![]() ![]() Increases are based on performance, internal equity and external equity. The salary increase period is in January of each year. So it is not cancelled but rather included in direct and stable salary rather than variable. We have been making salary increases in 2022 and factoring bonuses into those increases. You mention a lot of things in your message and I think it is worth clarifying. Ask what the real costs are minus the proverbial “free tv”.Īnn Kaplan is an award-winning businesswoman and CEO and President of iFinance Canada Inc., the parent company of Medicard, Petcard and Dentalcard – a North American consumer finance company.I am sorry you don't have a good experience since the acquisition. There is almost always a price to pay when something ‘free’ is offered. Nothing is free so do not let incentives distract you from understanding the true cost of the item. Nothing is ever free: Behind every repossessed television set is a disgruntled purchaser. It may be in your best interest to put a deposit down (if necessary), when considering a service or product, prior to making a full commitment – this could save cancellation fees or costs and will give you more time to seek information about the service or product you are considering. Understand the return policy: If payment on borrowed money has already been made for an item you returned or a service you cancelled, it’s up to you - the borrower - to inform the lender and arrange repayment – not the vendor of the purchase. If you are able to obtain a loan at a lower rate than the interest rate you are currently paying, it may make sense to replace it with a lower-cost line of credit or loan. This means you can pay your credit card, line of credit or fixed term loan out early without penalty. Early payout: In Canada, lenders cannot penalize consumers for paying out a loan early. Negotiate the terms at the time the loan is taken out, not after you have defaulted. They do not always line up with pay dates and if these dates are changed later you could be charged a fee or told that the date you want is not possible. Notice the payment dates on the contract. Missing this first payment can mean lowering your credit rating and possibly increasing the interest charged on the card or loan. Missing payments: Often there is a 30-day wait period this means about 45 days may pass until the first payment is due. This is the true cost of borrowing and what is referred to as the ‘effective interest rate’. Watch out for monthly or yearly fees: Consumers are attracted to low interest rates, but what about monthly fees? Ask the question and read the fine print to see if there are any. You may not even talk to the person you co-signed the loan for anymore but you are still accountable should it go to collections - even years after a purchase was made. Co-signers beware: Co-signing a loan obligates a person fully for the repayment of the loan if the borrower should default. Vendors do not carry responsibility for the loans taken out by their consumers yet this can be a common assumption with deferred payments or credit cards offered directly from the vendor. You will still need to repay the loan regardless of your satisfaction with the initial purchase. Understand where liabilities fall: Borrowing is not insurance for a bad purchase decision. This process is put into place to help the lender and consumers decide, together, if the consumer will have the ability to repay a loan. When filling out application forms, be truthful about all debts. ![]() Manage your debt-load: Lenders in Canada are available to help you obtain financing, but it is important for consumers to be part of the process. Factor this in and then assess the true cost of the item. Whether a purchase is made on a credit card, or from taking out a loan, there is a cost to borrowing. Factor the cost of borrowing into the cost of the item: Today’s economy has consumers considering monthly payment options, rather than thinking about the full cost of the purchase. ![]()
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