. Regularly made analyses should involve people’s coverage-level and premiums. Anybody may change his/her policy: it is possible to decrease the coverage-level, but also to increase it by attaching additional cover to it for extra costs. In order to make changes, people should consult with the insurance providing company. In any case it is of primary importance to understand what kind of coverage is offered and check whether it is right for one’s particular circumstances. Only this ensures that one purchases a suitable policy.

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getting a mortgage after bankruptcy
- Posted December 07, 2009 by Monty Loree
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Getting a Mortgage After Bankruptcy?

Getting a mortgage after bankruptcy in Canada has changed since dramatically since Oct 2008. Sub prime lenders no longer exist, and no longer offer the “day after discharge” options, nor are most of them even operating at all!

To understand how to gain a mortgage after bankruptcy in Canada today, you should follow a simple 5 step process which will properly walk you through the hoops you need to jump through in order to gain trustworthiness again. It is critically important that you follow each of these steps in the correct order. Doing the steps out of order normally will result in failure, or frustration.

Step 1 - Gain your Absolute Discharge & Pay Proposal in Full First.

Since you are not fully complete your bankruptcy until you are discharged, your first priority should be gaining your absolute discharge which would mean fulfilling your trustee’s directions as soon as you possibly can. With a Consumer Proposal, your goal is to pay off your proposal in full, which would equate into the same thing as gaining your Absolute Discharge if you had gone down the bankrupt option. Once you have been discharged for 2 years, or proposal paid for 2 years, you can qualify for a mortgage again with regular interest rates as if you had not gone bankrupt.

Step 2 - Clean Credit Score

By far the most important step I can assure you that 95% of the time is done incorrectly or has not been done at all. You need to review your credit score to ensure it is reporting accurately and the information from your PAID Proposal or your Absolute Discharge are reporting accurately. If your credit score is not reporting accurately, it is very common to see problems or issues with trying to gain credit since lenders are "confused" about your credit score. A clean score is the hardest part to gain in order to restart yourself back into the world of credit. It is 100% necessary that you re-establish your credit as there are limited exceptions with people who don't have credit after a bankruptcy. I have provided a easy process to fix your credit reports on your own with both Equifax and TransUnion. You can visit that information on my site here: Clean Up Your Credit After Bankruptcy

Step 3 - Gaining New Credit

It is important that you need to gain new credit from AFTER the date of your discharge or your paid proposal date. Holding credit though your proposal or bankruptcy will help your credit score number rise if you are using it responsibly, however, it will not count towards “ReEstablished Credit” which is vitally important. You will need anywhere from 1 year of ReEstablished Credit to 2 Years of ReEstablished Credit with a minimum of 2 trade lines reporting over $1,000 each. It is a good idea to gain stronger limits of $1,000 or more, $200 credit cards really don’t support strength in ReEstablishment. Car Loan, Credit Cards, and RRSP Loans are by far the more normal way's people have done this in the past.

Step 4 - Accumulating a Down Payment

Today it is possible to gain a mortgage with as little as 5% as a down payment after bankruptcy and Proposal. You would still be able to gain the same interest rate with 20% down as well, however, the more down payment you have the better the capacity it will show the lenders that you have, which will increase their trust level with you and their application. The down payment normally has to be accumulated from your own resources. The lenders want to know that you have a financial investment into the property and that you are not willing to walk away from the property.

Step 5 - Gaining A PreApproval

Once you have the first 4 steps out of your way, you want to gain a lenders affirmation that they are prepared to move forward with your application. Gaining a PreApproval will not guarantee your success to financing, however, it will give you affirmation that the lender is willing to proceed with you, as long as the insurer agrees with the risk assessment the lender just preformed on you. The property still would need to come into play, and that information is not available when you do a PreApproval.

For a full detailed summary of more information on each of these Steps, feel free to visit my website at:

Steps After Bankruptcy - ShopMyMortgage

Thanks

Matt Wieler, AMP

ShopMyMortgage

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payday loans and cash advance
- Posted December 07, 2009 by Monty Loree
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Payday Loans and Cash Advance

It happens very often that we run out of money before we get our next pay checks, which could be very disappointing, especially if some urgent financial obligations apply. Or there may happen that we become sick and urgently need some expensive medicine, but we do not have enough money as the payday is far away. In these kinds of circumstances the so-called Payday Loans can be quite useful tools to help us get out of trouble.

