Besides all of the harassing phone calls and intimidating letters, these collection accounts have a negative impact on your credit score and your ability to access credit or to own a home.
Tag: Bankruptcy
How to Create a Budget in 5 Steps
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.
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.
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.
Beware of Debt Settlement Offers
The debt settlement and credit counselling companies would have you believe that they can easily have your credit balances reduced and save you hundreds if not thousands of dollars. The problem is they cannot guarantee any results. They will require that you pay them monthly administration fees and/or a percentage of the settlement amount as payment for their services. But you need to read their documents very closely to find out what happens to all of those fees that you have paid if they are unable to reach agreements with some or all of your creditors.
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.
The Cost of Credit Card Debt
If you are struggling to keep up with credit card debt and don’t see your balances decreasing this is a sign to seek professional help. A Licensed Insolvency Trustee can review your financial situation and help you find the best strategy to deal with your credit card debt.