How to Manage Your Credit Card Debt

How to Manage Your Credit Card Debt Tis the season to be jolly and of course for shopping! Here comes Black Friday, Cyber Monday, Holiday Shopping and the seasonal deals are AMAZING for sure. And everything feels like a great deal until the credit card bills start coming in. While Amazon may seem like your best friend, and you think you’re saving money, putting these purchases on your credit cards may be costing you a whole lot more than you think. Do you have any idea how much interest you’re paying on your credit cards? The average rate is 17.5% and can go as high as 28%.  That’s crazy! If you [...]

Credit Counselling Services

Should You Consider Credit Counselling Services? Hardly anyone applies for credit thinking they’ll ever get behind in payments. Just like no one goes into business anticipating that one day they’ll go bankrupt. People, situations and circumstances come into your life that may give you an unintended result. It happens! We get it! I encourage you to read Jane’s story. Jane (an alias to protect her identity) runs a bridal boutique in Southern Ontario.  And as you can imagine, brides come into her store several months before their wedding day to carefully select the perfect dress for the big day. In order to move forward with the fitting phase, brides had to purchase their wedding [...]

Debt Help Services

Do You Require Debt Help Services? Here’s a debt story that may sound familiar. David is an executive in the power grid industry. At 52 years of age, he had earned a good living giving 30 years of service to an industry he loved. Now, you’d think that someone who earns $200,000 a year should be set for life.  Keep reading to find out what happens. What if something unexpected happened where you lost all your assets? After 25 years of marriage, David and his spouse decided it was time to divorce. Though they agreed in principal, it turned out to be a contemptuous settlement. For an unknown reasons [...]

How Can I Improve My Credit Score?

HOW CAN I IMPROVE MY CREDIT SCORE? Credit scores are designed to show a consumer’s creditworthiness and the likelihood that they will be able to pay their debt on time. In Canada, credit scores range from 300 – 900 and are used as a tool by the creditors to determine who is a good candidate to borrow money. A low credit score can affect the eligibility for future purchases, mortgages, and loans. Therefore it is very important to build and maintain a healthy credit rating. There are several factors that come into play to calculate a credit score. Here are 3 helpful tips to help you start improving your credit score: Maintain a good payment history: Your payment history is [...]

Warning Signs of Financial Difficulties

WARNING SIGNS OF FINANCIAL DIFFICULTIES While having debt is normal, it is very easy to find yourself with an unmanageable debt load. Most of the time, we miss the warning signs of financial difficulty and by the time we realize it we are in too deep. Being aware of some warning signs can help you prevent getting trapped in a financial crisis. It takes a lot of awareness to accept the fact that your debt is getting out of control. There are a variety of signs that can indicate a high and dangerous debt load. In this blog, we discuss 3 signs that are strong indicators that you might be on your way to financial distress. Be aware of [...]

Strategies to Conquer Credit Card Debt

STRATEGIES TO CONQUER CREDIT CARD DEBT If you are struggling to pay your credit card balance in full you are not alone.  In fact, the average Canadian has credit card debt of around $3,800. With high interest rates and with life’s unexpected expenses, it is very easy to find ourselves struggling to make the required minimum monthly credit credits payment let alone trying to pay off the balance in full. Carrying a balance on a credit card ends up costing you more money as the majority of time the minimum monthly payment usually covers interest and makes little if any difference to your outstanding balance. Paying off debt takes time, discipline, and dedication; however with a proper plan you [...]

Collection Calls: Know Your Rights

COLLECTION CALLS: KNOW YOUR RIGHTS If you are currently unable to manage your debt and have defaulted in your monthly payments, collection agencies might be calling demanding payments. The stress of not being able to handle your debts and receiving harassing phone calls from debt collectors can be intimidating and at times overwhelming. We believe it is important to know your rights and protect them when dealing with collection agencies. Debt collectors are legally required to follow rules set by the Collection & Debt Settlement Services Act. This act prohibits collectors from certain actions. A collection agency cannot contact you before sending you a written notice through regular mail; email does not count. This notice must include: the name [...]

How to consolidate your debts

HOW TO CONSOLIDATE YOUR DEBTS A financial hardship can happen to anyone. You can find yourself with an unmanageable debt load as a result of a sudden job loss, income reduction, health problems, or marital breakdown.   As a result of a high debt load, your life can turn into a never ending cycle of missed payments, collection calls, and the constant anxiety of how to make ends meet. When debt has become overwhelming it might be a good idea to merge all of your debts into one single debt to help you reduce the interest being paid. Most credit cards usually charge interest rates ranging from 12% to 25% or more. The term “debt consolidation” includes a wide range [...]

Difference between Bankruptcy and Consumer Proposal

BANKRUPTCY vs. CONSUMER PROPOSAL A bankruptcy and a consumer proposal are both legal options offered to help you deal with your unmanageable debt load. They both can be effective ways of reducing or eliminating your debt. Both options are available for those individuals who are experiencing a high debt load and to protect you from any legal actions including; harassing collection calls and notices, wage garnishment, and possible lien registration. A consumer proposal and a bankruptcy are both governed under the Canadian Bankruptcy and Insolvency Act and they can only be administered by a Licensed Insolvency Trustee. A consumer proposal is a debt relief option which allows you to consolidate your debts. It is a legal process between you [...]