Ask The Expert
Have a financial question?
Consolidated Credit’s executive director, Jeff Schwartz, is an expert in the financial industry with over 35 years of experience as a business and community leader. As the head of Consolidated Credit, a non-profit organization that has helped over 500,000 Canadians get out of debt, Jeff is well aware of the roots of financial trouble, and he also knows the best ways to get back on track.
In this section, Jeff answers questions from consumers just like you; real people with real financial problems. The answers and advice he provides below can give you valuable insight into your own issues.
If you have a question of your own and would like Jeff’s advice on best financial practices, e-mail [email protected]. Jeff will address your questions and post the answers right here because if you are asking, chances are someone else is asking too!
Most Recent Questions

The difference when you owe money as an authorized user vs a joint account holder
Many people find it challenging enough to handle the debts they know about. Being surprised…
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Payday loans: Quick cash, long debt
Many people find it challenging enough to handle the debts they know about. Being surprised…
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What to know before doing a credit card balance transfer?
Many people find it challenging enough to handle the debts they know about. Being surprised…
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Handling financial stress as a caregiver
Many people find it challenging enough to handle the debts they know about. Being surprised…
Read Full AnswerMore Questions by Category
The difference when you owe money as an authorized user vs a joint account holder
Many people find it challenging enough to handle the debts they know about. Being surprised with the news that you,…
Payday loans: Quick cash, long debt
The allure of a quick fix can make payday loans very tempting, especially when in need of quick cash. Unfortunately,…
What to know before doing a credit card balance transfer?
Doing a credit card balance transfer is a common method for dealing with credit card debt that’s getting out of…
Handling financial stress as a caregiver
Financial stress is hard to handle even at the best of times. Being a caretaker for someone depending on you…
The power of Health Spending Accounts
Health Spending Accounts (HSA) are often left unutilized. Danielle, our reader, wants to learn how to make the most of…
Paying off credit card debt as an older adult
Paying off credit card debt is important at any point in one’s life, but is particularly important as an older…
Deferred Payments Can Get You in Hot Water
It’s hard to argue that there aren’t benefits to buying something using deferred payment. As diligent as someone is, get…
Making a large credit card payment while on a limited income
Sherry, our expert Financial Coach, explains to our reader, Zachary, how to handle his mom’s large credit card payment obligations.…
Consequences and Alternatives to Missing A Minimum Credit Card Payment
Quinn from Calgary is struggling to make even a minimum credit card payment. Read along as our expert, CPA Adeola,…
Credit Repair for a Defaulted Loan Cosigner
Unfortunately cosigning is encouraged by many lenders as a way to avoid the predatory practices of subprime lenders. The full…
Underwater Mortgage: Owing More than Your Home’s Worth
House prices rise and fall. Unfortunately when they fall, you may find yourself underwater or "upside down" with your mortgage.
Types of Credit and How to Choose
There is no shortage of the types of credit available. Our reader, Mike, asked about how to choose what’s best…
Minimizing the Impact of Your Financial Problems on Others
Covid really took a toll on my finances. I’m taking steps to get back on my feet, but it’s going…
Practical Tips For Teaching Your Kids Money Management
Financial Coach Guirlene shares easy-to-implement advice on how to instill good money management habits in your kids. The question… Hi…
How Do I Keep My Bad Credit Score From Affecting My Significant Other
Our expert Mubina, A CFA, explains how to minimize how much your bad credit score impacts those around you. The…
Finances During A Career Change, What To Consider?
At certain times in a person’s life, finances really take a front seat even more than usual. A career change…
What is a TFSA limit all about?
TFSA limit rules can be confusing. Follow along as our expert, Adeola, a CPA, clears up Quinn’s confusion (along with…
Building Credit As A Young Person
You might be surprised to find out just how early on you can start building credit. Find out more from…
Will My Bad Credit and Debt Follow Me Abroad?
Dear Jeff, I live in Tokyo, Japan–but I am a Canadian Citizen from BC. Long story short, my wife and…
Can a collection be put back on your credit report for the same debt?
I have an outstanding Ontario Student Loans (OSAP) debt from prior to the year 2000. Because of this, there was…
Do You Need Credit to Buy a House?
Can a lack of credit hurt your chances of buying a home? Jeff answers a users question.
Is a Home Equity Line of Credit Good or Bad?
So, you can’t just deem a Home Equity Line of Credit good or bad without taking your financial situation into…
Maximize Your Tax Return
Hi Jeff, The tax season is right around the corner. Typically, I’m the guy who files his return at 11:30…
What is Credit Fraud and How Can I Protect Myself?
While credit theft is becoming increasingly common, there are steps you can take to help protect yourself
Six-Figure Salary, Six-Figure Debt
How do I avoid a 6 figure debt when I finally start making a 6 figure salary? Jeff offers some…
How Does Debt Consolidation Work?
Jeff, I don’t have anyone to blame but myself for my debt problems. I realize now that I overspent…
Can You Go to Jail for Not Paying Debt?
Debt collectors are finding ways to send you to jail Wondering whether you can go to jail for not paying…
Can Credit Card Debt Put a Lien on Your Home?
Dear Jeff, Over the last little while, I have accumulated a lot of credit card debt. Now, unfortunately, I’m in…
30-Day versus Open Credit
Dear Jeff,I wanted to apply for a credit card. This is the first credit card that I’m applying for. So…
What are the Fees for a Debt Management Program?
Dear Jeff, What are your fees, if I enroll in your consolidated credit program? Phyllis Calgary, Alberta Hi Phyllis, It’s important…
What is Mortgage Insurance?
Dear Jeff, I want to buy a house and I have enough money to make a 5% down payment on…
Saving for Post-Secondary Education – RESP
Executive Director Jeffrey Schwartz says it is never to early to start saving for your children's Post-secondary education with a…
Talking to kids about money
Talking to kids about money can be tough. Here are some tips on how to have a productive conversation and…
Credit Report Errors
Executive Director Jeffrey Schwartz offers advice on how to review your credit reports and correct errors that you find with…
Using a Credit Card On Campus
Executive Director Jeffrey Schwartz helps a first time credit user to understand how credit scores and credit reports differ and…
Are Store Credit Cards a Good Idea?
The rewards and incentives offered by store credit cards can be tempting, but are they worth the risk of high…
Can Credit Counselling Help with Collections?
We help you understand how credit counselling may be able to help with your debt, even if it’s charged off…
Can I Enroll in a DMP If I’m Being Sued?
Always keep in mind that enrolling in a debt management program means that a trained credit counselling team is acting…
Rebuilding Credit
Executive Director Jeffrey Schwartz helps you understand the process to re-establish credit and build a good credit score after dealing…
Do Credit Scores Merge after Marriage?
A couple wants to know do credit scores merge after marriage. We explain how each partner maintains their own score,…
Quitting a Job
My boss says she can’t afford to pay me anymore but it’s getting more and more difficult to make ends…
Work Life Balance
But, you shouldn’t let another person’s situation affect how you feel about yourself. You need to worry about yourself and…
How Do I Know If a Debt is Really Mine?
Dear Jeff, I’m trying to get my finances back in order. However, it seems like I get new collection letters…