Why is it dangerous to use credit for emergencies?

Recently, a client told me that they’d like to keep one credit card that has a low interest rate and keep a line of credit for emergencies. It is far better to deal with your debts in a manageable way and set aside some money to be used in case of emergency. People often don’t…
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In debt? Know your options.

Everyone trying to get out of debt has the same options to choose from:  Deal with creditors directly Get a consolidation loan Form a debt management plan with a credit counsellor Make a consumer proposal File personal bankruptcy Your best option needs to be both affordable and effective. Use our Debt Options Calculator to determine…
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We were asked: Do you provide consolidation loans?

Consolidation loans are one of the debt settlement strategies we review with people but we’re not a lender. While consolidation loans are a popular debt settlement strategy there are a number of issues. Consolidation loans can be a solution for some people, but keep in mind the following issues: Getting approved for the loan Getting enough money…
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Can you consolidate credit card debt?

LORI ASKED: Can I consolidate all my credit card debt into one LOW monthly payment without filing for bankruptcy? ANSWER: There are three ways to “consolidate” all of your personal credit card debts into one low monthly payment: Consolidation Loan Debt Management Plan Consumer Proposal Each of these options has advantages and disadvantages. To see how much each…
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Debts Included in a Personal Bankruptcy

There are several kinds of debt that can be included in a personal bankruptcy. Recognizing the kind of debt that is included in a bankruptcy and comparing them to your own debts can be the first step towards obtaining your fresh start. Some of the most common debts are: Tax debt Owing money to the government…
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Should I use my line of credit to pay off my debt?

We get asked this question a lot. Consolidating debt can definitely be a good strategy. The obvious advantage of consolidating your debt is that you reduce the interest you are paying. Therefore using your line of credit to consolidate your high interest credit card debt will definitely improve your situation and may help you to dig yourself out of…
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