Provinces Ranked By Consumer Debt
According to recent data collected by Equifax Canada, Canadians demand for credit reached a record high for the first three months of 2017. In an article recently posted by Global News, it was reported that credit inquiries rose by 3.6 percent in the first three months of 2017 compared to the final months of 2016, with…
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The Steep Cost of Financial Ignorance
In an article recently posted by CBC called ‘We used to be savers’: Why Canadians Ignore Warning Signs About Debt, it was stated that despite constant warnings about personal debt levels, Canadians are continuing to borrow money at alarming rates. This isn’t news to most people, but what’s important to know is why this is…
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What is required of you and me in bankruptcy?
When people come into my office, they have an idea of what bankruptcy is but they don’t know what it entails or what is needed from them in order to file bankruptcy. It’s actually fairly simple. There are tasks that you will need to do, and tasks that I will do as well. If there…
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Will I lose my motorcycle, ATV and snowmobile if I go bankrupt?
Many people that come into my office are struggling with debt, but have a hard time with the idea of letting go of their belongings. I get it. You’ve worked hard for your possessions and now that you’ve come onto some difficult times, it’s hard to see those possessions get taken away. This conversation comes…
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Pay down debt or set up a TFSA?
TFSAs are great, but if you’re in debt, it may be better to pay down some of your debt. In fact, consider completely eliminating all your debt before venturing anywhere near a TFSA. This is especially true of “bad debt” such as credit cards, consumer loans and mortgages on your principal residence. This debt is…
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Credit Card Use – The Good, The Bad and the Ugly
Credit cards, when used properly can be great. You can earn points, use them as an advance and most importantly, you can improve your credit. Unfortunately, many people misuse credit cards and end up setting up a meeting with me to discuss bankruptcy. Credit cards can be great but it’s also important to be educated…
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How should I handle telephone calls and harassment?
Calls from debt collectors can be overwhelming and intimidating. But learning some dos and don’ts about handling debt collector calls and understanding your rights when it comes to debt collection agencies can ease your anxiety. More importantly, by knowing what to do and say when a debt collector calls, you can avoid making a mistake…
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Are you in financial trouble?
Many people have debt, but that doesn’t mean they are in financial trouble. Some people can manage their debt and are able to pay their bills and put money away for savings. But there are also many people who are in debt, but also have several other warning signs that may mean they are in…
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Bankruptcy and Your Business
If you have concerns about your business’ finances, you should consult a Licensed Insolvency Trustee as early as possible. If your business is incorporated, then legally the business is a separate entity and its assets are owned by the business. In this case the incorporated company can go bankrupt if it cannot meet its financial…
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Educating Students on Credit
When students leave home to attend post-secondary school, everything is new. All of a sudden they have more financial responsibility and often times struggle with budgeting. So, when they walk around campus and there are credit card company representatives basically handing out credit cards, of course they are going to accept them. The problem is,…
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