429 –  Credit Card Installment Plans – What's The Risk?

429 – Credit Card Installment Plans – What's The Risk?

Author: Doug Hoyes November 19, 2022 Duration: 29:11

Some credit card issuers like CIBC and Canadian Tire now offer installment plans for specific credit card purchases. This means that if you buy something expensive, you may be able to spread the payments on it and pay less interest than the typical credit card rate, making repayment more affordable. The question is though – should you take a loan out on your credit card debt? How can a credit card installment plan go wrong? On today's podcast, Ted Michalos and Doug Hoyes discuss the true cost of these installment plans, the extra fees you need to pay, and why they can put your finances at risk. Tune in for lots of practical advice.

 

Links Mentioned In The Show:

 

Should You Be Charged a Fee For Using Credit Cards? https://youtu.be/k-R_ipxjjHk

New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI

CIBC Pace It https://www.cibc.com/en/personal-banking/credit-cards/manage/installment-plans.html

Canadian Tire Bank equal payment plan: https://triangle-uat15.cantire.net/en/financing.html

TD Payment Plans: https://www.td.com/ca/en/personal-banking/how-to/manage-my-credit-card/payments-plans/

RBC PayPlan https://www.rbcroyalbank.com/personal-loans/payplan-for-consumers.html

Scotiabank SelectPay https://www.scotiabank.com/ca/en/personal/credit-cards/selectpay.html

BMO PaySmart Installment Plan: https://www.bmo.com/main/personal/credit-cards/paysmart-installment-plans/

Interest calculator: https://www.calculatorsoup.com/calculators/financial/amortization-schedule-calculator.php


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
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