Post secondary education is an important consideration for a number of different people. Whether a person is fresh out of secondary or high school or perhaps a person is in their 30’s or 40’s and are looking for more education for a different career, post secondary education offers a lot for these two demographics and everyone in between. However, with the average cost of a post secondary education being around $80,000, most people pursuing this type of education will need financial assistance to do so. That is precisely what a student loan was created for.
Canadian interest rates are unquestionably low. But, are they really as low as some believe? How is the current state of interest in Canada being wrongly perceived? Is any specific interest rate myth being exploited? Below are five Interest rate myths in Canada that are changing the landscape of how Canadians invest and spend.
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.
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.
A lot of personal debt that consumers are paying for is considered non-deductible. Many are paying interest on credit cards, car payments, etc. The interest that is still considered a deductible is your home mortgage interest, and investment interest. Each year, if you are paying substantial interest you may want to consider converting your non-deductible interest into interest that is deductible.
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.