archive-com.com » COM » F » FAMILYSERVICETHAMESVALLEY.COM

Total: 51

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • Explaining your Credit Card - Credit Counselling at Family Service Thames Valley
    interest owing to the card issuer This can be done on a monthly or more usually a daily basis and has the effect of increasing the amount of interest you pay The interest rate stated by the card issuer may be misleading because that is an Annual Percentage Rate APR Daily or monthly compounding increases the real interest rate above the stated APR if a balance is carried from month to month Bank Cards Interest is compounded daily so making payments between statements and saves money Interest is also charged on cash advances from the day you borrow until they are paid in full It is not charged on purchases showing up on your statement for the first time if the entire statement is paid by the due date But when the balance is not paid in full by the due date interest is charged on the daily balance from the date the purchases have been posted to the account until it is paid in full Retail Gas Cards Often you pay less interest if you pay at least half of the balance each month Retail cards subtract payments equal to 50 or more of the balance from the amount on the statement before charging interest Making Payments Minimum Payment The minimum amount which the card issuer requires you to pay in a given month is usually 3 to 5 of the total outstanding balance By only paying this minimum payment interest is charged on the remaining balance A 2 000 balance on a retail credit card which charges 28 8 interest will cost 6 772 in interest charges and take more than 30 years to pay off if only a minimum payment of 3 of the balance minimum 10 payment is made each month Payment in Full If the entire balance is paid off at the end of the month then depending upon the type of grace period interest calculations there may not be any interest charges Due Date The date set by the card issuer each month by which a cardholder s payment must be received After this date a payment is considered late Other Types of Cards Charge Cards These cards can be used like credit cards but the balance must be paid in full every month Debit Cards With this type of card the cardholder is actually paying the merchant at the time the card is used Affinity Cards Many charitable and educational organizations have arrangements with financial institutions whereby cardholders can select an affinity card to support that particular organization A small percentage or fixed amount from each purchase made with the card is donated by the institution to the charity or university Incentive Cards These are the products of commercial relationships between card issuers and one or more businesses that deal with consumers If the name of the business appears on the card itself it is called a Cobranded Card The most common of these are Air Miles Reward cards which grant travel points

    Original URL path: http://familyservicethamesvalley.com/credit_counselling/creditcards.html (2016-02-14)
    Open archived version from archive


  • Credit Counselling at Family Service Thames Valley
    look at your credit file as is usually done when you apply for a loan credit card mortgage rental accommodation car lease insurance and some jobs If there is an error recorded on your credit file you may notify the credit bureau and they will attempt to correct it Should your records differ from what a creditor has reported you may be required to provide additional information and documentation If there is a dispute the credit bureau can advise you as to your rights Most information regarding your credit history is on your file for seven years Therefore for seven years following placement of a debt with a collection agency judgment being filed against you or bankruptcy anyone looking at your credit file will be able to see that you did not fulfill your obligations to previous creditors Even if you are a couple of months late with a payment that will show to anyone looking at your file in the future In addition to negative information appearing on your credit file positive information is reported in the same manner If you make payments on time and have no late payments judgments or bankruptcies on your file this can help you with future credit accommodation or employment applications Remember your credit file is a history of how you have handled the privilege of credit If you are responsible and use it wisely your credit report can be a useful tool If not it may prevent you from obtaining something that is important to you If you live in London you can find out what is on your credit file by calling Equifax Credit Bureau in Montreal at 1 800 465 7166 The recorded message will give you an address to write to and a list of what to include in

    Original URL path: http://familyservicethamesvalley.com/credit_counselling/creditbureaus.html (2016-02-14)
    Open archived version from archive

