Should I pay down debt or contribute to my RRSP? Although it’s a common dilemma faced by many, there’s no simple answer. It depends on each individual’s financial situation. There are a number of factors to consider.
Contributing to your RRSP and paying down debt both offer benefits – you’ll pay less tax when you contribute to your RRSP, while you’ll pay less interest when you pay down debt. Which should you do? It depends on how much debt you have and how costly it is.
If you’re between the ages of 35 and 44, chances are you’re in debt. With home prices reaching the stratosphere in red-hot housing markets like Toronto and Vancouver, we’re spending more than ever before just to put a roof over our heads.
A recent study from RBC echoes that sentiment – if and when interest rates rise or house prices fall, the most heavily in debt could face a real dilemma. If you’re up to your ears in debt, there are ways to protect yourself when interest rates eventually rise.
If you’re like most Canadian families, you’re probably planning a summer getaway. While you probably know you should phone your issuer ahead of time, but have you given much thought to foreign exchange fees? Whether you’re traveling to the United States or Europe, it’s important to ask about foreign exchange fees, as they can really add up.
Credit cards offer consumers many benefits. They’re convenient, you can use them to earn rewards points, and to help build your credit history. Canadians can’t seem to get enough of their credit cards – we rank among the highest in the world in cashless transactions.
While credit cards are handy for consumers, have you ever stopped to think about the effect they have on retailers? Dan Kelly, president of the Canadian Federation of Independent Business (CFIB), recently wrote an interesting article for the Financial Post about the difficulties small businesses face when it comes to paying by plastic.
The mobile payment market is heating up. Square, the company behind the wildly successful app that transforms smartphones into virtual point of sale devices, announced plans for a new credit card reader able to accept Chip-and-PIN credit cards.
Set for release in 2015, with the widespread adoption of Chip-and-PIN credit card technology, Square’s card reader could be a real game changer. Let’s take a look at how the new card reader will benefit Square and consumers alike.
Move over PayPal and Square, you’ve got company! The battle to win over customers is heating up, as Amazon is jumping into the highly-competitive credit card space. It seems like every year we’re told it will be the year of mobile payments, yet consumers remain hesitant to give up their trusty credit card.
Amazon seems to have found some middle ground with its new device that can be used to validate credit card payments. Not only does it offer consumers a new convenient way to make purchases, it also offers small business an alternative to costly point of sale devices.
