Should I Refinance My Mortgage in Response to the Low Interest Rates?
You may be thinking of refinancing your mortgage given that the interest rates are unprecedentedly low. Refinancing your mortgage can help you preserve your credit score by using the equity in your home to consolidate high interest debt. This is often a great option because not only can you reduce interest, you can also reduce […]
Getting Out of Debt – Halloween Horror Stories to Learn From
No matter how you slice it, debt is a scary thing, especially when those phone calls start coming in from creditors threatening to take action in order to obtain what they are owed. In the spirit of the season, we thought we’d share some truly terrifying getting out of debt horror stories in the hopes […]
Debt Management – You Don’t Have to Do it Alone
When you are in debt, the personal issues that all too often accompany it can be overwhelming, and sometimes the task of ridding yourself of this financial burden can feel insurmountable. Knowing where to turn for advice or assistance can be tough, and so many people instead try to do it on their own. Debt […]
The Globe and Mail Reports on Canadian Consumer Debt
The Globe and Mail recently reported on the status of Canadian consumer debt levels, stating that Canadian household debt continues to grow. With that said, individuals seem to be obtaining less credit and the Bank of Canada reports being less concerned about this debt than in years past. However, a report from Statistics Canada calculated […]
How to Check Your Credit Score?
In Canada, a credit report and credit score is used by many different institutions, including banks, credit agencies, and even employers. These documents contain important information about your borrowing and repayment habits, and provide a detailed account of your past financial history. Even though these reports are so important, many Canadians are not familiar with […]
Debt Relief in Canada Blog Series Part 4 – The Reality of Making a Debt Settlement
You may have heard about debt relief in Canada being offered by debt reduction companies or some of the government reports warning consumers about the risks associated with debt reduction companies. The debt reduction companies that the government has been speaking out against are those who offer debt relief in Canada without a bankruptcy or […]
Sued in the Small Claims Court? What Happens Next?
There are over 90,000 new Small Claims Court Actions filed in Ontario each year and more than 150,000 Small Claims Court actions filed throughout Canada. Small Claims Court actions are usually filed by creditors like banks, finance companies and the collection agencies who represent them. Court Actions are also filed by individuals and businesses who […]
Stopping a Garnishment of Wages in Canada
Thousands of Canadians have their wages garnished each year for a wide range of reasons. A garnishment of wages in Canada can occur as a result of unpaid family responsibility, judgements that occurred as a result lawsuits (in Small Claims Court or Superior Court) or as a result of debt owed to the government. The […]
Dealing with Debt Part 4 – Income Tax Debt in Canada
Many, many Canadians struggle with income tax debt in Canada. Income tax debt in Canada can occur for many reasons, many of which were not intentional on the part of the taxpayer. Sometimes a taxpayer earns more than he or she expects, not realizing the tax implication. Other times taxpayers unwittingly declare expenses they are […]
What is a Good Budget and What is a Debt Service Ratio?
The first step to building a positive financial future is to have a budget and to understand your debt service ratios. What is a debt service ratio? There are actually two kinds of debt service ratio. A debt service ratio is a measurement used by the bank to determine if your bills represent an acceptable […]