But what exactly are payday loans? The term refers to a payday cash advance in the form of a small personal loan for the short term, which does not require any collateral from applicants. This unsecured loan is offered for special circumstances, such as urgent cash needs, or for those who need quick cash but due to poor credit rating cannot get other unsecured loans. So if one has no money, but has an unpaid bill which may have very negative consequences, it is better to take out a cash advance in the form of a short-term payday loan. This will save people from having financial difficulties until they receive their next pay checks. It is important to notice that most of the times payday loans tend to be cheaper than paying late payment charges because of being late with bill-payments.

Talking about the process of taking out this loan, one should notice the following. Because it is an unsecured loan, qualifying for it is not complicated. The important issue is that people should have a fixed income in order to be able to repay this loan. People may choose retail lending which means one gets the loan from a payday-lending store, but there is another choice, namely getting the loan online, from a payday loan site. No matter which way is chosen, the application procedure is quite a simple one. After filling in the payday loan application form, loan providers decide about the eligibility of the applicant, and send eligible candidates the needed cash.

It is always useful to shop around, and find the best payday loan offer, as some creditors may offer flexible payment schemes. The calculation of the maturity date also differs from institution to institution, and so do the interest rates. However, even those payday loans that have high interests tend to be more advantageous than accumulating late-payment charges.

The advantages of payday loans are clear by now, but let’s summarize them again! One of the main reasons for which payday loans are used is that they are less expensive than other personal loans that are open to the public. They are also more advantageous than paying late-payment fees which applies if one cannot meet his/her financial obligations such as paying bills and so on. It is obvious that for people who do not have but need money as fast as possible, but only for the short run, the most convenient solution is the payday loan. With this kind of cash advance no complex paperwork is involved, so generally speaking it is very easy to get them. Other loans, on the other hand, are more difficult to obtain, or at least it takes much more time to get the requested money.

After one has decided that a payday loan is the best choice for his/her particular situation, it is important to shop around and compare at least 3-4 companies who offer this kind of product. This comparison is very easy, especially if one makes use of the internet and the free online comparison tools that do the job instead of them. Because the loan-offers differ considerably, it is useful to be careful with the choice. The flexibility features should also be checked, namely the loan’s terms and conditions, and the repayment methods. Online calculators show objectively and clearly which company provides the best payday loan for one’s specific situation. One more thing that must be checked is whether the creditor is government-protected as this may constitute a guarantee that there are no additional or hidden charges, which might transform an advantageous loan into an expensive one.

Those who are not sure about what to do (to take out a payday loan or not) should talk to a loan specialist. It is useful to know that there are other options as well that are similar to cash advance loans such as the so-called “credit-union loans”, “credit payment schemes”, “pawnbrokers”, “cash advances from employers”, or advances obtained from “credit cards”. If one hesitates a lot, it is better to make a quick comparison, and after this it will be clear which choice is the best for the applicant’s individual situation. The internet is useful in this sense as well.

It is important to know that there is an option of taking out an online payday loan. Applying through the internet is easier, and applicants get the cash advance in the quickest possible time. No additional document is required apart from some basic data such as name, loan-type and amount, as well as the repayment period. After a quick check, lenders deposit the requested cash advance electronically. This way online payday loans can provide cash advance in a few days, but it may happen that a single day is enough for the requested amount to arrive into the applicant’s checking account.

All in all, after a quick but careful consideration, people can decide whether a payday loan is the appropriate choice for their specific situation. It is always useful to know about the various existing loan possibilities, which may help in solving urgent financial problems. So those who need cash advance for the short term to cover urgent financial needs may take out a payday loan until they receive their next pay checks. Otherwise some hefty late-payment charges may apply.

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The end of 2007 - Best wishes for 2008!
- Posted December 31, 2007 by Monty Loree
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The end of 2007 - Best wishes for 2008!

I want to thank our visitors and readers for dropping by in 2007!

I want to thank all of the members who participated in our discussion forums.
We talked about alot of important things this year. Importantly, I think we helped thousands of Canadians learn more about their money and their credit.!!

Thanks again and best wishes for 2008!

Monty Loree

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DIY Credit Repair Ebook for Canadians - Part 1
- Posted December 31, 2007 by Monty Loree
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DIY Credit Repair Ebook for Canadians - Part 1

It's the end of 2007! And I find myself writing a new ebook. I'm calling it DIY Credit Repair Ebook for Canadians - Part 1. This ebook will help readers understand what the questions are with regards to credit repair. What things should they start to look at with regards to the credit reports.

The best part is that I am giving this Part 1 ebook away, absolutely FREE!!

This free ebook currently has 16 pages, and it will probably get to around 20 pages after I put in all of the material that I'm planning to.

