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Credit is a useful tool for personal money management _ For most Canadians, borrow- Ing or using credit is a natural part of everyday living. Borrow- Ing allows you to enhance your lifestyle today with money you will earn in the future. As well, it may permit you to overcome the effects of inflation. Credit, like savings and investments, is a useful tool in personal money management. The advantages of using credit will be different for every individual depending on financial objectives. Basical- ly, credit helps you to build eq- uity, net worth and establish yourself in a financially sound position. Learning how to manage credit is a very important part of building a sound financial base. Using credit wisely in- cludes knowing which type of credit is best for you in each sit- uation, knowing how to avoid overextending yourself and knowing how to build a good credit history. Observing a few common sense guidelines can assist you in optimizing the value of your loan experience. Establish a realistic budget and stick to it as closely as possi- A WIIGIGN [GIST EARIOINIS Following is a list of membership requirements and competitive products and services not available at your Credit Union. Surprised? Most people are. We have it all - competitive or better rates, ATM's, charge cards, debit cards, mortgages, loans and your money insured at levels equal to any bank. All you have to do to take advan- tage of these services, is come in and open an account. And when you do, you immediately have full voting rights on any undertakings of [8 ble. Establish financial goals. Refrain from impulse buying. Give more thought to a credit purchase than you would to a' cash Juchate because you are Shen ing future earnings. ake payments by the date they are due. This builds a good credit record and provides the basis for obtaining more credit in the futuye. The type of credit you choose is usually determined by the purpose for which you plan to use the money, how you wish to repay the credit, and whether there are any special conditions required by a certain type of credit. Instalment credit (personal loan) is obtained for a specific purpose such as the purchase of consumer goods or consolidat- ing charge accounts. It has a specific repayment schedule of equal payments for a specific time. The interest rate may be 'fixed' for the term of the loan, or 'variable,' fluctuating with changes in the Prime Rate. Credit for the purchase of an item such as a car or boat, usu- ally requires the item be pledged as security. Unsecured loans may be granted for miscel- laneous purposes such as a va- cation or other personal expen- ditures of modest amounts. A Personal Line of Credit (PLC)is a convenient method of borrowing on a continuing basis up to a pre-established limit. Depending on the limit re- quired, it can be unsecured or secured by residential real es- tate, GICs, bonds, blue chip stocks, treasury bills and/or the cash surrender value of life in- surance policies. You can use your PLC as many times as you want as long as the credit limit is not exceeded, by simply writ- ing a cheque or using the In- stant Teller network. The amount you pay each month is based on the balance owing. A floating interest rate, tied to the Prime Rate, is pre-set. A PLC is designed for people who have proven their ability to manage credit well. Overdraft protection is de- signed to ensure you avoid the embarrassment and costs asso- ciated with an NSF cheque. It is a short term credit for a prede- termined amount. Credit cards are designed to enable you to purchase consu- mer goods up to the pre- established limit.on your credit account. Some credit cards can be used at numerous participat- ing merchants around the world as well as in many bank- ing machines for the purpose of obtaining a cash advance. This type of credit is convenient when shopping or travelling, eliminating the need to carry large sums of cash. It is impor- tant to-be sensible about the number of credit cards you use. The interest rate on this type of Certificates D. J. TAYLOR INSURANCE BROKERS LTD. 169 North St., Port Perry LOL 1B7 Guaranteed Investment (Ratos Subject 1 Change witout Nok) credit is usually higher than on personal loans. On going bal- ances can often be consolidated with a personal loan to decrease your monthly expense. In assessing your application, we give careful consideration to specific Euidslings that relate to your ability to pay, your stabili- ty, your credit record and your assets. We apply the same crite- ria to all applicants. In granting credit, we do not consider any of the following: race, ethnic origin, religion, age, gender or marital status. In most cases, we are able to give you an answer within 24 Jonrg of receiving your applica- on. While credit offers many ben- efits, it should always be re- membered that using credit creates an obligation on your part. Repayment must be made as agreed. Used impulsively or without thought to the possible consequences, credit can com- plicate your life. Used wisely, credit can enhance your stan- dard of living to a level that is appropriate for your income. Courtesy, CIBC, Port Perry, Brenda Hollister i prt A i « ) WK ed : . - . CIBC PERSONAL LOAN « CIBC PERSONAL LINE OF CREDIT CIBC Port Perry ~ 985-4444 the Uxbridge Credit Union. When was the last time you had a say in how a financial institution uses your money? Plus, with the Uxbridge Credit Union, your money stays in Uxbridge, supporting your community and local businesses. Need a loan, mortgage or a line-of- credit? You'll be happy to know that we will handle and render a decision on your application - in Uxbridge. If you've decided that your money belongs in Uxbridge - we'll handle all that messy account transfer paper work for you, quickly and easily. Invest in your town today! Uxbridge Credit Union 70 Brock Street West 8523388 FINALLY, A LOAN THAT FITS YOU. The CIBC Loan Experience. At most financial institutions, lending officers quote you a loan rate off the top of their head without giving you individual consideration. At CIBC, wed like to sit down and talk to you about your personal financial situation, because we actually custom fit the loan and rate to you. This unique process often means we are able to offer you a better loan than you might otherwise receive. The advantage that comes from working together. penalty for pre-payment or early payout. Added benefits that make sense for you. With every Personal Loan or Personal Line of Credit you can receive: Free CIBC Roadside Assistance™ - with emergency road services, mechanical breakdown towing and travel planning across Canada and the U.S. Free CIBC Bankware™ - just bring the completed coupon in this ad to any CIBC Bankimg Centre in As well as providing you with a competitive rate on a Personal Loan™ or Personal Line of Credit™, your personal banker can offer you the advantage of many choices such as job loss insurance, fixed or variable rates, flexible re-payment options and no Ontario. : Talk to us soon. [ooo So TS TT Rn hn (GR WG SW SS SW SS Ga SS 5 = = = = ---- At CIBC, we welcome the opportunity to custom fit a loan for you. We're Changing the Loan Experience™ to fit you better. EXCLUSIVELY AT CIBC Port Perry - 1/2% off Loan Coupon Name: Simply present this coupon when applying for a Personal Loan. If a loan is granted to you, you will get 1/2% OFF* the regular rate. Date: Address: Telephone: ---- -- -- -- -- -- a] 'These interes! rate reduction cars cannot be used in conjunction wah any other | offers. Usual landing criteria must be ealisfied. Maximum of one 12% reduction