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Money News>
Community Resource Centre Money News
February 1, 2008
Upcoming Workshop(s):
* Debt Law, Feb 10, 2-4 by registration only at the
Community Resource Centre, Free. Call 604 885 4088 to
register.
As part of our Money Management for Women project, more
financial workshops will be scheduled throughout the
year.
* Please drop by to see our money management information
sheets and books that can be checked out. We also provide
one-to-one support and groups support as part of our
project.
Financial Resources:
* The Community Resource Centre has new financial
management books available for loan at the Community
Resource Centre. New Books include: Credit and Credit
Repair for Canadians. Information includes emergency
contacts for credit bureaus in Canada; Information about
paying back student loans; and how to order your credit
report.
* If you are interested in signing-up for one-to-one
financial information or participating in a support group
please call the Community Resource Centre at 604 885 4088.
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Quick Financial Tips:
Do you know that different financial institutions pay
different rates of interest on their high interest savings
accounts? Check out our comparison chart below as an
example of how different rates can be. Pllease note - these
rates were only in effect on Jan 26, 2008 - call the
financial institutions for their up-to-date rates.
Comparison chart
This chart summarizes Canadian high interest savings
account rates and is for informational purposes only. The
rates are subject to change and there are more features to
an account than its rate. Always be sure to check the
specific banks’ websites and do your research about a bank
account!
Achieva Financial Achieva Savings 4.10%
Canadian Tire Financial High Interest Savings 4.00% *
Citizens Bank Ultimate Savings Account 4.00%
HSBC Direct Savings Account 3.75%
ICICI Bank HiSAVE Savings Account 4.25%
ING Direct Investment Savings Account 3.65%
Manulife Bank Advantage Account 3.55%
PC Financial Interest Plus 3.85% **
Vancity Jumpstart High Interest Savings 3.80%
* 5.50% for the first 90 days that the account is open.
4.00% thereafter.
** On balances over $1,000. If you carry less than $1,000,
the rate is 1.00%
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How to fight debt:
Scared of opening credit-card bills? Consolidating your
debts will simplify your life and lighten your load. Here’s
how
By Anna-Kaisa Walker
1. Use one card
Combine your credit-card balances. Find out which card in
your wallet carries the lowest interest rate and transfer
all of your balances to that account. Cut up your store
cards: Some carry interest rates as high as 28.8
percent.(This means your, HBC, Best Buy and IKEA
plastic). You can also apply for a new card with a low
introductory rate and transfer your balances onto it, but
be wary of making new purchases; they'll be subject to
higher interest rates and any payments you make will first
be applied to your oldest outstanding balance. "You've got
to read your agreement and think hard before adding any new
charges," says John Kane, spokesman for the Financial
Consumer Agency of Canada.
2. Get a line of credit
Apply for a line of credit at your bank. If they deem you
creditworthy, you can apply for a flexible loan that you
can access at will and reuse once you've paid it back.
Interest rates are generally low - usually prime plus one
percent - so you can afford to pay off your credit-card
balances and other loans in full. Other solutions include a
personal loan. "Your banking officer can advise you on what
the best option is," says Bev Moir, a financial planner
with ScotiaMcLeod. "Banks are very competitive, and they'll
want to offer you a good rate."
3. Seek counselling
Ask for advice from a non-profit consumer
credit-counselling agency. Beware those late-night TV
commercials from companies that promise to get you out of
debt instantly, though. They'll take advantage of your
desperation and charge you extortionate fees. In addition,
"don't believe anyone who says they can fix your credit
rating," Kane says. "Only you can do that." A non-profit
credit-counselling agency, such as Credit Canada, will help
you come up with a plan that works with your lifestyle and
budget, although Kane says for-profit agencies can also
work: Just do your homework before you settle on one. And
remember: Credit counselling will show up on your credit
history.
4. Swallow your pride
If they can spare the cash, get help from your family and
friends. Accept it graciously: You may never get as good an
offer elsewhere. Just commit to paying them back within a
certain time frame, and put it in writing; there's a reason
why money is the number-one destroyer of relationships.
5. Check the web
Some sites, such as www.moneytools.ca, run by the Financial
Consumer Agency of Canada, have interactive features that
help you shop around for the ideal banking package and find
low-interest credit cards available in your province.
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Moneyscopes: Your 2008 year-long forecast
See how the stars will affect your financial future this
year By Barb Hindley
CAPRICORN
(December 22 – January 19)
You’re golden this year, thanks to abundant Jupiter’s
sojourn through your sign. Your very best asset is
yourself. Use Jupiter’s optimism and confidence to make
your business idea fly this winter. The February 6th
eclipse gives you permission to push for what you want and
come out financially ahead. Saturn asks you to focus on
your bigger financial picture this September. Maybe your
priorities are changing. Are you truly clear on what you
want, or how to get there? This is your time to figure it
out.
