Credit Cards – When You Should Reduce Your Credit Limit

When you apply for a credit card, a credit limit is determined by your creditor. This is evaluated on how risky they think it is to lend to you. Your income and your credit score are two major factors in determining your limit. You can increase your limit by calling into your institution and asking for the increase and the same goes for reducing your limit but at what point do you reduce your credit limit?If you’re a compulsive shopper, it’s extremely beneficial for you to reduce your credit limit. If you are likely to continue to spend excessively then reducing your limit on your credit card will limit the damage you can cause to your finances. Reducing your credit limit is a great way to manage your spending but it also leaves you with no available credit should you need it in case of emergency...

I Can’t Afford To Pay My Tax Debt

After you file your tax return, you will be sent an assessment notice from the Canada Revenue Agency (CRA) which shows the balance of the tax owing. If it is in a refund balance, this is money that the CRA owes to you but if it shows a balance owing then you must pay the CRA those monies by the payment deadline. After the payment deadline if the balance is not paid, interest will accrue and will be compounded daily.What if I can’t afford to pay the balance owing to the CRA?If you are already neck deep in debt and can’t afford to pay off the balance owing with the CRA, you have options:Negotiate a payment plan with the CRA – You can contact your nearest CRA office and explain your circumstance and offer them a payment schedule that you can manage. So for example, if you have a balance owing...

Can Reward Credit Cards Affect Your Credit?

Reward credit cards allow you to collect points or miles towards purchasing flights, hotels, rental cars, merchandise and other free stuff. Usually you’ll have to collect enough points in order to buy your desired freebie. Not all reward programs are created equal and every points system is different in the way it works. It’s hard to turn down free rewards. This is how credit card companies entice people to sign up to use their credit cards. It’s important to remember that these companies are in the business to make money and they’re not offering these rewards with the possibility that they’ll lose money. These reward cards are beneficial to you if you pay back the balance in full each and every month otherwise you’ll be paying for the reward yourself in interest and annual fees. How can a...

How To Have A Successful Yard Sale for Extra Money

Times are tough and we can all use a little extra cash in our wallets. How do we do this? Well Spring has sprung and a great way to put extra money in your wallet is through a yard sale. There is a lot of thought and work that goes into a yard sale to make it successful so follow these tips and you’re sure to have a heavier pocket at the end of the day. What is my first step? The best initial step is always to choose a date. A great target date is in 2 to 3weeks time. This will give you the opportunity to get things organized and ready. When you have a yard sale the first thing you need to have is stuff to sell. So a good plan of attack is to start with a spring cleaning. Every item you come across for the sale should go to a designated area. Once your items are chosen, it’s time to organize...