Starting 2023 with a Financial Fresh Start

We likely all welcomed the lifting of pandemic restrictions and the return to in-person activities in 2022. Unfortunately, along with that return to “normalcy” came decreasing house values, increased interest rates and increased costs of living.   Statistics Canada recently reported that Canadian households’ debt-to-income ratio rose by $1.83 in debt for every dollar of household disposable income. On top of the increasing debt level, multiple [...]

Starting 2023 with a Financial Fresh Start2023-05-18T11:54:58-04:00

How To Pay Off Credit Card Debt

The average rate of interest charged on credit card debt in Canada is 19%. Some credit cards carry an interest rate as high as 29.9%, and cash advances typically incur an even higher interest rate. Making minimum payments of $125 a month on a $5,000 credit card at 29.9% interest will take over 19 years to pay off and will result in paying $24,000 in [...]

How To Pay Off Credit Card Debt2022-08-02T08:53:48-04:00

What is Debt Consolidation?

Debt consolidation is the act of borrowing a new loan to pay off two or more of your current liabilities and consumer debts, including credit cards, lines of credit, pay day loans, etc. The new loan essentially combines multiple debts into a single, larger debt that requires one monthly payment instead of juggling to pay multiple creditors on differing due dates. How Does Debt Consolidation [...]

What is Debt Consolidation?2022-02-22T14:23:29-05:00

Debt Relief Solutions in Burlington

The stress of carrying too much debt has no geographical boundaries. Many Canadians have fared well during the pandemic with decreased travel and daycare costs while working from home. Unfortunately, others have suffered financially due to loss of income, caring for family, closure of businesses, and increased food and living costs. Ontario will be entering Step 2 of the re-opening plan next week which gives [...]

Debt Relief Solutions in Burlington2021-08-16T12:33:29-04:00

Financial Solutions in Thornhill

Thornhill has been subjected to lengthy lockdowns over the past year due to COVID-19.  The lockdowns may have been necessary to protect our health and healthcare system, but they have also resulted in business closures and unemployment.  Government benefits like the Canada Emergency Response Benefit and Canada Recovery Benefit have helped to supplement the loss of income, but many Thornhill residents are still struggling with [...]

Financial Solutions in Thornhill2022-04-29T16:41:17-04:00

Debt Help in Hamilton

Many people are willing to talk freely about their health and family issues but can be quiet when it comes to their finances.  This may leave you feeling alone in struggling with overwhelming debt with no idea where to turn for debt help in Hamilton.  There is an abundance of information and services available on the internet but consulting with a Licensed Insolvency Trustee is [...]

Debt Help in Hamilton2021-02-26T14:10:32-05:00

How to Deal with Debt After a Loss of Income

When the COVID-19 pandemic shut down Ontario’s economy in March, 2020, no one could have predicted the extent of job losses and business closures. Many Canadians, who were already struggling with significant levels of debt, found themselves unable to pay even their basic living expenses.  The government stepped up and provided benefits in the CERB and CRB to supplement a loss of income, and creditors [...]

How to Deal with Debt After a Loss of Income2023-10-23T11:48:02-04:00

Tips on How To Manage Your Personal Debt

The first step to manage your personal debt is to make a complete list of everything you owe as follows: ABC visa           $5,000.00           29.9% annual interest           $200.00 minimum monthly payment Add up the total debt and the minimum monthly payments and add that amount to your budget as a monthly expense. Arrange to pay the monthly payments by pre-authorized payment to ensure the [...]

Tips on How To Manage Your Personal Debt2024-02-15T11:38:45-05:00

How to Budget While Repaying a Student Loan

We all know that funding an education is expensive.  The costs of tuition, books, a laptop, residence and food are significant.  Luckily, student loans are available in Canada to assist students to fund their education.  Unfortunately, student loans over a three or four-year program can leave a new graduate with a significant level of debt to repay. Student loans provide a six-month non-repayment period once [...]

How to Budget While Repaying a Student Loan2024-02-15T11:37:23-05:00

Mistakes to Avoid When Consolidating Your Debt

Creditors’ collection remedies are currently hindered due to the COVID-19 pandemic and the closure of courts except for urgent matters. If you are carrying significant debt to many different creditors, take this time to investigate if a consolidation loan (borrowing one amount to pay off your various debts and thus consolidating into one monthly payment) can provide you a plan to pay off your debt. [...]

Mistakes to Avoid When Consolidating Your Debt2024-02-15T11:23:00-05:00
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