Eliminate Debt Demons for Halloween
Ghosts, witches and goblins make Halloween a scary time of year for everyone, but especially for families who want to avoid the horror of debt. The cost of costumes for kids (and some adults), candy for neighbourhood children, and elaborate decorating all add up (and this is just Halloween…don’t even get me started on Christmas)….
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
