Become Debt Free in as Little as Five Years

May 16th, 2013 Filed under: Credit Cards — Credit Card Author

Getting out of debt is important for all consumers. Your credit rating is essentially the only way that you’re able to obtain important things in life such as cars, a place to live, and loans to fund them. If you are struggling each month to make payments on time it might be a good idea for you to consider individual voluntary agreements (IVA) as a way to get out of debt. Consult with an insolvency practitioner (IP) to discuss your options for an IVA debt solution.

 

How Does the IVA Process Work?

 

You will first meet with an IP to discuss your debt concerns and answer a few qualifying questions. These questions are ideally to find out if you are a good candidate for IVA. After making the decision you will then have to review your financial history to discern a proper repayment plan that will work within your current budget as well as satisfy your creditors.

 

After you have come up with an agreement it will then be turned over to your creditors for approval. It is up to the creditors to determine if they agree with the arrangement. If all of your creditors agree the IVA will be approved and will also become legally binding. This means that you as the consumer will be responsible for making the payments in a timely manner for the duration of the agreement.

 

As long as all payments are made in a timely fashion within the 60 month period you will become debt free and all outstanding credit will be settled for an improved credit rating and a end to the never ending web of debt.

 

 

Many consumers have taken advantage of IVAs and successfully completed the agreement. It is important that you understand your responsibility when going into this agreement and that you complete your responsibilities accordingly. Your IP will work with you along the way to periodically monitor your repayments and your financial circumstances. This process can be very valuable in helping you to obtain financial security once again. So don’t delay in learning more about how individual voluntary agreements can change your financial status for a lifetime.

 

 

Q&A – Which is the best “Credit Card” in Toronto and why.?

May 13th, 2013 Filed under: Travel Credit Cards — Credit Card Author

It’s time for another question/answer. I know a lot of you like these so here we go. This one comes from who asks us:

Although i am looking for a Credit Card which : – has no Annual Fee – has one of the best reward points system – has acceptability everyone without any fussStill if your answer is otherwise, i would still be interested in what you have to say.Thanks in advance !!

Answer: There are a few several credit cards without any annual fee. Some banks have at least one.Canadian Tire Optima MasterCard is a good one, you get Canadian Tire money that you can spend, instantly, at any Canadian Tire store or Canadian Tire gas station. – But, their store card, like all other store cards charge ENORMOUSLY for late payment, up to 33 % interest.The card is a regular MasterCard, I have used it in scores of countries (when my American Express locked up. – I cancelled my American Express, forever, after that horrible experience.)But, if you pay ~ $ 100, annually, the TD Visa Infinite is the best. They don’t lock you in to any limited system when you want to reclaim your points. You can buy your travel ANYWHERE, as long as you use your Visa card. Their overdraft interest is awful but “only” ~21 %.1. If you use the TD bank travel agent, you use your points instantly2. If you buy travel anywhere else, you have to mail in your receipts and get compensation in a few days.Note, There are NO restrictions, no silly 1/2 – 1 h waiting waiting on line or “sold out” as if you use Aeroplan, which is still tied to a few credit cards – the singularly most restrictive point system, designed by your worst enemy.All credit cards start out with a low limit for first time users, but quickly go up as you use it and pay regularly.PLEASE be forewarned. All credit cards are a curse on humanity, if you use the credit from month to month. Don’t be misled by “low rates”, you will soon be paying 20 % – 34 % annual rate on ALL purchases, from the moment you use your card.So, keep a balance of $ 1,000, average, from month to month and you just threw away $ 200 – $ 330, forever, for nothing. If you need to borrow money – DO NOT KEEP any balance on your credit card. Just go in to your bank and open a “personal line of credit”, typically offered at a 4 % – 6 % annual rate. Again, don’t ask for a line of credit to pay off your credit card. You are already too late. No bank will lend you money to pay off a credit card. They are all in “cahoots” and want you to pay maximum interest, even if it is not to their bank.

Tagged:Toronto

Q/A – how can I offer customers to apply for a credit card? (TIPS)?

April 29th, 2013 Filed under: Travel Credit Cards — Credit Card Author

Many of you might be asking this same question so I’m posting with the answer here. Enjoy. The question is from yummm chocolate cake

I work in a bank, and as part of my job referrals is part of it. And I receive “Invite customer to apply for credit card”. I invite the customer to apply for a credit card and let them know about the benefits, but I need more ideas. I would like to offer them the invite in a more creative and assertive way. Thank you in advance for the tips!

Answer: I glaze over when stores & banks offer me a credit card. If I wanted one I would ask. You know the old saying “don’t call me I’ll call you”I tell them No Thanks I have a credit card. Why do I need two?With that said, What is THE biggest feature of your card? No blackouts on airline miles? If so you can start out asking casually do you travel? Did you know our card has no blackout dates. No annual fee too (if that is true)Cash back? Ask how would you like to earn some cash back? That will get their attention. Did you know that our card offers X# of % cash back.Rewards points? Start out with something like did you know our card offers rewards points & can be used for anything from air travel, rent a car or on everyday purchases.Pitch the card casually in a conversation. Don’t just say would you like to apply for a card.If your system tells you that they are pre-approved for a card say “Oh look” your pre-approved for our credit card for X # of $ & then immediately start your pitch. Do you travel…… Did you know our card offers…….Sooo think about the 2 biggest advantages of having your card & pitch those ideas. Even if you just give them an application with your employee # on it they may think about what you said & apply next time.I worked part time for a store that didn’t beat us up to get apps. but did offer 10% off (today only yeah right) I didn’t like asking at first but you would be surprised how a $25 order would say OK & a $500 order would turn me down. You just can’t be shy about pitching your card.

Tagged:Polls & Surveys

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