The Secret Life of the Payday Loan Borrower


Payday loans are the dirty little debt secret no one talks about, but as many as 2 million Canadians borrow these from these high-interest short-term loans every year. What is a payday loan? A payday loan is a loan for an amount less than $1,500 with a term ranging from 14 to 90 days. They typically have interest rates north of 300%, making them some of the most toxic financial products available to consumers. Payday lenders have been criticized and labeled as predatory since they typically target the economically vulnerable and trap them in a cycle of debt. These loans are marketed as “alternative financing” for people who do not have or cannot get more traditional forms of credit, like a credit card or line of credit. Payday lenders typically set up shop in low-income neighborhoods, where they prey on new immigrants or the working poor who are both low […]

Never Pay More Than 5% Interest on Your Credit Card Debt


When it comes to paying off debt, focusing on ridding yourself of the highest interest balance first. This is often called the Debt Avalanche Method and will save you the most money in the long run. Most credit cards have interest rates of 20%, so carrying even a small balance can be extremely expensive. The crusade against consumer debt is always at the forefront of personal finance advice, because of these high-interest rates. But what if you could lower your interest rate to something that doesn’t make you feel like your face is on fire every time you open your credit card bill? You have no reason to be paying double-digit interest rates on your debt The truth is, you don’t have to (and shouldn’t) be carrying a balance at 20%. Heck, if you have good credit, even 10% is too high. Why? Because if you have a high credit score, […]

Celebrate Tangerine’s 20th Birthday By Helping Them Give Away Over $20,000

Giving is an integral part of personal finance, and belongs in everyone’s budget. Allocating part of your budget to charitable giving can help improve both your finances and your perspective. The first reason is because allocating a certain dollar amount or percentage to giving will force you to live on less for yourself. The second reason is because there’s a good chance some of your extra dollars can do better work somewhere other than your miscellaneous spending. How far do your charitable dollars go? It doesn’t take a lot of money to make a big difference. As little as $25 might not even be missed by you, but can have a major impact on an organization in your community. Think of the way you spent your last $25: a dinner out? A new t-shirt? Can you even remember? (I can’t!) Now think of what a $25 donation could do for… […]

What Exactly Is Ethical Investing?


Ethical investing, or socially responsible investing, means to put your money where you expect it to have both a positive financial and social or environmental impact. You can do this by directly buying shares in companies that have ethical practices, or by purchases mutual funds or ETFs of socially responsible companies. In recent years, the demand for ethical investments has grown significantly, which means this once hard to find option is now available to most investors that make it a priority. Having an “ethical portfolio” is a noble goal, but many see it as impractical because doing so does mean less choice and frequently lower returns when it comes to investing. However, you don’t have to go all-in — why not add one or two socially responsible investments to your financial assets and go from there? After all!, you can do good for the world and still enjoy financial security! […]

Why You Need to Put at Least 10% Down On Your First Home (and How to Save It!)


Homeownership is a major personal and financial goal for most young people. It’s also one of the biggest financial challenges. With real estate prices seemingly rising endlessly in the most desirable cities in the US and Canada, it can seem impossible to get a foothold in the market. As a result, many young people panic and rush to buy before they can really afford it. If you can’t afford to put 10% down, you can’t afford a home Sad news everybody: if you’re scraping together 5% to put down on a home (and struggling to even come with that), you’re not ready to become a homeowner. Homeownership is hella expensive, and this is true long after you get the keys to your new place. Virtually everyone focuses on getting together the down payment because it’s the largest upfront expense, but the ongoing costs of owning property — like repairs & […]