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The Money Management Newsletter -
Managing Money


Credit - The right granted by a creditor to pay in the future to buy or borrow in the present; a sum of money due a person or business. Taken from the Fiscal Agents Glossary

Understanding Credit
Tips & Guides
Understanding credit: Questions & Answers
Credit control tips
Common mistakes - Money management
Calculators and Worksheets
Credit Card Costs Calculator
Online Quizzes
Understanding Credit
Credit Card Fees

Everybody wants you to borrow money - from the departments stores, free credit at the furniture or hardware store or the gas station - all adding to your overall debt.

Credit can be a valuable tool if you understand it, and have determined that you can afford it, and have a plan. Sorting out your needs and wants is sometimes the hardest part...

We have provided "Giving yourself credit - Credit control tips" to alert you of some of the dangers. Understanding Credit provides you with an in-depth look a credit in a Q and A format.

Common mistakes - Money management lists strategies of how successful people manage their finances, while avoiding in common pitfalls and mistakes.

Useful debt management tools

This Total debt worksheet calculator will help you determine the amount of debt you currently owe, in order to assess how well you are managing it. This will also be a good indicator of how well equipped you are to handle additional debt.

The Assets & Liabilities Worksheets tools help you understand your financial position and are a great way to take control your finances. Download the handy worksheet entitled Net Worth Calculator is one such tool that has been designed to help make your financial planning as painless as possible. Made up of six separate sections, it takes you through the steps to calculate your net worth. Another tool is the Compact Net Income calculator.

Strategies Credit Card Costs Calculator: If you're one of the few people who pay their credit card balances in full each month, this tool will identify the credit cards which carry no annual fee. But, if you normally carry a balance, this tool will tell you just how much you're paying for that card. It is estimated that over eight million Canadians do not pay their credit card bills in full at the end of each month.

Some do's and don'ts of having a credit card


  • Pay off the balance each month
  • Shop around for competitive credit card interest rates
  • Keep a record of any telephone and Internet transactions and keep receipts until your statement arrive
  • Be aware of your credit limit.
  • Use a Oil company credit card for gas - you're limiting the possibility of fraud to its limits and use.
  • Remember to immediately cancel to card if lost - you can have it canceled on a temporary basis and reactivated later.


  • Don't be tempted to sign up for a card purely on the basis of the loyalty or rewards scheme
  • Don't blindly use store issued credit cards because its offering 12 months interest fee - beware the interest rate may bite you if the debt is left outstanding.
  • Give you credit card number as a form of ID or to somebody unless you're buying or making a reservation.
  • Don't be tempted to increase your credit limit and build up even greater debts
  • Don't make too many cash withdrawals from a credit card, as charges may be higher for these direct transactions.
The role of a credit bureau

A credit bureau is simply a private business that collects and disseminates information relevant to the credit worthiness of both individuals and businesses. Typically the credit bureau checks the public records to see if the credit applicant had filed for bankruptcy, court notices and lien records. Credit bureaus gather and share information from other credit bureaus and by verifying employment and banking information. Credit Bureaus sell and receive information from the credit providers (banks, trust and loan firms) who in turn pay a fee for the service.

Most credit reporting firms use standardized forms and terms of reference. The credit report would contain a history of who you have borrowed from, how much, if the payments where paid on time, if consistent or erratic. From the information on hand, the bureau assigns a credit score or overall rating, so the subscribing credit provider can make up their own mind as to the loan application.

Check out if the Credit bureau has the information right?

Since the credit report contains a summary of your financial activities, its a good idea to review the information that's being passed around about you.

To find out how to obtain a copy of your credit bureau report, you can ask the credit bureau directly.

Equifax Canada 1-800-465-7166

or the website

Trans-Union Canada 1-800-663-9980

or the website

Comparing credit card rates, fees and calculator, personal and car loans rates

4 looking for a comparison of fees on the most popular credit cards, or wish to know how much others are charging? Our Credit Card Survey is compiled each week.
4 Comparing Personal Loan Rates or Car Loan Rates

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