How do I know if I have too much debt?
What may be too much of a financial burden for you, may be completely manageable for someone else. Every situation is different. Taking control of your debt involves acknowledging the problems you have. The sooner you recognize the tell-tale signs, the sooner you can take steps to modify your spending. All Your Money Goes Toward…
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Top Concerns For Canadian Students
It’s almost September, which means it’s time for students to start worrying about many things. Will I like my roommate? Who is going to make me dinner? What if I can’t find my way around campus? These are all common concerns you would expect from students just entering their post-secondary career. According to an article…
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Why isn’t basic financial planning taught in schools?
I can’t tell you the last time I had to solve a quadratic equation or explain to someone about the composition of the Canadian Shield, but budgeting and money management are skills I use every day. It is especially scary when you think about students leaving home for the first time to attend college or…
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Don’t Be Fooled By Minimum Payments
If you think you’re managing your money by paying just the minimum monthly amount, think again. By doing that, you’re paying far more than the cost of your purchase. Minimum payments are designed to make you pay a fortune over time. Minimum payments can really cost you. Your payment is divided between the interest and the…
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Steer Clear Of Rent-To-Own And Other High Cost Lenders
Installment loans have been around in the U.S. for decades but they are relatively new to Canada. Equifax says installment loans are the second fastest growing type of debt in Canada, accounting for a total of approximately 8.7% of Canada’s total debt distribution. In a nutshell, installment loans are unsecured, high-interest, subprime, short-term loans. Many people who…
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Financial Recovery After Divorce
One of the leading causes of divorce in Canada is financial mismanagement. And one of the leading causes of bankruptcy is divorce. The effect of family support obligations, the division of family assets, and the loss of income can have a devastating effect on both parties going through a separation. When I meet with people who…
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Should you switch banks if you file bankruptcy or make a consumer proposal?
We often times recommend that if you file bankruptcy or make a consumer proposal that you get a new bank account at a new bank. Why do we suggest that? If you owe money where you bank, we recommend that you open a new bank account at a new bank. When you file bankruptcy or…
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Planning on maxing your credit cards before filing bankruptcy? Think again.
Running up your credit card balances when you intend to file bankruptcy is a fairly clear case of intent to defraud your creditors. If you do so, your trustee, creditors or the Office of the Superintendent of Bankruptcy have the ability to discharge you from bankruptcy and you could be ordered to pay back a…
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Aren’t sure if you need financial help?
Most people put off getting financial help way too long. For the most part, the longer you wait, the further you go into debt. If you are even a little bit concerned, there is no harm in looking for solutions. For instance, we offer FREE, NO-OBLIGATION consultations where we review your situation and give advice…
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Tips For Seniors In Debt
In Ontario senior bankruptcies are increasing rapidly. The unique social and economic situations of seniors put them at a higher risk of insolvency and financial hardship, including unexpected health and long-term nursing care costs. On top of that, in some cases seniors continue to financially support their adult children and grandchildren for longer than they…
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