Credit Card: 5 Errors to Avoid During the Holiday Season

Gifts, Christmas parties … the end of year holidays are the period of all dangers for our finances.

On average, a Quebecker spends an average of $ 475 on Christmas gifts, and the majority of payments will be made by credit card. But beware, the amount of expenses for the holidays, often dizzying, may sometimes cause us to lose track of the activity of our bank account.

Budget exceeded, forgotten payment of bills … many people are having each year. Here are the mistakes to avoid when paying by credit card during the holidays.

1. Spend more than our budget

The secret of not crumbling under debts after the holidays is to establish a budget.

Plan how much you can afford to spend on the state of your finances. To do this, make a list of the people you plan to buy a gift, as well as the budget allocated to each one. Do not forget to take into account all purchases of food and beverages for awakes and restaurants for your Christmas parties.

To leave a little more room, some people do not hesitate to use a microcredit punctual from a private institution .

2. Use your credit card to advance funds

If you need to make cash purchases, we advise you not to make a cash advance, ie convert your credit into cash from your bank’s ATM, for example.

You should know that this practice generates fees, and this amount, we bet that you have not taken into account when you have established your budget. Know that to avoid having a surprise in terms of fees, you can apply for funds online from a private institution, you will know in advance the amount to be reimbursed.

3. Do not check your statements

After making every purchase, it is very important to check your receipts to see if there are any errors.

During the holiday season, vendors and servers are overwhelmed with work, they make daily transactions with hundreds of people. Since the error is human, the amount on your receipt may be incorrect.

Fraud also exists, keeping your receipts will help you spot any suspicious transactions on your credit card.

4. Pay with too many credit cards

4. Pay with too many credit cards

We are asked from all sides to subscribe to credit cards. On average, a Quebecer has 3.5.

Even though these seem advantageous, it is important to limit the number of cards. Know that it is not more interesting to spread his expenses on different credit cards, you risk on the contrary to accumulate too much debt.

5. Pay your credit card late

5. Pay your credit card late

This is the wrong step to avoid! With the many expenses spent with your credit card during the holidays, you may lose the thread. To avoid falling into this trap, do not hesitate to put reminders on your cell.

Paying bills on time will preserve your credit rating and keep stress away.

Credit card: mistakes can be avoided during the holidays

Credit card: mistakes can be avoided during the holidays

The holiday season can be dangerous for your finances, but with a good organization and a clear vision of your expenses, mistakes with your credit card can easily be avoided.

If you need money during the holidays, but do not want to impact your credit rating, you can also subscribe to a quick loan without a credit check. Do not hesitate to contact us if this alternative interests you.

Need Urgent Money: Choosing between Savings and Line of Credit

Life is made of unforeseen things: disasters, job loss, illness … anyone can face an urgent need for money.

If you have money aside, you will certainly be asking yourself the question of using your savings to pay urgent bills when it was destined for a completely different project. However, rather than squandering your personal funds, you should know that there are other financial solutions that can serve as alternatives. Line of credit, money supply, are all possibilities that have many more advantages than a simple loan.

Use your savings or use a reserve of money: we weighed the pros and cons to enlighten you.

Use a line of credit if you need urgent money

You want to borrow a specific sum of urgency for a given period? The line of credit is the most practical alternative.

What is the line of credit?

The line of credit is a reserve of money in which you will draw. To benefit, you can turn to different financial institutions such as banks or private institutions. This reserve does not need to justify its use, which allows you to use as much as you can the amount available. In addition, you will not have to submit new loan applications.

It is a suitable solution if you have planned to renovate, for example, when you have a need for urgent money.

Reimburse a line of credit

Reimburse a line of credit

The repayment is quite flexible since you have the possibility to repay the amounts borrowed at the times that suit you the most. Once the amount has been paid, your money reserve is available again in full.

Need urgent money: when to use savings?

Need urgent money: when to use savings?

In today’s society, we have all been educated on the importance of saving money. Whether to save the expense of a future home, a life project, the arrival of a newborn, in case of job loss, illness or just to deal with a blow . It’s an essential safety mattress, and spending it is often a last resort.

Using your savings is exposing yourself a little more

The emergency has arrived, but you are not ready to use your savings for fear of not being able to cope with another blow?

If you use your savings to pay for an unexpected expense, you will save on the cost of the credit you will have to pay back, but you will be at greater risk in the event of a new emergency.

