Credit Crunch

Many Canadians move to Canada in hopes of a better future for their family. While the cold is always a challenge to get use to for new Canadians, there are other challenges they must also face. New Canadians do not realize is how important a credit history is. A good credit history will allow you the option to borrow money in the event of an emergency. But for those without a credit history, what to do in an emergency? 

When people immigrate to Canada, they underestimate the amount of money they will spend in their first year - which may leave them cash strapped during emergency times. For newcomers, buying a term insurance and critical illness is important as their resources and access to resources may be more limited without borrowing options. In the event of an accident or critical illness, having accidental or critical illness insurance to help pay for costs is a need for new Canadians. Without a credit history, new immigrants will definitely face a credit crunch when trying to obtain a loan. Planning ahead is the key to success in a new land.

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