22 minutes | Sep 10th 2020

05: Debt and credit score myths BUSTED

On the fifth episode of MI$$ FINDEPENDENT, Gloria is joined by her friend Albert, they discuss debt and credit scores - different kinds of debt, strategies to pay them off, what a credit score is, how to figure it out and factors that affect your credit score and why it’s important.

Homework
Task 1: If you have debt, create a repayment plan by listing our all of your debt from largest to smallest (sum or interest rate). If you need help, credit counseling is available: https://www.canada.ca/en/financial-consumer-agency/services/debt/debt-help.html
Task 2: Find out your credit score and determine whether you need to take steps to improve it

Links
Where to check your credit score:
Borrowell - https://borrowell.com/
Credit Karma - https://www.creditkarma.ca/
Mogo - https://www.mogo.ca/free-credit-score

Sources:
Gov't of Canada Financial Consumer Agency Debt Free Plan - https://www.canada.ca/en/financial-consumer-agency/services/debt/plan-debt-free.html
Gov't of Canada Financial Consumer Agency Credit Score Info - https://www.canada.ca/en/financial-consumer-agency/services/financial-toolkit/credit/credit-5/3.html
Common Credit Score Myths - https://bankruptcycanada.com/dealing-with-debt/common-credit-score-myths/

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Disclaimer - Miss Findependent is sharing perspectives on personal finance for educational purposes. It may not apply directly to your individual situation. I'm not a licensed financial advisor and it's a good idea to consult with one before making any serious financial decisions. References to products, offers, and rates from third parties often change, please double check on the third party website to get the most up to date info.

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