In this month’s podcast, Ryan and Becky discuss the world of loans, lines of credit and mortgages. They break down how interest works and the hidden fees and traps to look for.

The three main takeaways from the episode:

1) Shop around for loans. Different lenders will offer different rates

2) Make sure you are comparing apples to apples. Look for hidden finance fees and interest rate terms

3) Get overdraft protection or a line-of-credit if you can

Helpful Links:

Personal loans

https://www.canada.ca/en/financial-consumer-agency/services/loans/personal-loans.html

Lines of Credit: When to Use Them and When to Avoid Them

https://www.investopedia.com/articles/personal-finance/072913/basics-lines-credit.asp

Choosing a mortgage that is right for you

https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html

Getting help from a credit counsellor

https://www.canada.ca/en/financial-consumer-agency/services/debt/debt-help.html