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How Do I Stop Wage Garnishment?

Posted on Aug 14, 2014 in Bankruptcy, Credit | 0 comments

Wage garnishments pack a double whammy. Not only do you lose control of your finances, you have the embarrassment of your employer knowing that you are suffering money troubles. So how do you keep your salary in your hands? Wage garnishment is a legal proceeding set in motion by creditors, including collection agencies, credit card companies, payday loan lenders and the Canada Revenue Agency. Fortunately, except for the government agency (which...

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10 Signs of Debt Trouble

Posted on Jul 25, 2014 in Consolidation Loans, Consumer Proposals, Credit, Debt | 0 comments

If you don’t live in Egypt, being in denial is a bad thing. Most of us carry some form of debt, whether it’s a car loan or a credit card balance that we just can’t manage to pay off this month. But when does debt load become dangerous? Well, one sign is when you don’t want to think about it and are kept up nights with stomach-twisting anxiety. The problem scares you so much you put your head in the sand and keep spending...

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Why Do People Go Bankrupt?

Posted on Jul 18, 2014 in Bankruptcy, Credit | 0 comments

Well, because their debts exceed their means to pay them. OK, after stating the obvious, here’s a bit more detail. More than 118,000 Canadians a year are filing for bankruptcy or doing consumer proposals. Here are some of the top reasons why. Excessive Use of Credit Not surprisingly, this continues to be leading cause of bankruptcy. Many of us spend too much, save too little and rely too much on plastic credit. The problem of being...

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What Happens to My Retirement?

Posted on Jun 30, 2014 in Credit, Credit Rating, Debt | 0 comments

Hi. I’m Richard Killen from Richard Killen & Associates. Just because you’re retired or approaching retirement doesn’t mean you can’t run into credit or debt problems. If that comes about, one of the concerns you may have is what will happen to your retirement savings and your pension? Well, generally speaking, you have nothing to worry about. Though the legal process can get a little complicated, for the most part nothing will happen to...

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Money Doesn’t Grow on Trees

Posted on Jun 23, 2014 in Bankruptcy, Credit | 0 comments

For more than 20 years, Bill had run a successful Toronto tree care business, doing tree removals, pruning, planting and much more. His finances fell into the rhythm of the growing season. In the spring, the work would flood in and then taper off into the summer and fall. In the winter, during his downtime, Bill would use credit cards to finance advertising, equipment purchases, insurance payments and personal expenses. He would depend on the...

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Calculating the True Cost of Debt

Posted on Jun 22, 2014 in Collection Agency, Consolidation Loans, Credit, Debt, Debt Counseling | 0 comments

Many people don’t have a clear idea of what their debt really costs them, whether it’s a credit card balance or a student loan. Financial writer Gail Vaz-Oxlade points out in “How Much is Your Debt Costing You?” that if someone buys a $2,000 TV on credit, with an 18% interest rate, the minimum monthly payment would be about $40. Of that payment, only about $10 would go to the principle and rest would cover interest. So if you just made minimum...

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