Credit Counselling Service of Sault Ste. Marie and District
298 Queen St. E. P6A 1Y7 Sault Sainte Marie, ON, Canada

Credit cards on campus Heading off to college or university for the first time is exciting. And just like choosing classes, a student has important choices to make when it comes to their finances. As a parent, you may be helping your children with money matters, whether it’s with financial support or looking over their budget and loans to make sure they’re on the right track. If a credit card is part of their plan, there are a few things to consider.... Many students get their first credit cards during university or college. And this is no accident. Banks often outsource the sale and promotion of credit cards on campuses to third-party sellers who may entice students with free giveaways and promotions. You should know that these third-party companies must respect rules designed to protect consumers. For instance, they cannot issue a credit card without getting an explicit approval. Communications with consumers must be clear and must not mislead consumers to believe they are agreeing to a promotion or reward like a t-shirt or reward points, rather than a financial product or service. Before signing up for any credit card, students should read the terms and conditions and ask questions. Here are some tips: Ask about interest rates. Ask about any other fees or charges. Ask about cancelling the product or service. Ask about the complaint process in the event of a problem. Never feel pressured to say yes on the spot. Shop around and compare options with different banks. You can use the Financial Consumer Agency of Canada’s online credit card comparison tool to do this. Keep a copy of all documentation in case you need it to reference or to launch a complaint if there’s a problem. There are advantages to young adults having a credit card, such as convenient access to funds, and learning important lessons about financial management. However, students need to know that applying for a credit product, increasing their credit limit, or failing to pay their balance can affect their credit score, which could impede their ability to rent an apartment or buy a car. Find more information online at canada.ca/it-pays-to-know.

Rising interest rates putting the squeeze on you? 51% of respondents to the study below stated that rising interest rates could impact their ability to pay their debts and a full 1/3 of respondents felt that any rising rates could push them towards bankruptcy. If you are feeling the pinch like many Canadians and unbiased advice on what to do next give us a call. One of our professional certified (AFCC) Credit Counsellors (the only AFCC counsellors in the Soo) can answer you...r questions and help you find the appropriate options for managing your debts against these rising interest rates. Call today for a free, 100% confidential (your creditors and credit report are not notified) appointment. We can help. (705) 254 1424 http://www.cbc.ca/news/business/mnp-debt-survey-1.4621831

The cost of Rent to Own: Would you pay $3,740 for a TV? Most people would immediately say, No! especially when you consider the cost of a 55 Sony TV is $1,015 (tax included). However, rent-to-own businesses will sell you a 55 TV for $24/week for 156 weeks (or 3 years) totalling $3,740. That $24 doesn’t seem like a lot, especially when many people spend $24 a week on miscellaneous things that aren’t tracked. However, when we take the long-view that payment adds up.... When we only focus on the immediate then we can sometimes get stuck in these costly agreements with few options to escape them. Instead of paying a rent-to-own business $24/ week, pay yourself. If you put $24 into an envelope or jar, or piggy bank on a weekly basis you could buy that TV in cash in 10 months time. Sure you have to wait, and commit to the savings plan, but by doing this, you will save $2,725 and the item is yours the day you buy it.

With household debt continuing to rise, banks and financial institutions are continuing to sound the alarm. For every dollar the average Canadian makes they owe $1.69 to creditors. Do you find yourself getting close to the limit, or over your head? Do you want unbiased advice on how to manage your debts? Give us a call today, for a free, confidential (your creditors are not informed and we won't report on your credit report) appointment to discuss and explore your financial options.

Looking to get your taxes filed for free? Look no further! Credit Counselling Service of Sault Ste. Marie and District, in partnership with the United Way, are excited to provide free income tax preparation through the Community Income Tax Volunteer Program. All returns are confidential and completed by trained volunteers for individuals and families with incomes as follows:... Up to $30,000 for a single person Up to $35,000 for a single person with one dependent Up to $40,000 for a couple For each additional dependent increase, the cutoff by $2,500. What do you need to file your taxes with us? T4, T5, T2201A, T2202A (for students only) RC62 Universal Child Care Benefit T2201 Disability Tax Certificate Pension slips SIN number Medical receipts Heat, hydro, wood receipts (if you live on reserve) Electricity bill Notice of Assessment from previous year (if possible) Direct deposit information (Bank account) Below is a list of the drop in dates, times, and locations we are offering free tax clinics: Monday, March 5 and 26th at the Centennial Library SSM from 1:00-3:00 Mondays in March and April at the Neighbourhood Resource Center on Gore St. from 9:00-3:00 and at the Boston Housing Hub from 1:00-2:00 Tuesdays in March and April at the Chapple/ Albion Housing Hub from 1:00-2:00 and at the Second Line Housing Hub from 2:00-3:00 Wednesdays in March and April at the Neighbourhood Resource Center on Gore from 1:00-2:00 and at the Chapple/ Albion Housing Hub from 2:00-3:00 Thursdays in March and April at the Second Line Housing Hub from 1:00-2:00 and at the Boston Housing Hub from 2:00-3:00. For questions, please call the United Way at (705) 256-7476

Do you find yourself in a similar situation? With rising interest rates and increasing levels of household debt, there is often little left over. We have been helping families in the Algoma region for over 45 years manage their debt load so that there is money at the end of the month to put into savings, cover expenses that pop up from time to time, and break free from the cycle of debt. Call today to make an appointment with an accredited Credit Counsellor. (705)-254-1424.

The holidays are just around the corner. As the mall is getting busier do you have a spending plan? According to a recent poll by Price Waterhouse Coopers, Canadians are planning on spending about $1,507 on the holiday season this year. A survey by RetailMeNot.ca shows that Canadians are primed to spend $450.00 more this year than they did last year on the holidays. Add to this a recent poll by the CIBC stating Canadians already feel that holiday spending is getting out of...Continue reading

It is never too early or late to start planning for retirement. Learn how Joan managed to get her planning on track and what she learned along the way: http://bit.ly/CCC_retirement

Start teaching your children about money when they're young. Take advantage of family activities and the upcoming holidays to give your kids a lesson in money management. Here are 5 tips for talking with kids about holiday spending: http://bit.ly/kids_holidayspending

Paying for university and avoiding a heavy debt load is a big challenge. Don't know where to start when it comes to managing your money carefully while you are a student? Here are 7 tips to get you started: http://bit.ly/managstloan

It's important to live within your means all year long. The holidays can spark joy and harmony in our hearts and can also drain our pocket books and energy. It’s possible to create a credit free Christmas but it’ll take a bit of planning and these five steps: http://bit.ly/creditfreexmas

We want to send a big congratulations to Tamara Behnke, a student at Ecole Secondaire Catholique Jeunesse- Nord in Blind River on her winning essay. Tamara’s essay about her biggest money mistake won her $1,500 in the Credit Education Week Canada 2017 National Grade 12 Essay Contest. Tamara will be reading her winning essay and receive her award at this month's Credit Education Week presentation on November 6th from 12:00-1:00, held at the Sault Ste. Marie Centennial Library.

Detest talking about money? Financial Literacy Month is the time to fix it and achieve financial well-being! Consider the following 6 points as you start talking about money. http://bit.ly/Talking_Money