Articles About Debt Management

What is an Installment Loan?

An installment loan is a type of loan where you borrow a fixed amount of money and repay it, along with interest, over a specified period. The interest rate is determined based on your creditworthiness. Installment loans provide predictability with fixed monthly payments until the loan is fully repaid. These loans can be secured, with collateral like a car, or unsecured, relying on your creditworthiness. Borrowers are advised to borrow only what they need, calculate affordability, and compare loan terms to make informed borrowing decisions.

How Credit Scores Affect Installment Loans

Installment loans are closely tied to credit scores. Your credit score will determine your options when it comes to borrowing money, and borrowing money will also impact your actual credit score based on how you handle the loan and its terms.

Canadians think inflation is twice as high as it actually is, new BoC survey finds

Canadians perceive inflation to be double the actual rate, with young consumers estimating it even higher. Rising mortgage payments and increased food prices contribute to this perception, impacting consumer choices and leading to reduced spending as many anticipate a potential recession in the near future.

What should I know before taking a personal loan?

Personal loans can be an effective financial tool to manage your expenses when you are short on cash. They are unsecured loans that can be used for a variety of purposes, such as paying off credit card debt, consolidating high-interest loans, or funding a major purchase.

How late payments impact your credit score and access to credit?

Even if you miss one bill payment, you can lose as much 150 points. While it’s not always so dramatic of a drop, it’s still essential that you pay things off before the deadlines. You may not qualify for prime credit cards, low-interest loans, and decent mortgage rates. This is because when your credit score is less because you’ve missed a payment or are late, this becomes a red flag to lenders. To keep your credit score healthy, make sure to pay your bills on time.

How to get relief from debt and improve your credit

When debt is incurred, you are essentially borrowing money from your future income and therefore reducing your future standard of living. By minimizing the amount of debt that you owe, you will be better able to save for the future and will ensure that you are able to provide all of the necessities for both yourself and your family.

Digital financial inclusion can be a Canada-wide reality with MyMarble

MyMarble aims to help people take control of their budgeting, spending, and credit score to achieve financial prosperity. It aims to help them gain financial literacy skills and feel empowered to manage their personal finances.

header image for debt consolidation post by fairstone

Is it time to consolidate debt?

If you’re wondering what debt consolidation is and if it’s right for you, our partners at Fairstone shared several scenarios where debt consolidation is worth looking into.

Ways to Get Out of Debt Faster

How to Get Out of Debt in 7 Steps

Debt can be crippling. Perhaps you are sick of being burdened by credit card balances. Maybe everyday expenses have become overwhelming. Whatever your reason, debt repayment is possible even if challenging. It also is quite rewarding. With debts increasing every day and Canadians everywhere facing this problem, we’re here to provide some insightful information for getting out of debt smoothly, swiftly and safely.

What are Debt Consolidation Programs?

Houses, cars, businesses, medical bills, school tuition fees? Because our 9-to-5’s might not generate enough for us to pay for these things in cash up front, the best way to get what you need now and pay for it later is by acquiring a loan. If you know how to budget your money and you’re…

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