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Are You in Debt Denial?

Posted on Mar 6, 2015 in Credit, Debt, Finances, Financial Advice |

Are we just fooling ourselves.? Sure you’re carrying a balance month to month on your credit card, have car payment and a substantial mortgage on your house. But this is normal, right? No, not necessarily. There’s a good chance you’re fooling yourself. While carrying a balance on your credit card may be par for the course these days, consumer credit rate site RateSupermarket did a poll of 6,000 Canadians and discovered that...

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10 Signs of Debt Trouble

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

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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Money Doesn’t Grow on Trees

Posted on Jun 23, 2014 in Bankruptcy, Credit |

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 |

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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