The Cost of Credit
How much does credit really cost?
Within New Brunswick, lenders are required by law (the Cost of Credit Disclosure Act) to clearly disclose the true cost of borrowing as well as your rights and responsibilities in their credit contracts.
When entering into a credit contract many of us assume that because we’ve been approved we can afford the credit that has been extended to us. This is not always the case. It is important to be sure that you understand how much it will cost you to borrow and how long it will take you to pay it back. You also want to make sure that your payments fit into your budget.
Have a plan to pay off the credit before you use it. Before signing your credit contract be sure to look for and understand the following: