Topic: Credit

Wrapping Your Mind Around Debt

Jan 22 2014 - Credit, Loans, Video

The MoneyOnTrees crew hit the streets of Hamilton, Ontario recently to talk to students and young adults about personal finance, debt and saving for important life milestones. Watch how they answered, “How does debt make you feel?” when we stopped them on a bone chilling, winter day! You’ll laugh, you’ll cry, and maybe even boost your money smarts.

Watch for more videos on MoneyOnTrees in the coming weeks!

Saying Goodbye to Bad Credit

Nov 28 2013 - Credit, Loans

First off, I want to say outright that credit can help you make your dreams come true, like buying your first home or starting a new business. But, credit can also land you in a deep, uncomfortable swell of hot water with creditors, debt collectors and other unfriendly folks. So if you feel like you’re drowning a bit –or maybe you just paid off a huge debt and you don’t want to get in that mess again – it’s time to say goodbye to credit.

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Beware of Bad Credit: How to Graduate with a Great Score

Nov 14 2013 - Credit, Loans

Sometimes it seems like people get a bit too worried about credit scores. They range from 300 (lowest) to 900 (highest), and a majority of Canadians (86%) score above 650 points. So it might seem like a lot of hassle about nothing, right? Except that if you get downgraded to the lower half of that range, everything gets a lot tougher when it comes to those milestone purchases in life – with a bad credit score it might be tough to get a mortgage without putting down a 20% deposit or taking on a much higher interest rate.

OK, but how are you gonna mess up your credit score at such an early age? I always figured that without a mortgage, big loan or multiple credit cards to max out, how can anything go that wrong? Well, there are a few ways…

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A Bank is a Bank is a Bank! Isn’t it?

Oct 17 2013 - Credit, Loans, Saving

Not unless it’s a credit union! The difference between banks and credit unions starts with its structure. Credit unions are democratic. When you make a deposit in a credit union, you become a member/owner. Decisions are made  by a volunteer board of directors who are elected by member/owners of the credit union. Because the board is also made up of member/owners, decisions are made on what’s best for the people.

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Cutting Back on Impulse Spending

Oct 16 2013 - Credit, Saving

Photo: StockImages/

If you’re always buying yourself presents to celebrate the fact that it’s Wednesday, or you can’t go through a supermarket checkout without adding a pack of chewing gum and a copy of Star magazine to your basket, you might be able to blame your parents. According to a recent survey, people with certain upbringings are more likely to become compulsive spenders than others – in particular, a focus on obedience rather than creativity is said to make someone more compulsive.

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5 Things Twentysomethings Need Good Credit For

Sep 27 2013 - Credit

Thinking about your credit score is kinda boring. In fact, it’s extremely boring. Trust me, that’s not just an opinion students have, it’s universal. But as a student, you probably think it’s both boring and unnecessary – you’re too young for that. Alas, at some point in the near future, you’ll be leaving school and entering your mid-twenties, and suddenly there’s a whole bunch of things you need or want that require a decent credit score.

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