Our Blog

Receivables Management Association of Canada – New Member

As a reflection of our continued commitment to our clients and the industry, Creditaid has recently become a member of the Receivables Management Association of Canada (RMA).
Receivables Management Association of Canada (RMA) vision is to become the first National association of its kind; extending into every province and territory to set the professional standards of our industry.
RMA Canada works with its members to promote the activities of all those connected to the industry by bringing their concerns to the attention of the authoritative bodies that control day-to-day activities.

5 Reasons Why You Should Pay More Than the Minimum

Credit card companies all provide you with at least two amounts on your monthly statement, the total balance due and the minimum payment due. The minimum payment will always be the lower amount. Those who have found themselves deep in credit card debt have often gotten there by choosing to pay only the minimum payment due. Here are five very good reasons why you should always pay more than the minimum.

1. Saves you money. How can paying more each month save you money? Easy! It’s called interest. The more you pay each month, the less interest you have to pay in the long run.
2. Get out of debt faster. Less interest means that you get the debt paid off faster.
3. Improved credit rating. Decreasing your debt will also improve your credit rating, which affects interest rates on loans and even your car insurance rates.
4. New charges. If you are continuing to use your card and only making the minimum payments, eventually you will reach your card limit and not no longer have a credit card available for items that require it for purchase, such as hotel rooms.
5. Better spending habits. Developing good spending habits will lower stress and improve your overall lifestyle. Paying off your credit card balance monthly is one of the best spending habits you can have.

If you have a balance on your credit card that you are making minimum payments toward, now is the time make a change. Quit using your card and find every means possible to increase your payments each month. You’ll be amazed how fast that balance can disappear.

Stretching Your Gas Dollars

As the average gas price across the provinces hovers around $1.20/ litre, the importance of making the most of your trips to the gas station is greater than it’s been since the crunch of ’08. So it’s a good time to take a look at some ways to ease the pain at the pumps.

1. Combine Trips – Try to coordinate errands and appointments in order to reduce the number and/or distance of your trips.

2. Adjust Your Work Schedule – Consult with your employer about the possibility of working four 10-hour days to save a day’s commute, or working a flexible schedule to avoid traffic delays.

3. Lighten the Load – Every little bit helps – or hurts – your fuel economy. Inspect your trunk or cargo area for any unnecessary weight, and leave it at home.

4. Check Tire Pressure – Under-inflated tires can add undue friction to your car’s ride, thus reducing fuel economy. Make sure they’re at the prescribed air pressure when gassing up.

5. Carpool – If changing your work schedule isn’t an option, see if you can share the commute with co-workers instead. It not only saves on fuel costs, but overall car maintenance.

It may even be a good time to keep that New Year’s resolution – to lose some of that winter bulk (and put some back into your wallet) – by leaving the car at home and dusting off that bicycle in the garage.

How to Tune-up your Finances this Spring

Have you given any thought to tidying up your finances? Here are 5 tips for putting a spring in your finances.