The Cost of Credit Card Debt

The Cost of Credit Card Debt According to the Canadian Bankers Association, as of October 31, 2013, there were 76.3 million Visa & MasterCard in circulation.  That means the average Canadian consumer has 2 of these products and that does not even include all of the retail and other credit card products.   Of the cards … Continue reading “The Cost of Credit Card Debt”

Can Bankruptcy Deal With My Student Loans?

Can Bankruptcy Deal With My Student Loans? More than ever young Canadians are being crushed under the burden of student loan debt.  According to the Canadian Federation of Students, the average student loan debt now stands at over $28,000 for students from the Maritime region. Bankruptcy legislation allows Canadian student loan debt to be discharged … Continue reading “Can Bankruptcy Deal With My Student Loans?”

What is Surplus Income and How Will it Affect My Bankruptcy?

What is Surplus Income and How Will it Affect My Bankruptcy? When an individual files for personal bankruptcy the trustee will calculate whether or not he will be required to make surplus income payments based on his net household income. The Government of Canada has set net monthly income thresholds for a person or family … Continue reading “What is Surplus Income and How Will it Affect My Bankruptcy?”

May 2014 Bankruptcy & Consumer Proposal Statistics

May 2014 Bankruptcy & Consumer Proposal Statistics On July 31, 2014, the Office of the Superintendent of Bankruptcy released its most current statistics on bankruptcy and proposal filings for Canadian consumer debtors. Canada – there were 67,202 personal bankruptcies and 50,632 proposals filed in the 12-months ended May 31, 2014 for average total filings of … Continue reading “May 2014 Bankruptcy & Consumer Proposal Statistics”

The Importance of a Good Credit Rating

The Importance of a Good Credit Rating As a society we are becoming increasingly dependent on the use of credit so it is more important than ever to manage and maintain a good credit rating.  The following are examples of how credit can impact our everyday lives. Borrowing As part of their decision making process … Continue reading “The Importance of a Good Credit Rating”