One of the best ways to build wealth is to be smart about borrowing money.That’s why Derrick and Travishad a conversation with Stephanie Brownlow, a Senior Financial Advisor – and budgeting guru – at Island Savings. They examine the lending options you’re likely to encounter, how to use them to your advantage, and which borrowing options to avoid. 

1:15Money Problem: Derrick’s client was in a debt spiral and feared bankruptcy would be his last resort. 

3:20Expert Examination:Travis, Derrick and Stephanie Brownlowcompare and contrast lending options that can aid your financial health: 

• Advantages of secured lending. 
• Loans attached to your home. 
• Driving a good deal for an auto loan. 
• Lending options to help you learn. 
• A case for being cautious about payday loans and peer-to-peer lending. 
• Loans that lessen your debt – how get to help with consolidation. 

23:25–Weekly Financial Fix:Travis has a simple tip that could help you pay less loan interest and be debt free faster! 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.