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Tag: Credit Risk

Canadian Family Debt-To-Income Ratio Hits Record High

Do you know your debt-to-income ratio? Find out and know your creditability and if its worst like most of the Canadians then improve it without delaying.Does the year 2012 of borrowing trouble? Family debt-to-income ratio hits record high in Canada! Debt rises 78% in last 20 years, according to The Vanier Institute of the Family 12th annual assessment of Canadian family finances report; the average Canadian family debt including mortgage loan has reached $100,000. The average Canadian family debt-to-income ratio has now hit a record 150% that means Canadian families owe $1,500 for every $1,000 in after-tax income. We are not going to discuss here about what happens next year, because it comprises lot of inside economic indicators and out side world crises as USA and UK are also reflecting nearly same negative trend. Yes, we have got a positive thing with us that benefit all the individuals, we still have a very low interest rate in Canada and it feels that Bank of Canada want it to continue it’s low rates in 2012. Time will definitely disclose about the report how much it compares of apples and oranges. Dealing with a high debt to income ratio is not very difficult and as a sensible individual you have to safeguard your personal finances by reducing your extra spending and saving for the future, and you can do it. Lets discuss our monthly personal and household spending in relation to our income that demands us to reduce our debts with a productive option of saving into investments.

Simple spreadsheet that will help calculate your debt to income ratio.Do you know your debt-to-income ratio? People usually want to use the debt to income ratio calculator, although Its a simple calculation that an individual can do it by using excel spreadsheet or by hand, it will help you in finding out how much you’re paying in relation to your earning each month and whether your ratio of debt to income is acceptable or high. Debt-to-income ratio is a percentage of your income you owe in debt or debt payments and its one of the best ways to know whether a person is in a good or bad financial position. You require a good financial position to borrow money, spending too much on debt and other financial commitments will result in bad credit, it will drop your creditability and a chance to get credit when in need. All the banks, financial institutes and lenders require your debt-to-income ratio to determine your ability to repay debt, lower ratio means you hold better chances of repaying your debt. Where higher ratio means you would consider being a credit risk that could result in dis-approval of your loan or mortgage. There are various lenders specially dealing in mortgages also calculate Gross Debt Service Ratio (GDSR) and Total Debt Service Ratio (TDSR) to analyze your affordability to take an additional debt. In view of various financial experts, your debt-to-income ratio should not exceed one third of your gross income.

You probably have taken some kind of debt in your life and it’s quite normal, whether it’s a mortgage, credit card, car loan, student loan, payday loan, personal loan, or any sort of due bills you may have. Debt can be divided into two types in relation to rate of interest, high and low interest rate debts; Where credit cards and payday loan debt belong to high rate of interest and these are the debts you should always consider to pay off as soon as possible, preferably before due dates, that way you can save your self from getting into speedy and extra debt burden.

Reducing your debt mean saving that you can further invest to get more future benefits, there are great number of individuals that prefer investing their money into government backed investment offers to get high interest savings programs like Tax Free Savings Account (TFSA), Registered Retirement Savings Plans (RRSP), Guaranteed Investment Certificates (GICs), Exchange Traded Funds (ETFs), Stocks, Bonds, Mutual Funds and other to enhance and save money for various future tasks and most probably for retirement purpose. Here you can get benefit from your lower rate debts while investing them into those investments, which deliver higher returns. It is further advisable to all the individuals to consider all the factors before making decision to go with these benefit programs because there are two possible things you must consider; you should calculate difference between your investment rate of return and interest rate over your various debts. A positive difference between two will help you in making your decision, if paying off debt would help you in reducing your financial burden while enhancing your monthly saving amount then it’s a best deal to consider.

Personal debt management is not difficult because you can easily manage your own debts according to your situation and priority but if you follow the ways how professional debt consultant do it, then their suggestion help you a lot in many ways like;

  1. Start paying off similar kind of debts of smaller in amount and interest rates, it will reduce your burden having various credit and you know these kinds of debts are easier to pay.  After paying off one debt individual can get more satisfaction and courage to start concentrating on the next debt amount to be paid.
  2. Paying off one big value debt having higher interest rate like credit card repayment require your most urgent attention, as you know interest occurring from the credit card is very high and payday loan late payments can charge you with penalty and high fee, don’t delay in paying off these expensive debts. This strategy will definitely enhance your satisfaction, creditability and more handy cash that let you concentrate on the other debts to reduce.

As an individual you have variety of options but choosing one best may determine by your own convenience that’s why go with the option that satisfy you a lot. If you are facing poor credit rating, you will observe when you start paying off debts to your lender, your credit rating will improve having lesser debts. It will also help you in getting your desired low rates big loans for your various types of future investments.

If you’re struggling with your credit card debts and other high interest rates debts and want to adopt better ways to manage your finances then credit counselling could be a right solution for you. You are also advised to consult with your debt consultant; there is variety of debt relief Canada websites available online today where you can get free debt help and analysis, and if it satisfy you, you may ask them their full help.

Lowering down your high debt-to-income ratio is not an easy task, but you still have a great option to lower it accordingly because its not in hands of other than you, take responsibility of your personal finances, educate your self, control your spending habits while purchasing smartly only things you need most, stop your frequent credit cards usage. You will be surprised yourself to find out about how changing your habits will improve your money management skills and help you reduce your debt.


How To Get Free Credit Report Canada With My Credit Score

Why do I need to check my free credit report Canada with my credit score?

