{"id":4882,"date":"2019-05-14T11:28:33","date_gmt":"2019-05-14T15:28:33","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=4882"},"modified":"2024-11-18T10:59:04","modified_gmt":"2024-11-18T15:59:04","slug":"tips-from-a-financial-planner","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/loans-and-debts\/tips-from-a-financial-planner\/","title":{"rendered":"Tips From a Financial Planner"},"content":{"rendered":"
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Here is a list of best credit practices.<\/p>\n<\/div>\n

Develop good habits<\/h2>\n

Draw up a budget.<\/h3>\n

This is the basis of sound financial management. Find out more about\u00a0budgets.<\/a><\/p>\n

Pay your credit card balance in full each month and always pay all your bills on time.<\/h3>\n

If you don\u2019t pay your credit card balance in full each month, you are artificially inflating your income and deceiving yourself about how much you really make.<\/p>\n

Be very careful and avoid getting into credit card debt at all cost.<\/h3>\n

If this is the already case, apply for a loan or line of credit to pay off your balance. You\u2019ll pay less in interest and maintain your good financial reputation with your financial institution. Credit cards should only be used when you know you can pay off the entire balance right away.<\/p>\n

Don\u2019t have more than 2 credit cards.<\/h3>\n

This makes it easier to stay in control of your personal finances.<\/p>\n

Don\u2019t be tempted by offers of free gifts or rewards for taking out store credit cards. These have much higher interest rates than credit cards from financial institutions.<\/p>\n

Even if you don\u2019t use your credit cards, keep in mind that credit limits are considered potential debts and can impact your request for a mortgage from a financial institution. When qualifying you for a loan, these take into consideration both your actual and\u00a0potential<\/strong>\u00a0debt loads.<\/p>\n

When you stop using a credit card, write to the lending institution and ask it to cancel your credit card contract.<\/p>\n

Know what your debt capacity is.<\/h3>\n

Never borrow more than what you can repay. To determine your repayment capacity, you need to know exactly how much you spend on all your monthly expenses and debts.<\/p>\n

Stop comparing yourself to people who look like they can afford everything.<\/h3>\n

They may be up to their ears in debt!<\/p>\n

Before buying on credit or borrowing<\/h2>\n

Before buying on credit, ask yourself these questions:<\/h3>\n