  • Family Service Thames Valley Credit Counselling - Wise Shopping Habits
    lower prices Try to consider quality and value not just price Paying 50 more for something that will last twice as long can make good sense especially for appliances and furniture Don t get sucked into a bait switch in which you are lured in by a low advertised price and then talked into a higher priced model because the advertised model is sold out or of inferior quality Keeping up with the Jones s has driven a lot of people into bankruptcy because they didn t know the Jones s were in debt to their eyeballs If you feel the need to compete with family friends or neighbours try to limit it to golf scores or bridge neither of which will endanger your financial stability When shopping with credit it is always good to ask Why Consider the total cost of buying with credit as opposed to waiting and paying cash and decide if it is worth the extra money to have it now Warranties and service costs can play a big part in a decision about large items such as vehicles and appliances Try to calculate the total cost of ownership not just the purchase price Check with the Better Business Bureau in London 673 3222 when dealing with an unfamiliar business especially in the area of home renovations or repairs Shopping when hungry rushed depressed angry or irritated will always result in bad decisions and excess spending The best time to shop is when you are in a good mood on a full stomach and without young children in tow When making a major purchase having a trusted friend or partner can often aid in thinking through the purchase decision from all angles Don t let a salesperson rush you into making a decision on the spot Many will use a limited time offer as a pressure tactic If they are reputable they will give you time to think over the offer and honour it when you come back Studies have shown that people who shop with credit cards spend roughly 30 more than those who shop with cash and those who shop with debit cards spend roughly 20 more When you go shopping you might feel comfortable with one credit card in your wallet for emergency expenses but most cards are best left in a safe place when you head to the mall Seasonal variations in our climate mean that there are good and bad times to buy certain items especially clothing sporting goods and lawn and garden equipment Prices are always lowest at the end of the season as retailers try to clear out for the incoming goods The last week of December is also a great time to stock up on Christmas cards wrapping paper and even gifts for the next year Uninvited salespeople can be trouble if you let them into your home Vacuum cleaners are often sold door to door at vastly inflated prices with high interest financing packages As a rule

    Original URL path: http://familyservicethamesvalley.com/credit_counselling/shopping.html (2016-02-14)
    Open archived version from archive

  • Debt Reduction
    potential for default should your income decrease in the future protect collateral from the threat of foreclosure or repossession establish or maintain a good credit rating important even for some jobs today protect the interests of cosigners who are not in a position to take over payments avoid collection activities and threats of legal action gain control of your finances back from your creditors minimize the financial stress of having debt obligations that you can t pay Below is a place to list any debts that you might have as well as some important information which will help you to focus on which ones to pay off first Collateral or Cosigner is where you can list any asset that was pledged as security such as a car or a house for a mortgage and the name of anyone who cosigned for you Investment or Consumption means whether the debt was incurred for an appreciating asset such as a mortgage on a house or an RRSP loan or whether it was for consumption which includes nearly everything else including cars and furniture When deciding which debts to pay off most quickly it is a good idea to look carefully at the

    Original URL path: http://familyservicethamesvalley.com/credit_counselling/debt.html (2016-02-14)
    Open archived version from archive

  • Financial Danger Signals
    Financial Danger Signals Re building Your Credit Rating Book List Links Privacy Statement Financial Danger Signals Just as some diseases have early warning signals which if caught in time can improve the chances of successful treatment there are also warning signs of impending financial distress By keeping some of these in mind and using them as a reference it is possible to identify the early warning signs of financial problems before they become acute If you recognize any of these as applying to you seek help before it is too late When stressed angry or depressed you go shopping Purchases are frequently hidden from family members Shopping leaves you feeling guilty and ashamed Spending habits create conflict with family members Thoughts about money crowd out other thoughts Debts are not disclosed to family members An increasing percentage of your income is going to pay off debts You are unsure of how much you owe in total Your credit cards are at their limits Savings have been used up to meet debt obligations Credit is used for everyday purchases such as groceries gas or cigarettes Only the minimum payments are made on your credit cards A cash advance from one credit

    Original URL path: http://familyservicethamesvalley.com/credit_counselling/danger.html (2016-02-14)
    Open archived version from archive

