Bankruptcy and Consumer Proposals Rise as Consumer Debt Reaches Record Limits
Are you struggling with consumer debt? If so, you’re not alone. According to BNN Bloomberg, the average Canadian household owes $1.76 for $1 of annual disposable income. The same household devotes $0.15 of every disposable dollar to making principal and interest payments on debt, which is a record high. BNN Bloomberg also noted that when […]
Requirement to Pay Truly is a Requirement to Pay – So You Got One, Now What?
A Canada Revenue Agency (CRA) requirement to pay is a serious matter and should never be ignored. If you have received a requirement to pay, it means the CRA is about to take collection action. They are telling you that you are required to pay them. If you don’t, CRA collections could follow, including: A […]
Will Filing for a Consumer Proposal Ruin Your Credit?
One of the questions we’re asked most often has to do with filing for a consumer proposal and your credit score. Many people want to know – if you file for a proposal, will your credit be ruined? The answer isn’t as simple as “yes” or “no.” To start, we need to look at what […]
In the News: Woman Decides to File a Consumer Proposal to Conquer High Interest CitiFinancial Loan
When stuck in a financial rut, with credit that may be less than stellar, many Canadians choose to turn, often out of necessity, to the alternative lending market, or payday loan companies, to meet financial obligations. Donna Border is just one example of this – and her story has made it to the Huffington Post. […]