How to Get Financial Assistance If You Are A Single Parent

Being a parent is difficult. Being a single parent where you’re the only provider can be extremely challenging financially. Knowing how and where to get the help you need as a parent can make a difference in the quality of your life.There are so many financial challenges that a single parent faces such as: Employment, daycare and housing.There is plenty of financial help available for single parents. You just need to know where to look. Single parents need to educate themselves about what is available to them and how they can utilize the assistance to start a fulfilling life for them and their children.One big area where a single parent can benefit is when they file their tax return. If they were employed throughout the year and have earned under a certain level, they can receive back a...

Defaulting On a Loan – The Dumps

Default, in the finance industry, happens when a debtor has not met their obligation according to a debt contract. This will occur when the debtor is either unwilling to pay their loan or they are not able to pay their loan. When you default on a loan, it means you’re neglecting your financial responsibility. We are all aware of the reasons why someone would not be able to pay their loan. People lose their jobs or a sudden medical emergency may happen but whatever the reason may be, you should always communicate with your lender. Most lenders will work with you especially if your financial hardship is temporary. Most of us have occasional late payments but when it evolves from a late payment to a missed payment to no payments, the debtor will suffer the consequences. The first thing that...

What Should Your Credit Score Be?

Most of us depend on credit for many things such as buying a car, house or getting a loan. Your credit report is your credit history wrapped up in three digits. It measures your ability to make payments on time and is designed to help lenders determine your credit worthiness. Credit scores in Canada can range from 300-900. The higher your score, the healthier your financial record is and lenders will view you as less of a risk to them. The interest rates you receive will be determined by your score. Maintaining a good credit score is essential to your financial well being. What is a good credit score?You are considered to have good credit if you have a number of 700 and up on your credit scale. This score will allow you to have fewer problems applying for loans and getting better interest...

Smart Things to Spend Your Tax Return On

With many people anxiously awaiting their refund from the Canada Revenue Agency, now is a great time to think about how you can spend that tax return. The biggest mistake one can make is to look at the refund as free money. A tax refund is NOT free money, it’s YOUR money! When you view your refund as something other than a paycheque, you’re more likely to spend it on treating yourself. Of course, there’s nothing wrong with treating yourself but here are just a few smart ways of spending your tax refund.Credit Card Debt – If you’re getting collector calls then you know that ignoring them won’t make them go away. Use your refund to take care of those late payments. If you’re current on your bills, why not bring down or pay off your credit card debt balance. This way you have the chance to increase...