If you have questions about your credit report with Equifax Canada or Trans Union Canada, this is a good ebook to get. When most people start on the credit repair process, they're not familiar with the basic questions. And as I always say, the way to start learning is by knowing the questions first.

I will be setting up the sign up forms today so that our readers can get their free copies.

The nice thing is that I am hoping that our readers will pass the ebook around so that their friends and relatives can have a look at it.

Again, I'll be publishing the DIY Credit Repair Ebook for Canadians - Part 1 absolutely FREE on this site later today!





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Enjoy Today - Worry Tomorrow
- Posted December 25, 2007 by Monty Loree
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Enjoy Today - Worry Tomorrow

I'm just wondering what I should write for tomorrow: December 26, 2007.

Everybody's going to be concerned about all of their christmas spending and credit card debts. I hope it was all enjoyable while everybody was spending.

There is a nice feeling, going out and spending money buying presents. It's even a big social occasion to go to the stores and see all of the thousands of other people there.

Oh well... I'll be interested to hear what people have to say tomorrow.

Let's just enjoy the day that people look forward to for the whole year.
Enjoy today, worry tomorrow.
__________________________
I've kind of binged on developing the site over the last few weeks. I get into a building binge and then I don't write for a few weeks. I like writing and I like programming. But I don't do the two of them at the same time unfortunately.

I'm getting close to the end of the over all project (that I've been working on for the last year.) I always feel like I'm close. I've gotten my programs to work nicely, but then I learn how to build enhancements and then I have to spend a few weeks building the enhancements.

In the meantime, I will be adding all sorts of new goodies, including some new site sponsors here. We're getting to a point where I feel that new advertisers on the site would be a good thing. We've got enough visitors to invite some advertisers. These advertisers will give our readership an even bigger assortment to choose from.

That's what's been happening on this end.

I wish I could program the and write article posts about personal finance at the same time. It would make things nice and easier and smoother.

Hopefully the binging will stop soon.

Have a great holiday season.

Enjoy today, worry tomorrow!

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Canadian Credit Repair Tips - 5 good tips
- Posted December 18, 2007 by Monty Loree
Post Back Link to Canadian Money Advisor

BAD CREDIT? LOW CREDIT SCORE?
WANT TO REBUILD YOUR CREDIT SCORE?

Greetings,
My name is Monty Loree and I am the founder of Canadian-Money-Advisor.ca. I am pleased to offer you the following information to help you rebuild your credit score.

The following 5 tips will help you to immediately rebuild your credit score.

  1. Order your credit report and look for errors that are lowering your credit score.
    An error such as duplicate credit items will lower your score.
  2. Don't apply for alot of credit all at once.
    Too many credit inquiries from the creditors to the credit bureaus will cost you valuable points.
  3. It's important to have more good credit items on your credit report than bad credit items.
    If you have mostly bad credit items on your credit report, it's a good idea to put some good credit items
  4. Call the creditor to inquire when they report to the credit bureaus
    If you need more time to make a payment, knowing exactly when the creditor reports to the credit bureau might buy you a few extra days grace.
  5. Always make your payments on times with your credit card companies
    Even if it's only $10 per month, a missed payment will cost you valuable points on your credit report.
Want to know more?!!
Take a moment to fill in your contact info below, and I'll send you more valuable information to help you rebuild your credit score, Absolutely Free!


Sign Up Now For More Valuable Information!
Name:
Email:


SEE ALSO: Canadian Credit Repair Tips

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Canadian Prepaid credit cards - a bank account without the bank
- Posted December 14, 2007 by Monty Loree
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Canadian Prepaid credit cards - a bank account without the bank

I went to Money Mart today to check out their Nextwave Titanium Plus Prepaid Mastercard

After writing about secured credit cards in Canada, I thought I should do some research about prepaid credit cards and how they work.

I went to the Money Mart on 4th and Albert St in Regina, Saskatchewan. I was surprised that the tellers were all behind a thick sheet of plexiglass. It seemed like pretty high security for a business!!

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prepaid credit cards canada vs canadian secured credit cards
- Posted December 09, 2007 by Monty Loree
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Prepaid credit cards Canada vs
Canadian Secured Credit Cards


I received this email from a reader asking the difference between prepaid credit cards and secured credit cards.

I was wondering if a secured credit card is distinguishable from a regular credit card. I have currently been using a prepaid card but several hotels and car rental agencies have turned me down when I presented the prepaid card I am using. I only really want to use my credit card for hotel and car rental as well as rebuilding my credit.