  • (Re)building Your Credit Rating
    are current with any existing financial obligations such as rent mortgage utilities lease payments or debts Ask your landlord or utility companies for a letter indicating your good payment history typically these monthly bills do not get reported to the credit bureau unless they are in arrears Maintain a balance in your bank account and be careful not to bounce cheques Talk to your financial institution about your situation if you have been a good customer for some time they might be willing to give you a credit card or a small loan Some financial institutions offer secured credit cards whereby you place a sum of money on deposit with the lender and they issue you a credit card with a credit limit equal to or slightly less than what you have on deposit The money you place on deposit is frozen and used by the card issuer to cover the balance if you default on payments Consider an RRSP loan which will also serve to reduce your income tax payable If you are a student you can apply for a credit card through one of the various student credit application kits available on campus Ask if a family member is willing to cosign for a loan if you use the funds to invest outside an RRSP the interest you pay might be tax deductible Keep in mind that a credit rating forms only part of the scoring process used to determine whether or not you qualify for the credit you have applied for You might be able to influence the score through some factors while others are mostly beyond your control age gender marital status annual income length of time at current and previous jobs length of time at current and previous addresses property owner vs tenant net worth

    Original URL path: http://familyservicethamesvalley.com/credit_counselling/rebuilding.html (2016-02-14)
    Open archived version from archive

  • Credit Counselling Resources
    Credit Use Credit Cards Credit Bureaus Wise Shopping Habits Debt Reduction Financial Danger Signals Re building Your Credit Rating Book List Links Privacy Statement Book List If you are interested in learning more about budgeting personal money management or credit issues here are some books that are useful Baker Murray The Debt Free Graduate Toronto ON Harper Collins 1999 Blix Jacqueline Heitmiller David Getting A Life New York NY Viking Penguin 1999 Brown Kathleen H Personal Finance for Canadians Scarborough Ontario Prentice Hall Canada Inc 1994 Chilton David The Wealthy Barber Toronto Ontario Stoddart 1989 Dacyczyn Amy The Tightwad Gazette New York NY Villard Books 1992 Detweiler Gerri The Ultimate Credit Handbook Toronto Ontario Penguin Books 1993 Dominguez Joe Robin Vickie Your Money or Your Life New York NY Viking Penguin 1992 Kaye Yvonne Credit Cash and Co Dependency Deerfield Beach Florida Health Communications Inc 1991 Long Charles How to Survive Without a Salary Toronto Ontario Warwick Publishing Group 1991 O Neill Barbara M Saving on a Shoestring How to Cut Expenses Reduce Debt Stash More Cash Chicago IL Dearborn Financial Publishing 1995 Silverstein Alan The Perfect Mortgage Toronto Ontario Stoddart 1995 Stanley Thomas Danko William The Millionaire Next Door

    Original URL path: http://familyservicethamesvalley.com/credit_counselling/books.html (2016-02-14)
    Open archived version from archive

  • Credit Counselling Links
    Catholic Family Services of Hamilton Credit Counselling of Regional Niagara Credit Counselling Service of Sault Ste Marie District Credit Counselling Service of Simcoe Georgian Bay Region Credit Counselling Services of Southwestern Ontario Credit Counselling Service of Toronto Family Counselling Centre of Brant Family Counselling and Support Services Guelph Wellington Family Services of Peel Kingston Community Counselling Centres Family Services York Region Sudbury Community Service Centre Credit Counselling Services in Other Provinces Credit Counselling Society of British Columbia Credit Counselling Services of Alberta Ltd Saskatchewan Provincial Mediation Board Credit Counselling Federation des acef du Quebec Credit Counselling Services of Atlantic Canada Inc Community Family Service of Prince Edward Island Credit Counselling Service of Newfoundland and Labrador U S Credit Counselling Resources National Foundation for Credit Counseling Association for Financial Counseling and Planning Education The Brainard Group Inc Financial Institutions Canadian Bankers Association Credit Union Central of Canada Credit Union Central of Ontario Libro Financial Group St Willibrord Community Credit Union The City of London The City of London Information London Credit Reporting Agencies Equifax Canada Trans Union Information and Privacy Commissioner Ontario Student Loans CanLearn Ontario Student Assistance Program The Debt Free Graduate Bankruptcy Office of the Superintendent of Bankruptcy Canadian

    Original URL path: http://familyservicethamesvalley.com/credit_counselling/links.html (2016-02-14)
    Open archived version from archive



  •