Everyone will incur some type of debt at some point in their lives. It is almost impossible to avoid. Having debt is not necessarily a bad thing, it is how Debt repayment is handled that makes the difference. There are ways for people to repay loans and credit card debt that will benefit them better than other methods. Unfortunately, a large percentage of people are paying back their debt incorrectly.
There are responsible and irresponsible ways that a young person can use a credit card. One of the most responsible things that a person can do when using a credit card is to make use of the 21-day interest-free grace to pay their credit card balance. This helps avoid the high interest rates that can be charged by the different credit card providers. However, even paying the balance can still put a person at risk for excessive Credit card charges if a person doesn’t know what to look out for. Here are a few things to keep in mind.
Canadians getting better at managing consumer debt, reports Jason Wang, the Director of Research and Analysis for TransUnion, the credit monitoring agency – and he should know. When compared to citizens of other countries, Canadians are making great strides in managing consumer debt.
What is going on with the debt culture today? People are buying things they cannot afford and credit cards they should not have. Student debt is soaring, and the culture’s answer to the problem appears to be, “pay it later- maybe.”
There are a few things fundamentally understood when offering financial support to family members, usually an adult child or an aging parent. The first is that we want to do it. The second is that we expect them to find their footing in the near future. Lastly, it is well understood that constantly bailing them out of trouble and being a crutch will only cause them to fall into a state of co-dependency and reliance.
The decision to file for bankruptcy is a huge one. Many people make the decision because they find themselves in over their heads in debt and don’t see a way out of the mess they’ve created. While the federal government does allow financially overwhelmed consumers to file for bankruptcy protection, it’s important that everyone considering doing so educate themselves on the process and how bankruptcy will affect their lives. Read on to learn some important tips that consumers need to know before they sign on the dotted line.
Personal finance is not something that is always taught when growing up and is not a subject required to take or often provided in high schools or college. One of few ways a young adult may learn about personal finances is if they were shown financial responsibility by their parents. Even in this case, many parents themselves are not financially responsible and do not have much advice to pass on to their children in order to prepare them as best as possible for their financial future.