This has made many Canadian consumers turn to other alternatives to help ends meet, and that can mean leaning on your credit.
Sure, it may just be a relatively temporary measure to right your economic ship as the economy fluctuates and eventually returns to normal with a stronger overall outlook and inflation held in check.
But in the meantime, what has all this done to your personal credit score? And what can help you get through the turbulent times?
One of Canada's leading online lenders, iCash, has some ideas and advice.
First off, your credit score is an indicator of your financial reliability, based on your credit history - mainly what you’ve been loaned and whether you’ve repaid it in the allotted time frame.
Essentially, it charts your financial habits and credit health. It also tells you where your score sits and can determine what lenders will consider if you are seeking loans in the future.
You gain points when you make payments in a timely fashion, and you lose them when you miss or delay them.
According to iCASH, if your credit score is above 670, you are doing well.
What can assist you with establishing and maintaining that good credit score is creating a budget.
You’ve likely heard it many times before, but the best way to stay out of financial hard times is to properly do an overview of what money you have coming in and going out.
Planning your budget means accounting for regular bills, how much you want to save, and even factoring in some unexpected expenses.
It also may mean looking at ways of bridging any financial gaps that may crop up with the help of a short-term loan provider.
That’s where iCash can play a role.
They can offer loans online that are easy to apply for, quickly approved, and come with no hidden fees.
You simply apply online, have your loan approved, and then get your funds. Plus, all of this is done in a safe environment that protects you against identity theft.
So, help keep your financial house in order by maintaining a healthy credit score, managing your money with a realistic budget, and have access to a little financial assistance when needed with an online loan through iCASH.
For more information about what iCASH can do for you, check out their website at icash.ca.
