Credit Education Week – Get Unbiased Advice

This is Credit Education Week in Canada, and today our tip of the day is simple: get unbiased advice.

Banks want you to get a debt consolidation loan, and payday loan companies, of course, want you to get a payday loan.  Of course payday loans are not the answer to your financial problems, and a debt consolidation loan may or may not be the answer, but when you talk to a bank or payday loan company, that will be their advice.

Credit Education Week is sponsored by banks, credit card companies, and payday loan companies, so they will generally try to “sell” you the solution that works for them.

Of course bankruptcy trustees are also biased.  They will want you to file a consumer proposal or file personal bankruptcy in Canada.

So today’s tip: before you talk to anyone, be sure you understand what they are selling, to ensure you are getting unbiased advice.

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