Financial Literacy Month Week 4: Borrow Money Wisely
Financial Literacy Month Week 4: Borrow Money Wisely
As of September 2019, Canada’s household-debt-to-income ratio remains staggering at 174 per cent according to Statistics Canada.
This number means that on average, Canadians owe $1.74 in debt for every dollar of disposable income (including mortgages and consumer debt like credit cards). Households use a record 14.9 per cent of their spending money to meet debt obligations, a growing burden that reflects the rising cost of interest payments.
Tips for tackling your debt:
- Having a plan to pay off debt helps reduce your financial stress. Here are some ideas to help you begin to pay down your debt, and stay debt-free.
- Paying down debt is rarely easy, but with a good repayment plan, you will not only find yourself on the road to being debt-free, but also closer to achieving your life goals and dreams. The Financial Goal Calculator can help.
- Here are six ways you can deal with your credit card debt either on your own or by taking using a debt relief program.
- Credit is not extra income. If you’re having trouble controlling your credit card spending, consider asking the financial institution that issued your card to lower your credit limit. Get more tips to use your credit card wisely.
- Try the Credit Card Comparison Tool to compare credit card interest rates, annual fees, rewards and other features.
- When budgeting for a car, think beyond the monthly payments and look at the full cost over the term of the loan. Review these tips on car financing.
- Thinking of breaking your mortgage for a better interest rate? Read your mortgage contract and make sure you know all of the penalties and fees.
- Before getting a home equity line of credit, make sure you’re aware of the fees, penalties, terms and risks.
If you’re looking for more information about how to be a borrow money wisely, consider attending one of these programs during Financial Literacy Month:
IN-PERSON SESSIONS
Financial Basics – Borrowing 101
November 25 | 1 p.m. – 2 p.m. | Waterloo Campus
November 26 | 12 noon – 1 p.m. | Westdale Campus, Mills Library
WEBINARS
Financial Basics – Borrowing 101
November 29 | 12 noon – 1 p.m.
Making Cent$ of Money – Budgeting 101
December 3 |1 p.m. – 2 p.m.
Learn more and register for events.
Homewood Health (EFAP)
McMaster’s EFAP offers a free financial coaching program over the telephone. This Life Smart Coaching program empowers you with the information and support you need to help you achieve financial peace of mind. They make it simple to get started and guide you step-by-step.
If you ever feel uncertain or overwhelmed about any issue, McMaster’s Employee and Family Assistance Program (EFAP) can arrange counselling. Counselling services can be offered face-to-face, over the phone, through video, or online.
Learn about McMaster’s Employee & Family Assistance Program.
Contact Homewood Health
1.800.663.1142
https://homeweb.ca/
Program Contact:
Organizational Development
Human Resources Services
od@mcmaster.ca