Learning the basics of the credit report process helps you in maintaining your good financial health because credit bureau collects and maintains how you are doing with your financial responsibility, and to provide it for the people and the organizations who need to find out, have direct concern and interest in your financial history like your employer, business partner or a lender, where your credit score shows your credit risk or advantage. Its a number that has been calculated through a mathematical formula  that measure through assorted variables in your credit report such as your payment history, public records, and debt to income ratio. Here in Canada, according to Equifax’s ScorePower Report, FICO scores range between 300 (bad credit rating) and 900 (excellent credit rating), where lowest number shows you have been suffering from a critical and a bad credit situation likely to default and high credit score brings more and more advantages, like if you are applying for a loan your interest rates depends on it, rates will be higher if your credit score is low and in case of high credit ratting you will get best possible lower rates. The one big investment is your mortgage and most of the people know how good score has brought thousands of dollars in savings to their mortgage repayments. Your  Credit score brings an instant summary that holds just three numerical digits to know your creditability.

Getting a free credit report in Canada holds more advantages for Canadian residents in relation to the American residents but lot of people here in Canada even don’t bother to check their credit profile, this may also be possible that they don’t know if they are entitled to a free credit report or not. Although you will be offered a free credit report Canada but it doesn’t mean that it holds your credit score rating attached. Possibilities are, you may or may not get your credit score with your free credit report, “How To Get Free Credit Report Canada With My Credit Score”, lets clear this phrase.

There are lot of options you may order your credit report, like by phone, fax, e-mail, general mail or online form but getting your credit report at your physical address through your mail request and instant delivery through internet media are the safest and easiest methods.

By mail its free! The credit-reporting agencies will provide you, by mail, with a free copy of your report on receiving your request in writing. Getting a free credit report this way will not provide you with your credit score and it also take some days to reach you.

By Internet some fees apply! You can also order your credit report through TransUnion and Equifax Canada from these reporting agencies’ websites online. This method is quite easy, safe and fast since you will receive your credit report online almost instantly, may take just few minutes after you made your request and other good thing you will awarded with your credit score too. However, these credit-reporting agencies charge a small fee for providing you with an online copy of your credit report and score.

How to get free credit report online that contains your free credit score?

The only way you can obtain your credit score through online applications supplied by these two credit reporting agencies’ on their websites. The fee charged for your credit score might be higher than the cost of receiving your credit report online. However, the cost of your credit score will always include an online copy of your credit report. Moreover, your paid credit report subscription also includes several other features these companies may have but common one is offering you your credit identity protection. The intention of writing these few sentences up are just to make it clear for you that free credit report with free credit score can only be obtainable through these credit reporting companies online, TransUnion and Equifax Canada and it does hold a cost. Now question stands here then how this advertising media is using the phrases free credit report Canada like “free credit score Canada” “free credit report Canada online”, “free credit report Canada Equifax”, “free credit report Canada TransUnion”, “Equifax free credit report Canada” and more like these.

You know how this advertising environment have been so tighten enough today when we have plenty of platforms to select products and services we require and this kind of market behavior and customer’s trend in finding opportunities the main suppliers, producers and marketers are just trying to reach their market and consumers beside trying to balance their own business competitiveness, such kind of aggressive statements that looks golden opportunities, make them prominent to be readily click-able are not false but it require some limitations attached. That’s why (Federal Trade Commission) FTC new rules implemented early this year in America to restrict such free credit report offering through these credit reporting agencies to safeguard consumers interest from such free credit report scam happening by printing these sentences as bellow:

THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV.
You have the right to a free credit report from AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law.

Its compulsory by law to print this above statement on the website’s web pages that contains such free credit report offering and those companies could face fines for not expressing full disclosure about free reports. Although its an American rule for the American websites but we should adopt it on ethical grounds till its not come up as a legislation. How this is true we can have our credit report in Canada free online that holds our free credit score?

You will find several websites offering you a 7 days, 15 days, 30 days or else free trial period for their such services, which offers you to view your free credit report in Canada online for the said period and after expiring you must sign up to carry on using the same service as paid one and some also offers the same free trial service if not canceled before the expiry of the said period you automatically becomes there paid member to be liable for the paid subscription. That’s why always carefully read first about the terms and conditions for the said free Canadian credit report offering, you are going to sign for. Some people will use the same service to view their free credit report in Canada and then just cancel their subscription or a membership before the expiry of the said period.

This is how to get your free credit report Canada that also holds your free credit score, its a good way but you have to remember to cancel your membership with the said company before the free trial period will be up, otherwise they will be start charging you for a service that you no longer been using.

The Canadian credit reports and scores offering system in Canada is very similar to that in the United States, like we both have two common credit reporting agencies working among us, which are Equifax and TransUnion (Experian, the third one has closed its operations in Canada on April, 2009). But there is, however, one main key difference that brings more advantage to us in Canada, is that, unlike the United States, where a consumer is allowed only a single copy of annual free credit report once in a year, in Canada the consumer may order a free copy of their credit report as many times in a year he/she may without any restrictions but as long as the request is made in writing for the printed copy to be delivered by mail. You will find printed statistic on your free credit report that how many times you have received such copies and good thing is this, it doesn’t bring any effect on your credit score.

For more information on how to build or improve your credit history, and how to check for signs of identity theft along the sample credit report Canada and credit score documents you may visit Financial Consumer Agency of Canada. The Government of Canada offers a free publication called Understanding Your Credit Report and Credit Score that you can read online free there, you may also order a hard copy of said publication that is available free of cost to residents of Canada.

View your Free Credit Reports in Canada in seconds!

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