AQUARIUS
(January 20 – February 18)
Change is in the air this year, and you’re more than up for
it. The March 8th new moon channels funds your way,
although they may come through in an unexpected manner. Why
argue with success? A passionate pastime could upgrade into
a part-time biz this June, if you’re willing to put in the
time. It allows you to be as independent as you like, which
always a selling point with you. You’re drawn to the
volatility of the stock market this fall, but tight-fisted
Saturn keeps profits low. Invest long-term instead.
PISCES
(February 19 – March 20)
Security is a big deal this winter, and you’re willing to
make sacrifices in order to have it. Having your own
soul-satisfying sanctuary to come home to after work is
part of that. Your determined efforts to save ensure your
dream home is within reach this spring. Altruistic,
charitable and group social activities uplift your spirit
and open financial doors this fall! Benevolent Jupiter says
that when you engage your heart and mind, the money will
follow. The funds are there for a mountain or seaside
getaway this Christmas.
ARIES
(March 21 – April 19)
Don’t stop now! You’re on a roll. Hitting a professional
high note in January isn’t a one-off. It’s just the first
of the year. May’s your money month. Whatever the
boss/client asks you to do, the correct answer is yes! Want
to start your own business? Most Aries do. Hang your
shingle out May 5 to 15th or November 7th to 13th. Profits
increase through the fall/winter and your investment
portfolio proves it. The shopping kitty’s brimming this
Christmas!
TAURUS
(April 20 – May 20)
Your reputation and status in the work world transforms
with the February 6th eclipse. Stay-at-home moms could
decide to become career moms…or vice versa. You’re a
contender, and February is when you need to let others know
it. Travel-happy Jupiter invites you to take that trip of a
lifetime in May. The money’s there, largely because of your
own savvy savings plan. What you learn and whom you meet on
this trip will somehow influence another area of your life.
Venus drops a little extra cash into your lap this
Christmas.
GEMINI
(May 21 – June 21)
Other people’s money is at your disposal this year! A
loan, line of credit or insurance settlement this winter
opens all kinds of new doors (or helps you renovate the
ones you already have). Consolidation’s where it’s at
during the fall. You’re financially focused on having a
solid, secure and safe foundation under your usually
restless feet. A mortgage approval’s practically guaranteed
in early September, but resist the urge to overextend.
Don’t let your focus on the future detract from living a
comfortable life in the present.
CANCER
(June 22 – July 22)
The way you make a buck (and spend a buck) is transformed
this year. The February 6th eclipse shakes you up regarding
any accrued debt, and prompts you to do something about it.
This is the month to put a plan into play to get you back
to that coveted zero mark. Finances look rosy in August,
thanks to your ability to impress the client and nab the
deal (and a hefty commission cheque). Love and romance
could be one reason to splurge on something new and sexy
this holiday season.
LEO
(July 23 – August 22)
A no-frills policy sounds like a grand financial plan this
winter, but don’t kid yourself – you’re all about the
frills. Thrifty Saturn pushes you to save, but you need to
be true to yourself too. By May you’ve got a rather
brilliant swing of things. A business partnership is up for
review at the August 16th eclipse. Are your needs being
met? Face it, you’re a born leader and you need to be
calling the shots! Consider a silent partnership instead,
or maybe you’re ready to go solo? You’ll know if it’s
financial feasible by September.
VIRGO
(August 23 – September 22)
You’re motivated to be the very best you can be at what you
do. Adding to your skill set raises your confidence and
income level this winter. Serious Saturn in your sign keeps
pushing you to improve, but don’t be too hard on yourself
(you know you are). Grade yourself on a curve.
Comparatively speaking, you’re outstanding in your field.
By October you’ve got the funds to show for all your hard
work, but your ruler Mercury in retrograde says to wait
until after October 16th to splurge.
LIBRA
(September 23 – October 22)
You’ve got celestial permission to be as outrageously
creative as you dare this year. Think outside the box. Your
originality and imagination are a breeding pool for change
and success this winter. It takes guts to be different, but
you win points in the process. Save your money this summer
and then splurge in September. Fashion-maven Venus combines
with Mars in Libra to give you your best shopping month of
the year. Finding fabulous clothes at fabulous prices is a
cinch. Stock up on beauty products too, or invest in a new
‘do!
SCORPIO
(October 23 – November 21)
Keeping your ear to the ground and all lines of
communication open is your best bridge to success.
Networking works, and so does working the net. Got a
website? Invest in the best you can afford in March.
Unexpected expenses (possibly car repairs) heap on the
pressure in June, but consider it a temporary glitch only.
By July you’re back on track. Your reputation precedes you
in August and you’re invited to take a step up. Do it!
Status, recognition, honour, income…it’s all there for the
taking. By mid-November you’re in the driver’s seat!
SAGITTARIUS
(November 22 – December 21)
Your star is rising, thanks to go-getter Saturn pushing you
to succeed. An opportunity to show higher-ups your stuff
crops up on January 21st. Take it, even if you don’t feel
ready (you are). It’s freedom you’re after this
summer/fall, and self-employment looks like a viable
option. Financial backers want to see all the details, but
give their credit approval in early September. Watch the
budget this holiday season. You’ve got the green, but
generous Jupiter and indulgent Venus combine to make
over-the-top gift-giving.
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