Black Friday: To Partake Or Not To Partake
With Black Friday making it’s appearance this week, it may be time to evaluate this “holiday” and decide if it’s a day we should actually partake in or if it’s just a ploy to push us further and further into debt. Like the U.S., Canada has become not just a country of big spenders, we are…
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Is playing hockey worth it if it means going into debt?
A recent survey shows that many Canadian parents are going into debt, or borrowing money from others, to register their children in recreational hockey. In a way, I get it. Hockey is a national past time and it almost feels like it’s our duty as Canadians to involve our families in hockey. But is it…
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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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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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Three Ways to Reduce Debts Quickly
Whether it’s credit card bills or a line of credit, many of us are carrying debt and trying to get control of our finances. Debts can be debilitating and can often times seem like there is no way out. For some, bankruptcy or a consumer proposal may be the answer. For others, it may be…
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Canadian Seniors and Debt
It is becoming clear that more and more Canadian seniors are succumbing to the combined challenges of a fixed income, higher living costs and, in many cases, increasing levels of assistance to dependent children. A past CTV news article about Seniors Struggling with Debt and Bankruptcy outlines some of the issues and causes of seniors getting into financial…
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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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