Are you insolvent?
Debt is one thing that all people I meet with have in common. Obviously. The extent of that debt may be more than it is for others. Some people may feel like they are drowning in debt, but are actually not insolvent. They have the means to dig themselves out of debt on their own…
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Credit Card Use – The Good, The Bad and the Ugly
Credit cards, when used properly can be great. You can earn points, use them as an advance and most importantly, you can improve your credit. Unfortunately, many people misuse credit cards and end up setting up a meeting with me to discuss bankruptcy. Credit cards can be great but it’s also important to be educated…
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Pay down debt or set up a TFSA?
TFSAs are great, but if you’re in debt, it may be better to pay down some of your debt. In fact, consider completely eliminating all your debt before venturing anywhere near a TFSA. This is especially true of “bad debt” such as credit cards, consumer loans and mortgages on your principal residence. This debt is…
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The Steep Cost of Financial Ignorance
In an article recently posted by CBC called ‘We used to be savers’: Why Canadians Ignore Warning Signs About Debt, it was stated that despite constant warnings about personal debt levels, Canadians are continuing to borrow money at alarming rates. This isn’t news to most people, but what’s important to know is why this is…
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Provinces Ranked By Consumer Debt
According to recent data collected by Equifax Canada, Canadians demand for credit reached a record high for the first three months of 2017. In an article recently posted by Global News, it was reported that credit inquiries rose by 3.6 percent in the first three months of 2017 compared to the final months of 2016, with…
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More Seniors Are Filing Bankruptcy
Would you be surprised if I told you that the fastest growing demographic group of bankruptcy filers is those over 65? It’s sad, but true. The reasons for this are diverse: fewer traditional pensions; increases in the cost of medical care; availability of easy credit before the Great Recession; and efforts to help younger family…
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Bankruptcy and Gambling Debt
There are a variety of reasons why consumers get into financial trouble, none of which will exclude them from filing a bankruptcy and subsequently obtaining a discharge. So, if you’re in debt because of gambling, you are still able to file bankruptcy. For a first-time bankrupt with no surplus income, they will automatically receive a…
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Saving or Paying – Which is better?
As a rule of thumb, I always say that having an emergency savings with three months of expenses (at least) can protect you from relying on credit during a financial bind. But, I understand that in many cases, it’s hard to grow that fund. So, it makes sense that many clients ask me if they…
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Why should I get a new account at a new bank?
There is nothing worse than having your bank freeze your account, taking money from your account without your permission or having your pay cheque constantly be applied to overdraft. When we consider our relationship with a bank we think of having numerous and separate accounts with them. For example, we may have a chequing account,…
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Budgeting vs. Asking for Help
Maintaining a balanced budget is not always easy. It can sometimes be very hard for Canadians to make ends meet, and therefore feel forced to use their credit cards. Credit cards can actually be helpful when you are strapped for cash, but more often than not, it starts the cycle of debt. Being aware of…
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