Debt Patterns In Canada Part II
In a recent article in the Globe and Mail from February 2014, it was reported the consumer debt in Canada, excluding mortgages, has increased 4.2 percent from $497.4 billion last year to $518.3 billion in 2013. Although the article states that despite the increase in debt, patterns are showing that Canadians are handling their debt…
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Debt Patterns In Canada Part I
According to an article in the Globe and Mail from this time last year, more Canadians had been making their bill payments through the first quarter of 2013. Statistics released by Equifax showed that the percentage of people who were behind three or more monthly payments with their creditors fell by 13.4% during the first three…
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Don’t Wait To Get Help
The biggest mistake most people that have personal debt problems make is that they wait too long to get the help they need. Many people will struggle for years with these issues, exhaust their savings, attempt to get a consolidation loan, refinance their property, and sell assets all in an attempt to avoid filing personal…
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Is it possible to pay off debt without affecting your credit rating and touching RRSP money?
CHRIS ASKED: How can I pay off my debt without damaging my good credit or touching the little RRSP I have? ANSWER: The only way to deal with your debt and maintain a good credit rating is to pay your creditors directly, in full, with interest. Getting a consolidation loan, assuming you can get one,…
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Worried that you’ll lose your car loan by taking debt action?
JOE ASKED: I am struggling with a lot of debt, but if I take action, will I lose my car loan? ANSWER: I’m sorry to hear that you are struggling. When you are dealing with debt it is important to understand that there are two types of creditors, secured creditors and unsecured creditors: Secured creditors,…
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How long will it take to pay off your credit card debt?
Make sure you have a plan to pay off your credit card debt. Have you ever looked closely at your credit card statement? Credit card companies are now required to spell out on your credit card statement how long it will take for you to pay off your credit card balance if you make the minimum…
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Bankruptcy: Keep Your Home And Other Assets
You will not lose your home as a result of the bankruptcy process provided that you can maintain your mortgage payments and there is not a significant amount of equity in your property. Your creditors do not want your house, and they do not want to force you to sell your house. They are only interested in…
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Vehicle Loans And Consumer Proposal
If you make a consumer proposal the rights of your secured creditors are unaffected. This doesn’t meant that you can’t deal with your secured creditors by making a consumer proposal, it means that your secured creditor’s right to either be paid or to repossess your vehicle is unaffected. The reality is secured creditors don’t want to repossess your vehicle. They…
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Vehicle Loans And Bankruptcy
If you file personal bankruptcy the rights of your secured creditors are unaffected. This doesn’t meant that you can’t deal with your secured creditors by filing personal bankruptcy, it means that your secured creditor’s right to either be paid or to repossess your vehicle is unaffected. The reality is secured creditors don’t want to repossess your vehicle. They know if…
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What Happens When You Go Bankrupt
Once you file for bankruptcy, all creditor action stops. This means that your creditors cannot continue any further legal or collection activity against you, including wage garnishments, harassing letters or telephone calls. The bankruptcy process is designed to help an honest but unfortunate debtor to get a fresh start plus you’re are able to keep assets….
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