Tembo Financial November 8, 2016 No Comments

Financial Literacy Month for 2016 has the Financial Consumer Agency of Canada looking to raise awareness about managing debt, saving, and understanding the rights and responsibilities that come with being a consumer in Canada. In week one, they looked at budgeting to aid Canadians better manage their money. In week two, they’ve focused on taking control of your debt by understanding it better.
“42% of 35-44 year olds are struggling to or not keeping up with bills and financial obligations*”
Tips to Avoid Bad Debt

1. Understand interest rates: items such as credit cards can carry high interest rates and small minimum payments. By looking for better alternatives to consolidate your debt, and not falling into the trap of easy spending with credit cards – consumers can avoid the trap of spending outside of their means.
2. Automatic Payments: Set up automatic bill payments with your financial institution, and plan ahead for when they will be taking them out of your account(s). By planning your bill payments and spacing them out over the month, you can ensure that money will be allotted and ready for each payment as it comes, without the headache of manually paying.
3. Sleep on it: Avoid the bad side of debt by avoiding impulse buying. Sleep on it, and see if you still want the item the next day.
4. Consolidate your debt: If you’ve already found yourself deep in credit card debt or multiple forms of debt, consider finding a way to consolidate your debt. This means multiple payments will become one, and you can likely find a lender who is willing to offer you a lower interest rate than you’re currently paying.
Preparing to sell/Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money to consolidate your current debts? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!

*Subject to qualification.

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