Bankruptcy   Search site            Home     About us     Contact us     Ask an expert     Forms     Corporate recovery      

Use credit wisely

Credit means committing future income to pay for current needs or wants.

Reasons for Using Credit
Worst — to purchase perishables such as meals, gas, and groceries
Better — to purchase depreciable items, such as automobiles, furniture and clothes
Best — to purchase appreciable items, such as retirement funds or a home

Advantages of Credit
Immediate satisfaction of needs
Take advantage of bargains or sales
Making monthly payments can create good habits
Establish a good credit rating

Disadvantages of Credit
Encourages impulse spending
Tendency to buy higher priced merchandise
Ties up future purchasing power/ability to handle emergencies
Credit charges increase costs of purchased goods
"Easy credit" can lead to financial difficulties

Before buying on Credit, ask yourself
Do I need it now?
Is the interest rate reasonable?
Can I make these payments without skimping on necessities?
Is my income stable/secure?
Can I buy it without committing an anticipated increase income?
Do I have an emergency fund to take care of unforeseen expenses?

» Income tax debt

 

© 2017 Grant Thornton Limited, Licensed Insolvency Trustees. All rights reserved.


back to Bankruptcy home

Confidential callback from a bankruptcy professional

We can call you weekdays from 8:30am to 5:00pm

Please call me

As soon as possible
Today at
Next business day at

My Phone # 

Extension  

Ask for  

×


back to Bankruptcy  home

Make an appointment

You can meet with us during our office hours, weekdays from 8:30am to 5:00pm

Name

Phone
- -

Email

Preferred Date (dd/mm/yy)

 


Location

×


back to Bankruptcy BC

Ask a question

Name 

Phone  

* Email  

* Question  

* required fields

×

×