You can’t borrow your way out of debt!
You cannot borrow your way out of a debt problem. Many clients have been drowning in debt for quite some time and decide to start using cash advances from new credit cards to make minimum payments on old credit cards. This is never a good idea. If you can’t afford to pay the original credit…
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How Much Debt Is Too Much Debt?
The answer is simple, more debt than you can pay is too much debt. Someone called me recently to ask me questions regarding his wife’s debt issues. She was laid off a couple months ago and was unable to pay her credit cards while on unemployment. She was very behind on her payments and was…
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Bankruptcy and self-employment
Every business is unique with its own issues and complexities. Therefore it’s hard for me to give advice on bankruptcy without knowing your specific situation. We recommend that you review your situation with one of our licensed insolvency trustees. Deciding whether or not to continue being self-employed Filing a consumer proposal or personal bankruptcy does not prevent…
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How do payday loans work?
It’s impossible for us to foresee the future. If we could, we could budget accordingly for when our cars break down, or when our roof starts leaking, etc. But since we can’t see into the future, the funds to take care of such problems may not always be at hand. In such situations, many people…
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How are credit scores calculated?
If you’ve found yourself with a bad credit score, you may be concerned with how you got to this point and how to recover. There are several factors that could have resulted in your bad credit score. Let’s take a look at those factors. Payment history: Your payment history is one of the major factors that…
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Talking To Your Kids About Debt
It’s fairly common for parents who are going through hard financial times to never mention debt in the presence of their children. What some people don’t realize is that today’s kids are smarter than you think, and they can usually sense what’s going on at home. What kids can’t understand is why. As a responsible…
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Should you use your RRSPs to pay your debts?
It’s very common for people who are in debt to WANT to deal with their obligations. They don’t want to see a licensed insolvency trustee, make a consumer proposal or file personal bankruptcy. Therefore, they do what they can to attempt to deal with their debts on their own, including cashing-in retirement savings. Unfortunately, in most cases cashing in…
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Aftermath of Filing Bankruptcy
Filing for bankruptcy should never be a decsion that is taken lightly. While debts can be reduced or eliminated, allowing for a person to make a clean financial start, it can also be a time-consuming process that involves a hit to the credit report. If a person decides to file for bankruptcy, their first step should…
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Why won’t a consolidation loan work for me?
When people come into our office, they don’t necessarily WANT to file bankruptcy. Most people want to exhaust all of their options before they decide to file personal bankruptcy. Therefore, we often get asked about consolidation loans. Consolidation loans are one of the debt settlement strategies we review with people but we’re not a lender. Consolidation loans…
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Saving Money and Back-To-School
This September, both of my children will officially be in school. It’s hard to believe time has flown by so fast, but it’s also hard to believe how much money I’m expected to spend on school supplies. Since the beginning of August has now crept up on us, we will begin to see the back…
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