Due to the tanking stock market, mass job layoffs, and the pandemic, many Canadians are finding themselves in a situation where they are no longer earning an income (or now have a reduced income) and don't have an emergency fund. If you don't have any new money coming in and you don't have any money saved up, what can you do?
Recently it was announced that some lenders, including the big banks, in Canada will be providing mortgage borrowers the opportunity to defer their mortgage payments. To explain more about what this actually looks like and what this could do to your credit score, I'm joined with credit expert and author Richard Moxley for this special timely episode.
More info about mortgage deferrals: https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral
Make sure to support Richard and grab a copy of his new book The Credit Game: https://amzn.to/2y5UjeA