My answer:

PREPAID CREDIT CARD DEFINITION


Canadian Prepaid credit cards are not technically credit cards. They do not offer you any credit and you do not have to apply for credit in order to get one. Also, the issuing company does not have to pull a credit bureau report from Equifax Canada or TransUnion Canada to determine your credit worthiness.

Prepaid credit cards are really glorified debit cards and they are not necessarily attached to your bank account. Although these cards can have a Visa or MasterCard logos on them.

Here's how they work. You deposit money into the card, say $500. You can then proceed to spend the money on the card until the entire amount is consumed. It works like an unsecured credit card in reverse.

There is no credit limit and you have to top up the card every time you use it so it will maintain a balance for your purchases.

The nice thing about a prepaid credit card is that you will never go into debt using it.

HOW HOTEL "TRANSACTION HOLDS" WORK


NOTE: This example uses a credit card, not debit / prepaid card
To answer the question of the reader as to why hotels do not accept a prepaid credit card is because most hotels and restaurants usually checks if a credit card has sufficient credit line or fund before they will accept credit card payment in their establishments.

Example:
You want to stay for 2 nights at a $100 per night hotel.
100 x 2 = $200
Taxes x15% = $15

I called a few hotels to check their process in accepting credit card payments and I was told that they would put a two night hold on the credit card for $150.00 per night for a total of $300. This nightly hold allows for other charges such as meals charged to the room or movies watched.

I called my credit card company and asked them what happens when a hotel or restaurant puts a "hold transaction" on your credit card account.

Let us say you have $500.00 available on your credit card at the time you booked at a hotel. The hotel management will put a temporary hold of $300 on your credit card. Therefore your credit available limit is reduced by that $300 to only $200.
-----------------
To be sure, hotels generally cannot put a hold on prepaid credit cards. Using the same example, if you have a $500 limit on your prepaid credit card and booked in the same hotel for $300, you will still be able to spend that $300 as there is no hold on those funds. There is no way for the hotel to secure those funds for themselves

CORRECTION: I'VE BEEN INTERCHANGING THE TERMINOLOGY "PREPAID CREDIT CARDS WITH SECURED CREDIT CARDS"


I just wanted to point out that I have been interchanging the terminology prepaid credit cards with secured credit cards. While we do offer a Capital One secured credit card on this site, it is not the same as a prepaid credit card.

SECURED CREDIT CARD DEFINITION


A secured credit card is a real credit card where you get a real line of credit. This line of credit is secured by a cash amount that is held by the creditor until the end of the credit cards agreement.

Example: The HomeTrust Visa card has a credit limit of $1000. This card requires that you put a deposit of $1000 as security for that limit.

Once that is in place, you use the $1,000 limit just like a credit card. Use it up, pay it off, pay interest on the balance etc. The credit limit stays in place even though you have used it up.

Because a secured credit card is a real credit card, it reports like a real credit card to Equifax Canada and TransUnion Canada. Thus, it helps you to build your credit score with the credit bureau.



Apply for a

Canadian Secured Visas and MasterCards menu

DISCLAIMER
"The interest rates, fees, rewards details, benefits and other details of the Capital One product(s) described in the article may have changed since the time of publication. Please consult the product information pages on the Capital One website for accurate product details. In the event of any conflict between the product details in this article and the Capital One website, the details on the Capital One website shall prevail."-->

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Credit Repair Canada - 3 reasons why you may need this information
- Posted December 08, 2007 by Monty Loree
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Credit Repair Canada
- 3 reasons why you may need this information

Many Canadians are just starting recognize that they have access to their credit reports with Equifax Canada and TransUnion Canada.

The following are questions that arise as soon as a person learns first sees their credit report:

  • Where do I start with my credit report?
  • Can I dispute credit items myself?
  • Who are Equifax Canada and Trans Union Canada?
  • Who denied me the credit that I was applying for?
  • Where did the credit bureau get my information from?
  • What are credit bureaus and how do they get my credit information?
  • How long do negative credit items stay on my credit report?
  • What are my rights with regards to Canadian credit reporting agencies?
  • Can I actually fix my credit so that I'll be approved for credit in the future?
  • Can I start to increase my credit score today?

Along with these important questions are the real reasons why you need know about your rights and credit repair.

  1. There may be inaccurate information on your credit report that is costing you money
    There are many thousand credit applications taken each year in Canada. The people who are taking the applications have different levels of training when it comes to transcribing names and numbers. Errors can and do happen frequently when it comes to getting your personal information to the creditor.

