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Most people think of debt as a bad thing. But is all debt bad? Debt is a financial tool. Like any tool, what matters is how, when, and why we use it. There can be some benefits to borrowing money, but there are real costs to think about as well. People go into debt for a number of reasons. The costs of debt can be both financial and emotional. When you hold debt at high interest rates, it can lead to a cycle of debt, as you take on more debt because your budget cannot keep pace. This can also have a negative impact on your credit score. This can be very stressful. It takes a good debt management plan to pay down what you owe, so that you no longer have to rely on bad and ugly debt.
These resources can help you learn how to better manage your debt, keep track of your credit score, and can also direct you to some places you can go for help.
Understanding your credit report
5 steps to fix or re-establish credit in Canada for Free
How to manage debt and get out of debt faster
5 ways to get the lowest interest rates
How to get an Awesome, super high credit score
Dangers of co-signing a loan, mortgage or credit card
How to deal with creditors and collection agencies