Navigating the Landscape of Credit Card Debt in Canada

Credit card debt is a prevalent financial concern for countless individuals and families. More Canadians than ever are relying on credit cards as the allure of making purchases with borrowed money is compelling. Understanding the gravity of credit card debt in Canada is crucial in today’s economic landscape. This article explores the implications of this…

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Consumer Proposal vs Bankruptcy – Which is Better for You?

When debt accumulates, finding a way out becomes a top priority for many Canadians. Today, we compare and contrast two of the critical choices that individuals facing overwhelming debt must make: consumer proposal vs. bankruptcy. These two debt management strategies are not one-size-fits-all solutions. For Canadians seeking a path toward financial recovery, navigating the intricacies…

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Is CRA Debt Forgiveness Possible?

Regarding personal finances, few things can be as stressful as accumulating debt, especially when that debt involves an overwhelming entity like the Canada Revenue Agency (CRA). The prospect of owing money to the CRA can lead to mounting anxiety and sleepless nights for many Canadians. When faced with CRA debt, it’s crucial to understand the…

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What is a Good Debt to Asset Ratio for a Family

Families across Canada face a common challenge on the path to financial prosperity – balancing their economic equation. Prudently managing assets and debts forms the cornerstone of stable finances. The debt to asset ratio is a crucial metric that can be invaluable for families to gauge their financial health. The concept of financial health isn’t…

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Loan Consolidation in Canada – Simplify Your Monthly Payments

Managing finances in today’s world can sometimes feel like a juggling act. Finding ways to simplify your financial burdens and commitments is crucial for long-term financial success. Fortunately, several options are available, regardless of your credit rating or economic circumstances. Loan consolidation is one of many viable strategies to streamline your monthly payments, providing an…

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Top 20 Consumer Proposal FAQs for Canadian Debt Relief

Top 20 Consumer Proposal FAQs for Canadian Debt Relief

If you’re searching for debt relief in Canada, you may have come across the term “consumer proposal”. What exactly is a consumer proposal, though, and how can it help you?  In this “Consumer Proposal FAQs” blog, we’ll answer the 20 most frequently asked questions about this Canadian debt relief option and whether or not it’s…

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Insolvency vs Bankruptcy – What’s the Difference?

Insolvency vs Bankruptcy - What’s the Difference?

A common misperception is that insolvency and bankruptcy are the same thing. This is not necessarily the case. The two terms can be related, but they’re not interchangeable.  In this “insolvency vs bankruptcy” article, we’ll get into the definition of each term, how they relate to each other, and how each term may relate to…

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The Advantages & Disadvantages of a Consumer Proposal

Advantages & Disadvantages of a Consumer Proposal vs The Status Quo

If you’re having trouble making ends meet every month, you’re not alone. A recent study by the credit reporting company TransUnion has determined that nearly one-third of Canadians don’t feel they can pay their bills in full.  So what is a hard-working family to do if they find themselves in this situation?  One option would…

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Unable to Make Your CERB Repayment? You Have Options

Other Options for Dealing with CERB Repayment

Thousands of Canadians have been issued a CERB repayment letter demanding repayment of Covid relief funds. If you’ve received such a letter, this situation needs to be addressed as soon as possible. Postponing payment, or failing to set up a payment plan with the entity that sent you the CERB repayment letter, can result in…

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Alternatives to Bankruptcies: Pros and Cons of Filing in Canada

Navigating a financial slump can be a difficult and uncertain time for individuals and businesses alike, with bankruptcy often looming as the only option. But luckily, there are some bankruptcy alternatives to consider before taking such a drastic step, including debt consolidation, consumer proposals, credit counseling, and debt settlement. This article will: Weighing up all…

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