  2. It's important to know who has your personal information and that it is being reported accurately and truthfully.
    A credit report will show which creditors are reporting your personal information and who has looked at it in the way of a credit inquiry.

    When it comes time to apply for a new mortgage or renew an existing mortgage or other piece of credit, it is imperative that your correct credit history is relayed to that creditor so they can make an accurate decision.

  3. In the event of transcription errors from the credit information taking clerks, you need to know that you can have control of getting that information corrected.
    Many times when I talk to people about errors on their credit report, they usually give me that look of "I have no where to start with this"!

    My 42 page DIY credit repair ebook for Canadians explains who to talk to or write letters to including:
    • Credit bureaus
    • Creditors
    • Collection agencies
    • Regulatory bodies
    • All of the other companies/agencies reporting on your credit report.

    The goal of my credit repair ebook is make sure that you're confident with the process in case you need to dispute an item on your credit report.

I'll never forget my own personal problems with inaccurate information on my credit report with both Equifax Canada and TransUnion Canada. I clearly remember finding a few "duplicate" entries on my credit report that were pulling down my credit score. These were the fault of the creditors and the credit bureau reporting.

I disputed these duplicate items and immediately my credit score rose by 85 points. This higher credit score automatically allowed me to demand lower interest rates from my creditors. These lower interest rates actually saved me a few thousand dollars per year. This is all because I used the techniques that are talked about in my Canadian credit repair techniques that are in my DIY credit repair ebook for Canadians.

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prepaid credit cards canada 4 reasons why they are good
- Posted December 08, 2007 by Monty Loree
Post Back Link to Canadian Money Advisor

Prepaid Credit Cards Canada -
4 reasons why they are good


The prepaid credit card for Canadians that we offer on this website is also called a secured card.

Along with the following benefits that I found on Capital One Canada's website

  • 24/7 customer service online and by phone
  • Roadside assistance in North America at pre-negotiated rates
  • Instant access to cash at over 1 million ABMs
  • Card acceptance at over 24 million locations worldwide
  • Refundable security funds when account is closed in good standing

There are four other benefits that I thought you should know.

  1. Guaranteed Approval credit card
    There are many people who are visiting this site who have bad credit, starting off new with a new credit rating and are very eager to have a guaranteed approval credit card. This ensures that they receive a credit card and start their credit rating with Equifax and TransUnion.

  2. Rebuild your credit score
    If somebody has bad credit, they want to be sure that they can rebuild their credit score with certainty. I read a post on another site today where a fellow who had immigrated to Canada 5 years ago indicated that he was doing well financially but had no credit cards and thus no credit rating.

    This gentleman expressed that this was very inconvenient for himself and his family. This is limiting as without a credit score, he won't have a chance of applying for a mortgage or car loan in the near future.

  3. Convenience of using a credit card
    Millions of Canadians take for granted the use of a credit card for day to day purchasing activities. Things like renting a car, or hotel room usually require the use of a credit card. Without a credit card, it makes travelling more difficult.

    This prepaid credit card Canada gives it users the flexibility that other people have on a daily basis.

    A few other points of convenience are that you can make payments online and you don't have to carry around large amounts of cash with you.

  4. Security deposit as little as $75.00
    A security deposit means that you're guaranteeing that the credit card will be paid off. This is the part where the credit card is "prepaid". A small security deposit of $75 makes it alot more convenient for the majority of Canadians to obtain one.


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American Express Canada - 3.99% Interest and 100 Bonus Points
- Posted December 08, 2007 by Monty Loree
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American Express Canada - 3.99% Interest and 100 Bonus Points

The American Express Air Miles Card has some good benefits and low interest to save Canadians money.

  • No Annual Fee
  • 3.99% interest on balance transfers for the first six months of the card.
  • Buying power of up to $75,000
  • Front of the line preferential access
  • response to your application in as little as 60 seconds


I like the No Annual Fee feature as it means you won't have to spend money on this card if you're not using it. There have been times when I don't use my American Express Canada card and don't want to pay for it sitting idle in my desk. Not getting charged an annual fee is a nice feature.


HOW TO COLLECT 45,000 AIR MILES POINTS PER YEAR!
This air miles card gives you a balance of up to $75,000. Let's do the math on this.... Let's say you spend and then pay off your full $75,000 balance each month... ( yes, there are business people that do this!! ) you would collect $3,750 air miles points each month, and 45,000 air miles points each year. This is enough air miles to do some serious travelling. NOTE: this calculation is based on receiving 1 air mile for every $20 spent.