Why do you have to keep your savings?

For many, savings are used to cushion urgent expenditures, yet most would like to invest that money in projects or to grow it, and it is possible!

If you choose to take a credit to keep your savings you will be able to repay the monthly installments of your loan, you can secure this savings in case of another blow by using the interests of this money placed to reduce the monthly payments, you will enjoy also a more advantageous taxation and this will allow you to create a capital for the future while repaying your loan.

Between using your savings or using a line of credit if you need money urgently, you have the choice! But once used, the savings will be harder to rebuild. While the reserve you have with a line of credit allows you to keep your savings, and this even gives you the opportunity to make it profitable.

 

Financial Option: What are the Possibilities for your Studies

To pursue one’s studies is to build one’s professional project and to choose one’s future. In this logic, many students want to continue their learning in graduate cycles to be ready when they enter the job market. However, the related costs can be substantial. Between the price of the studies in itself and that of the student life, the necessary sums can quickly cause headaches.

But how to deal with these financial obligations without the school results being impacted? With NCR Loans, discover the different financial options available for your studies to run without hassle.

Finance your studies

Assuming tuition fees alone means that some students have to find the necessary funds to obtain a diploma. Fortunately, there are financial solutions that will allow you to access the professional skills you are looking for.

Personal savings

Personal savings

To finance studies with one’s personal finances is not always easy, because the savings to put aside is consequent. Thus, some students have already begun, well before their entry into the universities, to save their rhythms. Part-time jobs or summer jobs are often the main sources of income to consider in order to raise the necessary funds.

For students whose parents opened an RESP when they were very young, know that it is possible to use the accumulated capital to help you finance your education.

Scholarships

To make up for the lack of funds, many scholarships are available to students who wish to continue their training. In the form of financial assistance and not requiring reimbursement, they are allocated to students by the federal government, the various provincial and territorial authorities as well as by public or private organizations such as businesses, charitable foundations and schools. .

Most often, these scholarships are awarded on merit. However, it is also taken into account the financial needs of the student, his sports skills or his participation in extracurricular activities.

Ask your guidance counselor or the financial aid office at your home institution about the options available to you. Be sure to start your application well in advance to make sure you do not get caught off guard by the many documents that may be required: this type of request can be long.

Student loans with deferred repayment

The student loan is an advantageous solution when one wants to find the necessary funds for the accession to knowledge. In addition to making studies accessible to as many people as possible, it offers some flexibility in terms of repayment times.

For example, some financial institutions propose to defer repayment. Depending on the institution chosen, you will be able to repay your loan at the end of your school year or two years after completing it.

Be careful, because using a bank loan is a long-term commitment. So be sure to choose your financial institution and take the financing option that best suits your needs.

Student line of credit

Student line of credit

The line of credit is a process of making money available to you at any time. The amount is calculated based on your status, your ability to repay and your field of study.

The majority of student lines of credit offer a lower interest rate and longer repayment terms than is commonly proposed.

Fund your student life

Student life is expensive! Between the rent to pay, phone and internet packages, extracurricular activities and student outings, you will also need to estimate the ancillary costs associated with your studies.

Here are some tips and tricks to get the most out of your student life.

Track student reductions

There are everywhere and yet students do not necessarily know it. Many stores or organizations offer discounts for students.

Thus, you can get discounts on your transport subscriptions, in some clothing and accessories stores, for your cinema sessions or in some restaurants. You will be surprised at all the good plans that are available to you.

Do not hesitate to ask, no matter where, if there are discounts or student rates. Also look at social networks! There are a multitude of groups that offer good plans.

Have a little job

Have a little job

It is very common to see students taking part-time positions in parallel with their study. This type of job will allow you to be paid, but also to acquire a first professional experience that you can value later.

Note, however, that having a job while taking courses requires being organized. Your job should not affect your academic success. So choose small contracts of 5 to 20 hours per week to be sure not to encroach on the time needed for your studies.

Loan of small amounts

Loan of small amounts

If urgent money is needed , it may be necessary to turn to institutions that can give you small amounts of money. This option can be really helpful as this type of lender does not necessarily care about your credit rating or loans and line of credit already in process.

In addition, the process of obtaining is very simple and fast: in less than 24 hours, you will have made your request, received the approval of the lender and will have access to the deposit of funds directly on your account.

Be careful though, the contraction of this type of loan requires to be conscientious and to regularize every month the claims that were established during the contract.