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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 |

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 |

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 |

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 |

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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Serenity After Trial

Posted on Jun 18, 2014 in Bankruptcy, Credit, Debt, Debt Counseling |

“I thought the process was going to be hideous, humiliating and shameful,” Karen recalls of her bankruptcy more than a decade ago. “I was terrified when I went to see Richard Killen. I was in tears as I walked into his office.” Karen’s story of battling debt is a familiar one. She had decided to make a brave midlife career change from working as a bartender. Finding employment in a Toronto health food store, she made the decision to go back to...

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Pre-Retirement Canadians Embrace Mortgage Debt

Posted on Jun 17, 2014 in Debt, Debt Counseling, Finances, Financial Advice |

People looking forward to retirement usually try to retire their debts first, especially their mortgages, so they can enjoy their leisure without financial worries. But a story in the Globe and Mail reveals that more and more Canadians are going into their golden years with a substantial financial burden. “Pre-retirement Canadians in the their 50s are taking on an alarming amount of debt and are most at risk of bankruptcy,” says April Dunn,...

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