A few years ago when I was using my air miles card for business, I literally maxed it out, and paid it off a few times a month. This is because I was doing alot of business on the internet and with suppliers in the U.S. who would only accept credit card payments. I earned enough points to pay for air tickets for my wife and 2 kids to go on a holiday a few times.

Just recently my wife decided that she wanted to go to Newfoundland to visit her folks. We had enough air miles to fly her out there so off she went! This is truly a nice feature.

Alberta, British Columbia, Manitoba, Saskatchewan, New Brunswick, Newfoundland, Nova Scotia, Prince Edward Island,

The Front of the Line Preferential Access is a nice feature. I can say that American Express Canada treats their customers very well. When ever I've called their toll free number I've received good service from them.

Getting a response to your application in 60 seconds is a nice feature. There have been many times in the past when I've applied for a credit card and have waited 2-4 weeks to get a response from the credit card company. If you have a specific use for the credit card, this can be a little annoying.

Knowing whether or not you've been approved for your American Express Canada - Air miles Card in only 60 seconds will set your mind at ease, knowing that you're good to go as soon as your receive the card in the mail.

BTW... if you're not accepted for the card in the 60 second time, this may be because American Express Canada has to do a little more research on your account or verify some of your personal information. Usually a phone call will settle many of these questions.

So if you want to save some money on your next credit card buy doing some balance transfers, this may be the credit card for you.

Air Miles-Amex Canada
Apply Today!

See more about American Express Canada
Apply for your American Express Canada - Air Miles credit card today!

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Alberta, British Columbia, Manitoba, Saskatchewan, New Brunswick, Newfoundland, Nova Scotia, Prince Edward Island,

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Lawsuit settlement loans - help you win your law suit!
- Posted December 07, 2007 by Monty Loree
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Lawsuit settlement loans
- help you win your law suit!

I was intrigued when I was asked to do a right up on this site.

The problem that arises when you're suing a person or company for motor vehicle accidents, slip and falls, medical malpractice, wrongful death, personal injury is that you may not have enough funds to win the proper settlement.

The defendants lawyers usually try to figure out how much "cash reserves" you've got when they offer a settlement amount. If you're short on cash and can't afford a lawyer's rate for the duration of the case, they will offer less of a settlement knowing that you can't afford to go the full distance with your expensive lawyer.

Here's what http://www.anylawsuits.com does for you. Upon acceptance, they will help you, the plaintiff, with funding so that you can hire the proper legal team, and then go the distance to get the settlement your deserve.

This is a critical service. Many times accidents happen, or people harm you and you are entitled to a settlement of some sort. This lawsuit settlement loan will help you go the distance and get the settlement that's rightfully yours!.



The above is a sponsored review and is for U.S. residents only!

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Free Annual Credit Reports - Everybody needs one!
- Posted December 07, 2007 by Monty Loree
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Free Annual Credit Reports - Everybody needs one!

I am forever saying "If you've got good credit or bad credit, you need to see your credit report at least once per year." To see your credit report, you want the most convenient and least expensive way possible.

www.freeannualcreditreports.org is a site that will help you obtain Free Annual Credit Reports. This is the convenient option with the right price!.

Good Points about FreeAnnualCreditReports.org :

  • They're offering a product that is SEEN ON TV this means that you know the service and can trust it.
  • They give you Privacy Matters 1-2-3 for FREE!
  • They give you Unlimited Reports and scores for FREE!
  • Triple Credit Bureau monitoring for FREE!

This is good value any way you look at it.

To top it all off , you can order this service in the comfort of your home or office. That's convenient!

As you know, I always recommend getting your Free Anual Credit Reports. Ultimately, knowing your credit report information could save you alot of money and aggravation in the long run. This credit report information is vital for the proper maintenance of your personal credit situation.

Visit them today!

NOTE: This site is for U.S. customers only, however, the idea of ordering your credit reports I paramount for both Canadian residents and U.S. residents.!!

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Bad Credit Loan: 4 reasons why they are GOOD!
- Posted December 07, 2007 by Monty Loree
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Bad Credit Loan: 4 reasons why they are GOOD!

Some of you may be rolling your eyes wondering why I would say that bad credit loans are good.

The following are 4 reasons why bad credit loans are good

  1. They help you stay afloat during a low income time
  2. They give you a little extra spending money
  3. They help you maintain your credit rating
  4. They keep bill collectors from calling

  1. They help you stay afloat during a low income time
    Bad credit loans are good as they help you bridge the gap in case you have a loss of income due to sickness or job loss.

