We see signs everywhere regarding Household Credit that say "Use at your own risk" to warn us of the dangers. These signs are a substitute for the real thing. They…
May 7, 2013
The Annual Percentage Rate (APR) is a yearly measure of the cost of credit. Some cards have an APR as high as 29.9 percent, while the average percentage rate is around 19.9 percent.
December 18, 2012
“Peace of Mind” or “Waste of Money”?
Are you aware whether you have balance protection on your credit card or not? Often when applying for a credit card, the applicant is not asked whether he or she wants the protection, it is added automatically and assumed as wanted unless the applicant asks to terminate it. You may think the protection is mandatory, or even part of the interest charge, but that’s not so.
Balance protection insurance is like other insurance in that it’s benefit coverage comes with eligibility requirements, exclusions and conditions. However, unlike other insurance, you are not applying for it to see if you qualify or approve its coverage, you are offered it automatically and then it is up to you to find out if you qualify or if you require the coverage. Therefore if you do not take any action, you will be paying for it even if you don’t qualify, and even if you don’t really need it or want it.
Credit Card Debt is the most common form of unsecured debt in Canada. During the past decade Canadian and US credit card companies have been very successful in targeting low income families as their main client. In an effort to cope with a weaker economy many families tend to pay with a credit card for basic necessities thus adding more to their Credit Card Debt. This makes credit card companies really prosper as the less money you pay them each month, the more interest they receive. And the larger the Credit Card Debt gets the sooner families are not able to make even minimum payments creating a very serious problem.
Thank you for your interest in the Home Trust Secured Credit Card!
You have made a step in the right direction. This credit card is the only Secured VISA card in Canada and it will help you to establish your credit quickly.