Debt 2 - Consumer Proposal & Bankruptcy

Consumer Proposal vs. Credit Counselling?

June 30, 2015

With all of the choices facing financially distressed consumers, it’s important to compare your options. The most common options are a Consumer Proposal only available through a Licensed Insolvency Trustee or a Debt Management/Repayment Plan offered by credit counselling agencies.

Dealing With Debts in Collection

December 30, 2014

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.

How to Create a Budget in 5 Steps

December 9, 2014

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.

Understanding Your Credit Score in Canada

October 28, 2014

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?

October 21, 2014

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.

Good Debt vs. Bad Debt

October 7, 2014

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.