April 29 2010 by Ellen Roseman
My readers often get into trouble dealing with transactions that are unfamiliar to them. Later, they’re keen to save others from making the same mistakes.
Sue and her husband checked their credit scores at Equifax, but didn’t find them as high as expected. They learned that if you cancel a credit card, make sure to let the credit bureaus know.
Gord paid off his mortgage as quickly as he could, but was hit with a big penalty. He now knows there’s an annual limit on what you can prepay and you don’t get a warning when you go over the limit.
Stan opened a margin account to trade stocks, but paid more interest than anticipated. He discovered that if you hold Canadian and U.S. stocks in the same account, the margin is kept completely separate.
Things are more complex than they used to be. So, read the tips from Sue, Gord and Stan below and thank them for trying to help you avoid costly errors.