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Make your money work smarter with Neo Financial. Learn about saving, smart spending, credit building and more on our personal finance blog.
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Debt Management Program VS Consumer Proposal: How To Decide Between The Two
A debt management program (DMP) requires you to repay 100% of your debt, while a consumer proposal lets you settle for a fraction of what you owe. That single difference should guide most of your decision.
Consumer Proposal VS Debt Consolidation: Choosing the Right Path to Protect Your Credit & Reduce Your Payments
Consolidation tends to work best when you can afford to repay your full debt, but want to lower your interest costs and simplify your payments.
How Your Personal Bankruptcy Impacts Your Spouse in Canada
Filing for personal bankruptcy in Canada does not make your spouse responsible for your debts. The key exceptions involve joint debts, co-signed obligations, and jointly owned assets.
The Inconvenient Truth About Credit Builder Loans in Canada
"Those credit builder loans may have an impact on your credit file, because it could be reported as a trade line on your credit file. But they're not likely to help you improve your credit score," said Richard Goyder, Chief Credit Officer at Neo Financial.
Why You Don't Need a Job to Qualify for a Credit Card in Canada
You absolutely can get a credit card in Canada without a job. Credit card issuers care about your ability to repay debt, not how you spend your time. If you have income from government benefits, a pension, a spouse, investments, or even student finan
Why a Car Loan is Often the Easiest Path to Credit for New Immigrants, But Not The Best
While a car loan is one of the most accessible forms of credit for newcomers, it is not the most cost-effective way to build a score from scratch.
Credit
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The 7 Cardinal Sins of Credit Cards in Canada and How to Avoid Their Pitfalls
While many Canadians are able to use credit cards without getting into debt, if you recognize yourself in any of the seven following habits, you are better off leaving the credit card in the drawer until you can approach it differently.
Why You Don't Need a Job to Qualify for a Credit Card in Canada
You absolutely can get a credit card in Canada without a job. Credit card issuers care about your ability to repay debt, not how you spend your time. If you have income from government benefits, a pension, a spouse, investments, or even student finan
The Truth About Instant Acceptance Credit Cards in Canada
That means a card advertised with instant acceptance is not necessarily easier to get than one that takes five business days. The approval criteria, including your credit score, income, and existing debt obligations, still determine the outcome.
Spending
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Why the holidays are the season for scams—and how to avoid them
Don’t become a victim; be aware of common holiday scams. It may help you protect yourself, your sensitive information and your money.
How do credit cards work? The ultimate credit card guide for beginners
Everything from applications and utilization to limits and payments
What is inflation and whats next?
Inflation is a daunting topic that brings many unpleasant feelings. We’re here to help you understand what inflation is, what to look out for, and what you can do.
Budgeting & Debt
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Debt Consolidation Loans For Bad Credit Do Exist in Canada, But They Are Rarely Worth It
A borrower with good credit might qualify for a consolidation loan at 10% to 15%, which creates meaningful savings. A borrower with a credit score below 650, however, will often be quoted rates of 25% to 35%.
How to Be Discharged From Bankruptcy in Record Time in Canada
To qualify for an automatic discharge, you must satisfy every one of your bankruptcy duties.
Debt Management Program VS Consumer Proposal: How To Decide Between The Two
A debt management program (DMP) requires you to repay 100% of your debt, while a consumer proposal lets you settle for a fraction of what you owe. That single difference should guide most of your decision.
New from Neo
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3 tips for first-time homebuyers in 2023
Reduce stress when buying your first home by better understanding the process, and use these three tips from Treadstone Law to reach homeownership like a pro.
Neo Financial Teams Up with CEBL
The Canadian Elite Basketball League (CEBL) is partnering up with Neo Financial™, a leader in Canada’s financial tech industry.
Strengthening our senior leadership team at Neo Financial
We are thrilled to share the appointment of several new senior leaders at Neo. Please join us in welcoming Amanda Broos as Chief People Officer, Dana Saric as Chief Legal Officer, Allemander Neto as Acting Chief Financial Officer, James Nauss as Chief Operating Officer, and Stefan Doan as Chief Information Officer.
Savings
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Bank account types: What’s the best bank account?
Which bank account is best for you? To decide that, we want to look at interest, flexibility and fees.
Top 6 money savings habits you can start today
Eat your avocado toast and use these top tips to save your money instead. Work on implementing these 6 money habits and change the way you view your finances.
A Guide to High-Interest Savings Account Interest Rates
Looking for high interest savings account rates? Neo Financial® offers competitive options that could help you maximize your money. Find out more today.