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Calculating the True Cost of Debt

Posted on Jun 22, 2014 in Collection Agency, Consolidation Loans, Credit, Debt, Debt Counseling |

Many people don’t have a clear idea of what their debt really costs them, whether it’s a credit card balance or a student loan. Financial writer Gail Vaz-Oxlade points out in “How Much is Your Debt Costing You?” that if someone buys a $2,000 TV on credit, with an 18% interest rate, the minimum monthly payment would be about $40. Of that payment, only about $10 would go to the principle and rest would cover interest. So if you just made minimum...

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Graduating Into Debt

Posted on Jun 16, 2014 in Consolidation Loans, Debt, Debt Counseling |

Getting a student loan can be double-edged sword. Many kids can’t afford a higher education without one. But the downside is that a lot of students are graduating with huge debts that they many find hard and in some cases impossible to pay off. The problem of student debt in Canada is on the rise. According to a September 2013 Globe and Mail article, accumulated student debt is now more than $15 billion nationally, and perhaps as high as $23...

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