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Debt Counselors Toronto and Consumer Credit

Posted on Oct 21, 2016 in Debt, Debt Counseling | 0 comments

Many, many times in the years that I have been a Licensed Insolvency Trustee in Toronto I have met people who had very little understanding of how credit works, especially consumer credit. In fact, when I started my trustee business one of the first persons who came to work for me had almost zero knowledge of how credit worked. Having had years of experience in the consumer credit field, I found that interesting. But as I later discovered, this...

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A New Name – Licensed Insolvency Trustee

Posted on Feb 3, 2016 in Bankruptcy, Debt Counseling, Uncategorized | 0 comments

The bankruptcy and proposal business is going to have a new player – at least it will appear that way. Since 1920 Trustees have had the title “Trustee in Bankruptcy”. Effective April 1st, 2016, Trustees are going to have a new name. We will be called “Licensed Insolvency Trustees”. Actually this change has been coming for some time. Over the past 25 years the insolvency business has changed considerably. Trustees, who used to primarily...

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5 Signs That You Have Too Much Debt And Need Debt Help

Posted on Jun 6, 2015 in Budgeting, Debt, Debt Counseling, Financial Advice | 0 comments

There are lots of different tells that you have that let debt levels get out of control and you should consider getting some debt help. Basically, if you are even asking yourself if this is the case, there’s a good chance you are in trouble.   But see if any of these warning signs resonate with you. 1. You have no money in your savings account Having money in savings is about creating a nest egg for the future and putting aside funds for...

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10 Debt Danger Signals

Posted on Feb 24, 2015 in Budgeting, Credit, Debt, Debt Counseling, Finances, Financial Advice | 0 comments

After the expense of the holidays, many of us wonder how much debt is too much. Yes, Canadians are used to carrying record debt loads, but there comes a point where the burden may become too heavy.  Here are 10 danger signs that could reveal your spending is out of control: 1. You are making only minimal payments on your credit card balances as you head towards maxing them out. 2. Even so, you continue to use them for everyday purchases, such...

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Divorce and Bankruptcy

Posted on Feb 19, 2015 in Bankruptcy, Debt, Debt Counseling | 0 comments

Divorce in Canada can be complicated when it comes to debt. Divorce can cause bankruptcy and bankruptcy can cause divorce. Study after study show that financial problems can lead to marital breakdown. Filing for bankruptcy as you go through a divorce, or after, can make both processes more difficult and stressful. Not off the Hook If you are separated or divorced and have joint debt, you’re not let off the hook. Both of you are still...

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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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