We all know the importance of living within our means but according to recent statistics, less than 50% of Canadians use a monthly budget to plan their spending. When putting together a budget plan the key is not to make it complicated or difficult to follow.
Category: Debt
Tips for Saving Money on Groceries
For most Canadian families groceries are there second highest monthly expense outside of their housing cost so it’s important to get the most bang for your buck. Here are a few tips and suggestions that may help you reduce your grocery expenses.
Understanding Your Credit Score in Canada
A credit score is a number, attached to your credit report, that represents your credit-worthiness and indicates how likely or unlikely you are to pay your debts. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to you. The higher the score the more likely you are to be approved for credit; a lower score decreases your chances of obtaining credit.
Will My Personal Bankruptcy Affect My Spouse?
When you file a personal bankruptcy it does not directly affect your spouse or reflect on their credit report. Your personal bankruptcy is between you and your creditors. Your spouse is not liable for your debts simply because he/she is your spouse. However, your personal bankruptcy can have an impact on the other person in certain ways.
Personal Bankruptcy and Income Taxes – What You Need to Know
When filing a personal bankruptcy income tax debts are discharged the same as any other unsecured debt, such as credit cards and personal loans. If you are struggling with income tax debt or have had your wages garnished then you should seek the assistance of a professional.
Good Debt vs. Bad Debt
Good debt is for purchases that appreciate in value or significantly improve your quality of life. Bad debts on the other hand typically do not provide you with any long-term benefit. If you carry a heavy amount of bad debt and are only able to make minimum payments then it’s time to look for help.
10 Steps To Rebuild Your Credit Rating After Bankruptcy
Once you have been discharged from your personal bankruptcy or consumer proposal there are some steps you can follow to put you on the path to a healthy credit rating.
The Difference Between Prepaid and Secured Credit Cards
Two credit card products that often get confused are secured and prepaid credit cards. Let’s take a closer look at the characteristics of each one and some of the things you should be aware of before choosing either of these products. Choosing the product that is best for you will depend on your circumstances. Either way, we encourage you to do your research and to read the cardholder agreement or terms and conditions prior to opening one of these products.
What to Know Before Co-signing A Loan?
When you sign for a student loan, line of credit or any type of loan for another person you are legally responsible if that person fails to meet the terms of that credit agreement. If the other person misses payments the creditor will expect you to make the payments and demand that you pay the debt in full.
Financial Warning Signs
Most of us can sense impending financial trouble but we tend to shy away from seeking professional help out of embarrassment or fear of being judged. Licenced Insolvency Trustees and debt counsellors are there to help and should be able to provide you with financial counselling in a non-judgmental and professional manner. The information they provide should help you better understand your financial situation and the options and resources that are in place to assist you. This will allow you to make the best possible decision to resolve your financial concerns.