I have a credit card for which I haven't made payments lately.. I guess you would call this a bad credit card... I'm not sure.

How long does it take to get my credit right with this card.. I can start to make payments regularly again. I was out of work recently for 3 months. I am a welder and I got injured working at my jobsite at Consumers' Co-operative Refineries Limited CCRL in Regina... although their motto is safety first ... lol

Anyway, I am back to work now and will make my payments regularly.. If I have bad credit, how long does it take to get it back?

Keeping yourself financially stable and being responsible would prevent you from getting into bankruptcy. it is important to know your limits especially in using your credit card in many transactions. see to it that you are able to pay off your bills every month to avoid interest charges which is one of the factors that will put you into troubler.

Bankruptcy pushes man’s tax refund to the bottom of the pile
Can the Canada Revenue Agency put two and two together to help Dan Brownrigg get back on his feet a little faster?

The way the bankrupt Orléans man is being treated by the tax department just isn’t fair.

Ottawa-Orléans Conservative MP Royal Galipeau says the treatment is unconscionable. “It is inhumane. It is crass. And it is disrespectful.”

Because Brownrigg, 45, declared personal bankruptcy in May 2009, his income-tax return — filed in April — has been moved to the back of the queue with those of other bankrupt individuals. He was informed, on his third attempt last month to find out why his refund had not yet arrived, that Canada Revenue won’t be looking at his return until the end of September or early October. From what Brownrigg was told, there’s more paperwork involved with returns from bankrupt Canadians. So the department likes to get the run-of-the-mill ones out of the way first, he says, and he gets “stuffed at the bottom of the barrel.”

Courtesy of Ottawacitizen.Com News

hello there,

if you haven't take a hold of a credit card then its time for you to get one. these kind of credit cards are secured type of cards where you are free from getting debt that is beyond what you can pay off. these credit cards have security deposit feature in which the amount of money you have in your account would also be the equivalent amount of credits you can use.

here is a list of amazing secured credit card that will surely make you decided to grab one in no time.
http://www.canadian-money-advisor.ca/archives/2010/4/bad+credit+card+canada.html

what is more amazing with these secured card is that you can build your credit history and these card issuers do send credit report to 3 different credit bureaus.

take note that credit history is one of the vital requirement when you apply for a higher value credit cards soon. this is an information that card issuers check and base their decision whether to approve your card application or not.

hi monty..

ive check the link you posted.. i was amazed with the hometrust secured credit card.

i doesn't have any annual fee as well as interest charges. all i need to have is the security deposit. what is more exciting about it is that i only needs a minimum deposit of $1000 which is convenient for me as a starter.

i don't need to place much money just to start my own credit card and build my own credit history.

i think this card suit me well. i should get one for myself.

thanks for the link monty. you really made my day.

hi jonathan,

of course it's fair for the credit card issuer to charge interest on balances outstanding. Fundamentally that's what credit issuers do. It's the choice of the individual whether they want to pay interest or not

.That's a good lesson for people with bad credit in Canada. If you have bad credit you can restore your credit by paying off your balance every month, and of course she'll pay no additional charges. Good point

you can see a list of our bad credit credit cards, or secured cards here:
http://www.canadian-money-advisor.ca/secure-credit-card-info.html

hi..

i think its fair enough for the card issuers to charge interests as they are taking the risks of giving credits to the card holder..

its also their way to let these credit users pay off their credit statements..

if you just pay off your balances well every month then interest would be nothing.

no additional charges and you can save more cash instead of giving it to the card issuer.

jeankarla,
that's an interesting article. It says, "The Bank of Canada cut interest rates during the recession to encourage you and me to go and spend, and that's how you get out of recession."

how sick is that? How irresponsible is that? The credit card companies, and the government are recommending that people spend their money to get out of recession! It's not the responsibility of the consumer to pull the economy out of a recession. It's the responsibility of the consumer to put themselves in good shape financially for their families and their futures.

people shouldn't spend money on credit cards unless they pay them off at the end of each month. And by the sounds of it, Canadians have $1.3 trillion of personal debt. Canadians are carrying $1.3 trillion in personal debt. If they pay an average of 10% interest, that's a lot of interest. That's a little inflationary if you ask me.

I think the credit card companies and the government should stop being so you're responsible to recommend that people spend us out of the recession. Individuals need to take care of themselves, and save their money. Individuals need to put enough away for reserve funds, and for their retirement savings. How many people are spending money on interest that could be going towards their children's college fund, or their retirement fund. This whole topic just sickens me.

Thanks JeanKarla for that post

This article can surly relate to the creditors out there who might be having little difficulties in handling their finances. It also points out the current economic status of the country and the things the people must be aware of.

Household credit growth slowing: CIBC
By Derek Abma, Financial Post June 29, 2010

OTTAWA — Despite worries about the rise of household debt in Canada, a CIBC World Markets report says the rate of growth has recently slowed down.

Economist Benjamin Tal, the report's author, said it's a positive thing that the rate of household debt is slowing. He said the rate at which it grew during the recession and the early stages of the recovery were beyond what was healthy in the long term.

"That's fine," he said of the previous growth in debt, which helped mitigate effects of the recession in Canada. "That's exactly what the Bank of Canada wanted to do. . . . The Bank of Canada cut interest rates during the recession to encourage you and me to go and spend, and that's how you get out of recession."

Courtesy of: Bad Credit Card Canada

The questions here are:
Why is the persons credit bad?

Why do they need to apply for a bad credit credit card?

Which credit cards in Canada are considered as bad?
What are the characteristics of these cards?

When is the best time to apply for these cards?

1) What happened in the past that a person would need one of these cards
2) What is going on in the present that would allow this person to have one
3) What will be the benefit in the future for this person to have a bad credit credit card?

Bad Credit Card Canada

Relates to:
http://www.canadian-money-advisor.ca/archives/2010/4/bad+credit+card+canada.html