Choosing a debt advisor is an important step in debt recovery. The market is flooded with unlicensed and unregulated ‘debt consultants’ who charge a fee and then refer debtors to a Licensed Insolvency Trustee. In this podcast Licensed Insolvency Trustee, Derek Chase, explains in detail who these professionals are and what they do.
According to the latest Stats Canada report there was $1.73 in ‘credit market debt’ for every $1.00 of household disposable income. Canadians are taking on more debt. But taking on debt is fine as long as most of it is ‘good debt’.
As the COVID-19 pandemic drags on, debt-ridden Canadians are seeing their quality of life diminish. Seventy percent of those surveyed say that new debt is making their quality of life worse. If you are struggling, you may be wondering just when you should be reaching out for help.
Although the COVID-19 pandemic has likely created more financial distress for Canadians, Bankruptcy filings have declined. However, there is often a delay between when people start to recognize the severity of their debt problems and when they take action. Who are the people that file for Bankruptcy? You may be surprised. Licensed Insolvency Trustee, Jillian Taylor-Mancusi of LCTaylor delves into who the typical debtor is and why they end up declaring Bankruptcy.
While it may be flattering to receive a line of credit offer or a pre-approved credit card limit increase, you should think twice before accepting. You need to weigh the benefits against the risks. Francyne Meyers, Licensed Insolvency Trustee with Allan Marshall & Associates, looks at the advantages of accepting a credit limit increase.
Your credit rating is a score that is used by potential lenders that tells them how much of a credit risk you may be. Most people know they need a good credit history to give them a good credit score. Few of us know how the scoring system works or what we can do to improve our ratings. Licensed Insolvency Trustee, Francyne Myers of Allan Marshall & Associates, sheds some light on this subject.