    During a time of loss of income, you need to eat, pay your power, electric and water bills etc. You can't lose the essential services because you don't have cash. That's just impractical. And if you live in the Northern Canadian climate, it can be deadly.

    A bad credit loan will ensure that the lights stay on while you're going through your rough period.

  2. They give you a little extra spending money
    Nobody likes to go completely with out any cash during a rough period financially. When you are worried all the time about your problems, it's nice to be able to have a little spending money, from your bad credit loan, to buy a few treats for the family. Of course, it's good to keep these to a minimum, however, they do build up the families moral.

  3. They help you maintain your credit rating
    It's important that you keep up your debt payments with your creditors so that they don't give you a poor report to Equifax and TransUnion. A bad credit loan will give you the funds to maintain your payments while your income is interrupted.

    If you aren't able to pay your current credit payments, the creditors will report your missed payments to the credit bureaus who will in turn lower your credit score. This will make getting a loan even more difficult. As well, a lower credit score will mean you will pay a higher interest rate and fees to a acquire a loan.

  4. They keep bill collectors from calling
    Bad credit loans will stop the collection agencies from calling you and relieve you of that stress.

    Let's face it, when you've lost a job due to sickness, injury or lay off, you're under enough stress. Collection agents calling just adds to the stress and makes it even more difficult to concentrate on getting back that revenue source. You need that extra cash to stop these phone calls from happening!

    Bad credit loans are good in that they help bridge the gap when you're in a financial drought. They may be the answer you need.

    Learn more about Bad Credit Loans Canada

    Tags: Canadian Bad credit loan
    Bad credit loans helps people in Canada

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bad credit loan needed canada bad credit need a loan
- Posted December 07, 2007 by Monty Loree
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Bad credit loan needed? - Canada Bad credit? Need a loan?

There are many thousands of Canadians who have bad credit and are looking for a "bad credit" loan from their credit cards or from other creditors.

I thought I would write about this from a business accounting stand point, to help people understand what is a bad credit loan.

A business looks for sources of cash for their operations and development from the following sources:

  1. Cash Flow - Profit from operations
  2. Loans and lines of credit from banks and other lenders
  3. Selling shares to shareholders
  4. Sale of assets


Fundamentally, these are the four sources of cash income for a business.

A household is quite the same in that it has 3 of these same sources of income to keep the household operations running.

  1. Income from a job or small business
  2. Loans and lines of credit from banks and other lenders
  3. Sale of assets

These are what brings cash into the house to buy things.

Bad credit loans for consumers - A household balance sheet problem.

Usually when a household is looking for a bad credit loan they are usually in trouble. Their debt situation is in rough shape, and they are looking for credit to pay the bills.

WHAT THIS MEANS:

  • The household has used up all of its credit available

  • The income from jobs and small business is not enough to cover bills

  • There aren't many assets to sell to raise cash.

For some reason the expenditures are more than the income available and the household is now looking for cash to keep up bill payments.

The household goes from this at the beginning:
Income: $65,000/ year from both spouses
Small Mortgage: $85,000 owing on their starter home
One car line of credit: $15,000 for that starter vehicle.
Credit available: $10,000 ( $1,000 owing ) on three credit cards
Savings Account: $5,000

to this a few years later:
Income: $100,000/ year from both spouses
Larger Mortgage: $225,000 owing on the preferred home
Two car loans: $40,000 on more luxury vehicles
Credit available: $25,000 ($15,000 owing ) on lines of credit
Credit available: $20,000 ($10,000 owing ) on credit cards
Cash Savings: $10,000

This is usually the progression. As people get older, they make more money at their jobs and as they accrue more and more job security, they feel safe to take on more and more debt responsibilities.

If you make $100,000 per year and have the bad credit debts listed above, you're probably in good shape. You've got enough income to easily cover your debts.

HERE'S WHERE THE PROBLEM STARTS
Problem #1: Your company may lay you off or fire you.
Jobs are as secure as the companies you are working for. Your income is only secure for as long as the company needs you and or can afford you. You may get fired and need a bad credit loan then

Problem #2: You or a loved one gets sick or disabled
A person can get sick or injured unexpectedly and have to leave their job. This could be for a short term or long term, but it creates an interruption in the households cash income. unemployment insurance

SCENARIO: One spouse who makes half the income gets laid off. It could affect the credit report and fico score then.

Your situation goes to this:
Income: $50,000/ year from both spouses
Larger Mortgage: $225,000 owing on the preferred home
Two carloans: $40,000 on more luxury vehicles
Credit available: $25,000 ($15,000 owing ) on lines of credit
Credit available: $20,000 ($10,000 owing ) on credit cards
Cash Savings: $10,000

All of a sudden your cash income has dropped in half, but your bill payments have stayed the same!!

