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Seniors playing with fire when taking on a big debt

Are retirees playing with fire? They could be if they decide to use money borrowed through a mortgage to supplement their other sources of retirement income. The most common ways those at or close to retirement do this is to hold a mortgage through their Locked-in Retirement Account (LIRA) or to borrow money against their home through a so-called “reverse mortgage.” But retirees should think long and hard before entering into either of these arrangements.

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How to rein in your credit card debt

Tips for paying off the plastic A recent report by credit agency TransUnion paints a scary picture. According to the study, of over 26 million Canadians carrying some sort of variable-rate consumer debt, some 718,000 would not have enough cash to continue making...

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How to escape the credit card crunch

When the holiday-spending credit card bills start coming in this month, some of us will pay off the balance to zero and calmly go on as before. Others – many others – among us will add it to the ever-growing pile of debt, try to make a minimum payment on at least...