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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Teach your kids about financial literacy at a young age
Financial literacy begins in childhood through counting, playing with pretend money, etc. and develops through adulthood. School-age children know about saving, spending, and some start earning, whether through chores or other paid work, including part-time jobs. But it’s one thing to know how to make money and save, but it’s another thing to learn it’s…
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Debt Settlement Companies
If you are one of the thousands of Canadians who feel they’ve been ripped off by a debt settlement company, you should consider taking the following steps to help ensure it doesn’t happen again…and to hopefully get your money back. File a Complaint with the BBBConsider filing a formal complaint with the Better Business Bureau….
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Cashing In Retirement Savings Is A Poor Debt Settlement Strategy
We understand that most people who are in debt want to deal with their obligations, and don’t want to see a trustee in bankruptcy, make a consumer proposal or file personal bankruptcy. As a result they do what they can to attempt to deal with their debts on their own. Often this includes cashing-in retirement savings. Unfortunately,…
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Always Read The Fine Print
If you ever use a ‘no interest no payment sale’ to purchase items, make sure you read the fine print. All ‘no interest no payment’ deals will include a clause that says if full payment is not received before the due date that interest will be charged retroactive back to the date of purchase at…
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Committed Relationships And Joint Bank Accounts
A newly-engaged friend of mine recently asked me for my best financial advice before his big day. What a loaded question! I could write months worth of blogs on that topic alone (which you may see in the future). There are many things you need to consider before you tie the knot, but for the…
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Is it better to pay off my debt or to put away some savings?
RACHELLE ASKED: I am trying to save money up for an emergency fund but I have a heavy debt load. Is it better if I pay off my debt more aggressive or continue to save and pay my debt? ANSWER: This is a common dilemma people have when deciding what to do with their money….
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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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When one spouse files for bankruptcy – what happens to the family budget?
ADAM ASKED: I am married but I am declaring bankruptcy by myself. My wife pays the rent and I pay everything else. Do I still have to declare rent? ANSWER: You are required to prepare a monthly budget detailing all of your family income and expenses when you file personal bankruptcy or make a consumer proposal. Even…
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Seniors May Need Financial Help Before or After Retirement
As approximately five million Canadian seniors and boomers approach retirement, there is a real fear that they may not have enough money saved to make retirement comfortable. A recent report released by the Vanier Institute of the Family stated that “the insolvency rate for those over 55 has been on a consistent upward trend. Seniors…
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