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.
One of the most important things you can do to live a healthy, happy and secure life is to develop basic personal financial skills. In today’s podcast Licensed Insolvency Trustee, John Adamson, shares his thoughts on how to make budgeting as stress-free as possible.
A recent survey showed that 43% of Canadians added to their existing debt thanks to the pandemic. In this podcast, John Adamson, Licensed Insolvency Trustee, discusses the two most popular options of debt relief. Today’s discussion focuses on the differences between filing a Consumer Proposal and Bankruptcy.
Money clearly plays a significant role in marriage and is the number one issue married couples fight about. Financial problems are one of the leading causes of divorce which is why it’s so important that you address problems that arise. In today’s podcast, Licensed Insolvency Trustee Derek Chase discusses how financial stress affects relationships.
If you are one of the nearly three-quarters of Canadians that have some type of outstanding debt – saving money might seem inconceivable. But financial advisers stress the importance of having emergency savings – even a small amount.
With the rising cost of housing, groceries and fuel many Canadians are watching their debt load increase and are exploring solutions that can eliminate debt. The top 2 insolvency options available to Canadians are filing a Bankruptcy and Consumer Proposal. Both are able to resolve debt problems and provide legal protection from creditors.
Many Canadians are juggling their finances – trying to keep all their payments current. But if you have become delinquent on any of those credit accounts – that debt may wind up in collections. This means your original lender has sent your account to a collection agency who will contact you repeatedly in an effort to see the debt paid.
