4.2.12 Summary of key messages

From: Financial Consumer Agency of Canada

  • When you borrow money, you must repay the loan in full and on time.
  • There are many types of credit, with different costs, features, advantages and disadvantages. Learn about the various options before you borrow.
  • Before you borrow, make sure you know the full cost of the loan, including the interest you will pay and any fees or penalties.
  • Shop around for the lowest interest rate, and negotiate rates where possible.
  • When you compare the costs of different types of credit, compare the annual percentage rate (APR), not just the advertised interest rate.
  • Being a smart consumer can help you keep down the costs of borrowing.

At the end of the module, you will find an Action plan. This is a tool that you can use to track your progress and take the next steps to manage credit successfully in the future. Use the action plan as a roadmap for financial action!

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