Credit Debt Banking News | CDBN

Many people have asked me about Bell Canada’s new late payment fee — 3 per cent a month or 42.58 per cent a year compounded.

As Bell says here, the regulated part of your bill is subject to a much lower fee of 1.25 per cent a month or 16.07 per cent a year.

I guess the CRTC, which regulates an increasingly smaller share of Bell services, would never allow a 3 per cent monthly fee.

In September 2008, Bell lost a class action lawsuit initiated by Ottawa customer Peter DeWolf, challenging its imposition of a $25 monthly fee on overdue satellite TV accounts. The Ontario Court of Appeal supported Bell a year later, saying the $25 administrative fee was a legitimate ..read more

Racking up consumer debt is not difficult to do, especially during tough economic times. You may have racked up debt without even noticing. A few charges here and there and bam! You’re hit with high interest rates that make it practically impossible to make a dent in that debt. Before you know it, you run late on a few credit car or installment loan payments and the negative marks start to accumulate on your credit report.

You may have special circumstances that forced you into debt – illness, divorce, the unexpected death of a loved one, or even unexpected home or vehicle repair expenses. The problem is that while credit card debt is piled up, interest only grows and grows. If you pay only the minimum ..read more

Free debt consolidation is a misnomer that does not really exist. These services might be provided at lower than normal charges, and the charges are minimal so as to be a non-issue. Hence, they are called free grants.

Creditors pay these companies a part of the loan as commission generally, to maintain these services. Hence this is not then charged from the debtor. It is normally seen that the consolidation companies charge the debtor a flat fee for these services. At times they also charge a commission. These charges are generally based on factors such as, the credit rating of the debtor as also the volume of debt, and the amount of loan that is being arranged.

The free debt consolidation does not involve such fees, except ..read more

Many consumers are now coming to terms with the changing economy. Those who used to earn at least enough are suddenly facing job lay-offs, reduced wages, and higher living expenses. In the last few years of plastic money and easy credit, consumers were eager to spend money on goods and services through credit cards. The reality of that now is credit card debt. It has become so harrowing for some to realize that their credit card debt is so high that they could be spending their lifetimes trying to pay that off. It is because of situations like these that many free non profit debt consolidation companies are now offering their services to people faced with mounting debts they can no longer cope with. And ..read more

Interest free debt consolidation are those processes whereby you roll all of your existing debts into one payment and interest rate, and which do not create an aggregate increase on the interest rate. Interest free debt consolidation companies provide consumers the option of paying back their unsecured credit card debt through a monthly repayment plan. This plan pays off creditors and you will save hundreds of dollars in late fees, interests and over the limit fees. This type of financing helps those individuals that want to eliminate debt without having to declare bankruptcy.

Interest free debt consolidation loans can be a blessing to anyone facing an unsure financial future because of past imprudent spending habits. Interest free debt consolidation can free a person of debt from ..read more