Dealing with Debt

Understanding Acceptable Debt-to-Income Ratio Debt-to-Income Ratio (DTI) is an important factor that determines your financial health. It’s a metric that compares the amount of debt you owe to your overall income. A better understanding of this ratio can help you manage your financial obligations more efficiently. Defining Debt-to-Income Ratio (DTI) Debt-to-Income Ratio (DTI) is a … Read more

What Happens To Your Debts When You Pass Away? Aging brings about a plethora of concerns, especially regarding financial stability. Among the approximately nine million Canadians approaching retirement within the next 10 years, a significant portion will likely carry some form of debt. This reality prompts questions about managing these debts on a fixed income … Read more

Understanding What Happens To Debt In Divorce Divorce is a daunting process with its own set of complexities. One of these complexities that often leaves couples in a quandary is the question of “What Happens To Debt In Divorce?” Misconceptions and misinformation abound, but it is crucial to comprehend the financial implications. Herein, we will … Read more

Navigating Retirement Amidst Unpaid Financial Obligations: A Comprehensive Guide The increasing number of individuals entering retirement with unresolved debts is a growing concern. Data from credit reporting agencies reveal that the average debt for consumers aged 65 and older has witnessed the largest annual increase among all age groups. So, what happens if you retire … Read more

Life is full of certainties, and among them are death and taxes. But what happens to your financial obligations when you depart from this world? Do they trail you into the afterlife, or could your family members be liable? This article will explore the intricacies of personal finances and mortality. We will delve into the … Read more

Top Debt Collection Rules If you find yourself struggling with debt and unable to make payments, you may eventually encounter a collection agency. These agencies are hired by creditors to recover outstanding debts on their behalf. Understanding what a collection agency can do and the rules they must follow is crucial to protect your rights … Read more

Exploring the Most Prevalent Debt Repayment Methods Taking charge of your financial well-being can be a liberating experience. Let’s embark on the journey of understanding how to successfully overcome your debts. Step 1: Arrange Your Finances Before you move ahead, it’s crucial to understand your financial obligations, who you’re indebted to, and the due dates. … Read more

Understanding the Complex World of Unsecured Debt Unsecured debt, a term that is all too familiar for many, is a type of debt that doesn’t require collateral. It is primarily based on your creditworthiness. This article aims to delve into the various forms of unsecured debt that Canadians are navigating. Credit Card Debts: A Double-Edged … Read more

Navigating the World of Debt Settlement Companies Debt settlement companies can be a lifeline for those drowning in a sea of debt, but understanding their role and potential pitfalls is essential. This article will guide you through the ins and outs of using a debt settlement company. What is a Debt Settlement Company? A debt … Read more

When it comes to financial matters, one of the most daunting prospects individuals may face is wage garnishing. It’s a legal process wherein a portion of someone’s income is withheld by their employer to pay off their debts. This process is not just financially stressful, but it can also lead to embarrassment and potential damage … Read more

Dealing with Unmanageable Debt: A Path to Resolution In the face of difficult economic times, a significant number of individuals find themselves grappling with the issue of overwhelming debt. This problem is not unique to any specific demographic or geographical location, with countless individuals from across the globe finding themselves in similar predicaments. While one … Read more

Top 5 Proven Strategies For Handling Debt Collection Agencies Debt is a daunting prospect that can induce anxiety and stress. This is especially true when dealing with debt collectors. However, with the right strategies and information, you can regain control over your financial life. Here are the top 5 tips for dealing with debt collectors. … Read more

The Trio of Spending Personalities Most Likely to Accumulate Debt In the complex world of personal finance, many factors shape our relationship with money. The influence of upbringing, financial literacy, and daily life situations can mold our financial behaviors, often leading to certain “spending personalities”. As a seasoned Licensed Insolvency Trustee, I’ve witnessed a diverse … Read more

Decoding Debt: A Guideline for Navigating Your Financial Health Debt – a universal but complex concept – can be a necessary tool for some while becoming an overbearing burden for others. For Canadians, the ever-increasing debt levels have raised concerns about their financial health. This article aims to help you understand if you’re dealing with … Read more

Understanding the Reality of Tax Debt Tax debt, an obligation owed to the Canadian Revenue Agency (CRA), is a serious matter that can be quite daunting. The CRA has extensive powers to recover tax debts, which are arguably more formidable than those of typical creditors. It’s no secret that the CRA can impose severe penalties, … Read more

Evaluating Your Financial Health: Three Key Metrics It’s an unsettling statistic: nearly half of all Canadians find themselves mere $200 away from insolvency at the end of the month, according to MNP’s quarterly Consumer Debt Index. Financial instability can render many vulnerable to unexpected incidents like a job loss, serious illness or even unforeseen household … Read more

The Advantages and Disadvantages of Shared Financing and Obligations In life, black and white situations are rare; most times, we navigate through the grey. This is particularly true when examining the subject of shared financing and liabilities. There isn’t a one-size-fits-all answer to whether it’s beneficial or detrimental. The key lies in understanding how both … Read more

The Real Facts About Debt in Alberta: A Deep Dive In the face of mounting financial stress, understanding the realities of debt in Alberta is a crucial first step towards effective management. This article aims to shed light on the alarming statistics, the causes, the symptoms, and potential solutions to this rampant issue. The Gravity … Read more

The Perks of Consolidating Your Debts into One Account Debt can often feel overwhelming, especially when it is spread across various sources with different interest rates and payment schedules. One solution that is gaining popularity is consolidating all debts into a single comprehensive account, presenting a myriad of benefits. In this article, we’ll take a … Read more