Magical Credit Blog

Introduction As consumers, there are a multitude of reasons for why we need to borrow money from time to time. Read More

A credit card is a useful tool for paying for an expense upfront and giving you some time (usually 30 days) to repay it to the bank with no interest charged. However, once a borrower goes beyond the time period allotted, the amount they owe starts accumulating interest – often at steep rates of up to 23%. This is called credit card debt. Left unchecked, credit card debt can lead to several adverse financial consequences.

Luckily, there are several ways to manage credit card debt effectively and responsibly that we will discuss through this article. We will also cover some steps that borrowers can take to ensure that they do not fall into credit card debt in the first place.

It’s approaching that time of year when the Black Friday fever grips the nation. As one the most anticipated days of the year for shoppers across the country, Black Friday is a prelude to the holiday season where shoppers get a head start on Christmas shopping for gifts, and other consumer items they need for their households. In Canada alone, $4.6 billion is expected to be spent in 2021, with the Retail Council of Canada’s survey of 2500 Canadians finding that average spend is expected to be $792 per person! These numbers not only illustrate the importance of the day to retailers, but also represent potential financial risks to consumers in the absence of sound financial habits. In this article, we therefore discuss how you can buy the Black Friday items you need without taking on unsustainable financial burdens.

If you have ever applied for a loan, you are probably familiar with the term Annual Percentage Rate (APR). This number is expressed as a percentage of the total loan principal, and is the total interest charge that a loan incurs on an annualized basis. Compound interest is, however, not taken into account when discussing APR. The APR can be used to compare between different loans or credit products as it offers a standardized view of the total cost that a borrower can expect to pay over a given year.

Paying all of your debt and being free from such obligations is one of the most satisfying milestones of your life. Imagine not having to worry about payments and grinding your way to make enough money to write them off.

Nobody wants to live from paycheck to paycheck. But the reality is many people are in this situation, especially now that we are in a pandemic.

Gross profit and net profit are two important metrics used by businesses to determine a company's profitability. Profit, in its simplest form, is the remainder of the revenue generated by a business after operating costs has been deducted. It can also be thought of as a tool for determining a company's growth and development.