In this scenario, the house hold would quickly use up their $10,000 in savings to cover their debts and living expenses, and then they may start having trouble covering their bills.

Their debts might go unpaid for a few months. That is when they start to develop bad credit.

All of a sudden, in desperation this household starts to look for additional income to pay their bills to keep the debt collectors from calling.

This is the start of this household looking for a bad credit loan !
They've got damaged credit and they're looking for a loan to cover their current debt payments and their expenses.

The problems may get worse as the stress of the situation disables the other income earner and they are forced to take time off as well. It creates default items on your equifax and transunion credit report.

As stated above:

  • The household has used up all of its credit available
  • The income from jobs and small business is not enough to cover bills
  • There aren't many assets to sell to raise cash.

It's really hard to plan for the unexpected. Canadians do get in trouble and are forced to look for a bad credit loan Canada

The purpose of this post was to illustrate in a little greater detail how many thousands of households start off with dreams of a good lifestyle. As their lives and situations develop things sometimes tend to go off course causing them to derail credit wise.

If you're looking for a bad credit loan, don't feel bad... there are many thousands of Canadians who are in the same boat. Looking for a bad credit mastercard to help them keep afloat, and get them back on track..

Tags:
Bad credit loan Canada
Canadians Looking for a bad credit loan

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Credit .. Debt, Debt .. Credit, Definition of Credit vs Debt
- Posted December 07, 2007 by Monty Loree
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Credit .. Debt, Debt .. Credit, Definition of Credit vs Debt

It's easy to get the terms credit & debt confused. They seem to be interchangeable, however they are two different words with two different meanings.

Definition of Credit
Credit is a financial tool that people seek to acquire from financial institutions. Canadian Banks, credit unions, credit card companies all offer credit to their customers in Canada.

I call credit the "before" part of the equation. You have to have credit before you have debt.

Credit offers come in many different forms.

  • Mortgages and 2nd mortgages
  • Car loans
  • Payday loans
  • Credit cards
  • Lines of credit
  • There a many other types of credit which I won't list here


Here's where people get confused about Credit / Debt.

There are two types of credit available.

  1. Fixed loans
  2. Revolving credit

Mortgages and car loans are fix payment loans
Lines of credit and credit cards are revolving credit.

Canadian Mortgages and car loans are only credit that are available to you. That means that once you acquire a mortgage or car loan it becomes a debt to you. A mortgage or car loan is never credit to you.

HERE'S WHY:
Where you 're shopping for a $250,000 mortgage, you're looking for credit to buy your new house. You're shopping for credit at this point.

When you visit your local banker or mortgage broker in Canada you're doing
the following:

  • Asking the creditors to give you some credit.
  • You're applying for credit
  • You need to be a approved for credit.
  • Creditors check out your credit worthiness, credit score, credit reports etc.


These are all the activities you do BEFORE you get the credit that you're requesting.

Credit cards and lines of credit on the other hand can be BOTH credit and debt.

Canadian Credit - Debt definition - Credit - Debt discussion continued

HERE'S WHY
Let's say you have a credit card with a $5000 limit.
At the beginning you have $5000 worth of credit available to you.

After a while of using your credit card, you use up $1,000 worth of credit available. That $1,000 of used credit now becomes debt.

BEFORE:
$5,000 credit available

AFTER:
$4,000 credit still available
$1,000 debt owing

This is probably why people in Canada get the terms credit & debt confused. People don't usually need credit counselling, they need debt counselling. They counselling after they've acquired too much debt. ( I guess people could use credit counselling which would help them learn about how they can wisely use their credit that is still available. )

YOU NEVER HAVE TO MAKE PAYMENTS ON CREDIT!!
As I always like to say, "you NEVER have to make payments on your credit available. Credit available DOESN'T ruin marriages. The creditors DON'T make any money on credit available.

You do have to make payments on outstanding debts, or debt that you've incurred. Too much debt does ruin marriages, and Canadian creditors love it when you're indebted to them. That is how they make their money.

Credit / Debt? Debt / Credit?
There is alot of credit available to consumers in Canada. It's big business.
The problem is when Canadians take on too much of that credit which becomes their debt burden.

I hope that this post helps you better understand the difference between credit & debt and how these terms affect your personal finances.

Tags:
Credit - Debt definition
Credit - Debt information
Canadian credit debt

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