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Is A Payday Loan A Good Idea?

Posted on Jun 26, 2017 in Consolidation Loans, Credit Rating, Debt Counseling, Financial Advice |

In this video, Richard Killen, a Scarborough-based Licensed Insolvency Trustee talks about whether a Payday loan is worth considering. I guess one can say that going into debt, any kind of debt, is hardly ever a good idea. Usually, the cost of the debt outweighs whatever benefits you may get from borrowing the money. However, sometimes debts make a good case for making some worthwhile. For instance, is a mortgage worthwhile? Because you borrow...

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Is your credit rating affected?

Posted on Jun 9, 2017 in Credit, Credit Rating |

In this video, Licensed Insolvency Trustee in the GTA area, Richard Killen, talks about the how your credit rating will be impacted by your current financial situation and is not directly due to the fact that you are undergoing bankruptcy or a consumer proposal. As a matter of fact, it is the solution you need to get out of your financial troubles and start improving your credit rating. Here are a few key takeaways from Richard’s informative...

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Christmas Credit Hangover

Posted on Feb 13, 2017 in Advice from Richard, Credit, Financial Advice |

In this video, Richard Killen, Licensed Insolvency Trustee based in Toronto talks about buying Christmas gifts on credit cards. It is important to remember that credit card bills don’t take a Christmas holiday. Christmas brings out the “giving” in us, especially when we have children or grandchildren. There is nothing wrong with giving, but remember, the piper will always have to be paid. Licensed Insolvency Trustees tend to...

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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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Do I Need to Meet My Creditors?

Posted on Feb 26, 2015 in Credit, Creditor Negotiation, Finances |

The last people you want to meet when going through a bankruptcy in Ontario is your creditors, right? You know, the people who have been sending you notices, phoning you non-stop, garnisheeing your wages and generally making your life difficult. What are the chances you will have to get face to face with people who definitely aren’t part of your fan club? The chances are very small. In our experience at Richard Killen & Associates,...

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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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