Money Problems and Possible Solutions

Here is an article providing five money problems people can find themselves in and some reasonable solutions.
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/five-big-money-blunders-and-their-fixes/article1800829/page2/

If you want more solutions to your money woes, please visit us at http://www.integrabenefits.ca/
and call or email us!  403.331.4567, meredith@intgerabenefits.ca

More Canadians in Debt Than You Would Think

Here is proof that you are not alone, if you are in debt!  Global News Calgary did a story on "Debt Dilemma" in their Consumer SOS segment.  Have a peek if you didn't already catch it on the news. 

http://www.globaltvcalgary.com/video/index.html?releasePID=68rk5ivuW9BNegH_Ppl3RW84p_LM1KUc

Call us if you have any questions regarding your current situation...403.331.4567

TAX FREE SAVINGS ACCOUNTS

Looking into a tax free savings account, but have some questions?  Here are some questions and answers to have a look at...

http://www.financialpost.com/personal-finance/Your+TFSA+mysteries+solved/3840036/story.html


Also check us out at Integra Benefits and see how we can help you!

Are You Saving For Retirement?

Are you saving for retirement?  Check out this article I found in the Financal Post.  Something to think about!
http://www.financialpost.com/personal-finance/many+clowns+with+financial+plan/3814594/story.html

Money Mistakes

This is a great article for couples, shed some light on common error couples make when it comes to money.  It gives you something to think and how you can avoid unnecessary problems, when entering into a new marriage or common law relationship. 
http://ca.finance.yahoo.com/personal-finance/article/yfinance/1886/the-biggest-money-mistakes-couples-make

Signs You Can't Afford your Mortgage

I came across this article in the Globe and Mail... http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/nine-signs-you-cant-afford-your-mortgage/article1748964/

Do these signs sound familiar? 

If you would like a second opinion on your mortgage or have some questions please feel free to contact Mortgages By Integra: Verico Canada First Mortgage  Ph:403.320.1833, visit us on our webpage http://lethbridgemortgagerate.com/
We want you to be comfortable in your mortgage!

Financial Stress

Financial stress is definitely not something anybody ever hopes for.  But learning to effectively handle your stress could lead you on your way to solving your finacial problems. 

Check out this article to learn a little more about financial stress.
http://stress.about.com/od/financialstress/a/financialstress.htm

Seniors in Debt

Here is a little bit of information I came across in the Globe and Mail...having the largest increase in bankrupcy is people 55 and older.  Its a short article you may find interesting.

http://www.theglobeandmail.com/report-on-business/economy/economy-lab/daily-mix/more-seniors-spending-golden-years-in-bankruptcy/article1753492/

From our perspective we are also seeing more and more seniors walking through our doors, seeking assistance.  One of our Debt Advisors specializes in Elderly Planning, and has the knowledge and access to finding government entitlements to help seniors out.  

If you would like more information regarding this give us a call, 403.331.4567.

Monitor Monthly Expenses

http://www.bcsalliance.com/y_managingyourdebts.html

I found this article.  It offers great suggestions on how you could be managing your money better.  All it takes is a little commitment and will power on your part!

How is your Credit Score calculated?

Here is what the credit bureau uses to calculate your score, in order of importance:

Payment History:

The bureau factors in when you last paid an account late, how often you pay late and by how many days.

Recommendation: Set up automatic payments to guarantee you're always on time. One skipped or late credit card payment can drop your score by 100 points. Pay bill punctually and you might improve your score within months.

Total Debt:

In general, the greater debt load you carry works against you.

Recommendation: Use your credit cards regularly, but keep balances below 35% of available credit limits. The people with the best credit scores tend to use only about 10% of their available credit.

Duration:

The longer you have had an account the better. A late payment on a one-year-old account will hurt your score more than if you'd had the card for two decades.

Recommendation: Avoid opening new accounts unless necessary, and keep you oldest credit cards active, assuming you pay as required.

If you don't use a credit card you may be at risk of losing the card. You may want to arrange for a regular expense such as a utility payment to be automatically be covered. You can pay this off every month and it will show usage and repayment planning.

Don't apply for credit you do not want or need. Every time you apply for credit your credit score is reduce by one point.

New Credit:

Apply for credit in moderation. Multiple request for credit can be a sign that you are a distressed borrower. The credit bureaus factor in the number of new accounts you have opened, as well as the number of inquires ( there are two kinds), for your credit score.

Recommendation: “Hard” inquires, when you actually apply for new credit do have a negative impact on your score. You are protected when you squeeze applications for a mortgage or say a car loan into the same 14 day period, as they will count as a single inquiry. That is not the case if you apply for several credit cards in a short period of time. “Soft” inquires, meanwhile, don't count against you for example request you make for your own credit score.

Banks and Insurance companies are now routinely checking account holders credit scores. If your score has dropped, they may increase your interest rate or reduce your credit limit. As of September 2010, credit card companies must give advanced notice of interest rate increases prior to their taking effect.

Types of Credit

Credit bureaus look at the number and quality of each type of account. For instance, a credit card from a major bank carries more weight than one from a department store.

Recommendation: You need a long history of excellent payments with a few different types of credit. Revolving accounts (credit cards) tend to count more the installment loans (mortgages, student loans) because they are better predictors of debt management.

Paying down installment loans on a timely basis generally reflects well on your credit score. Try to pay down the loan as quickly as you can. Consolidating or moving your debt around from one account to an other usually won't raise your credit score.

If your mix of debt is considered off balance, it can hurt your credit score. For example, it is possible to have too many credit cards, but not enough of other types of loans. For the average Canadian, one all purpose credit card should be adequate.

Adapted from an article by Beth Kobliner

Being informed puts you in position of control. Take control of your financial situation!

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