Dealing with Debt

The phenomenon of debt is as old as the concept of money itself. However, the reasons behind why individuals fall into the debt trap and the cycle they often find themselves stuck in, are complex and multifaceted. Let’s delve into the various triggers behind financial hardship and the vicious cycle of debt that often ensues. … Read more

If you have heard of good debt and bad debt before then you should know that such debt is a sensible investment for your financial future. Your good debt should leave you way better off in the long-term and it should also not have any negative impact on your financial position. With this kind of … Read more

If you are in a large amount of debt and you want to look into restructuring it, then you will essentially agree with your creditors to pay back a reduced amount, with different terms that make the whole thing much more affordable for you. If you have a family and you are struggling to meet … Read more

Sometimes your debt can feel unsurmountable and you might feel overwhelmed by your debt. You may find that interest keeps adding on to what you owe, but your income stays the same. Fortunately, if you take the right steps and if you harness the right strategies then you will soon find that you are able … Read more

Talking about money remains one of life’s great taboos. And there are many reasons for this. For many, talking about money causes feelings of embarrassment and insecurity – something that applies whether you have a lot of money or none at all. But despite all of the negativity around talking money, there are a lot … Read more

Until you accomplish something, the very idea of it can feel impossible. If you’ve ever trained for an athletic competition, whether it be running a 5K or a marathon or performing a backflip at a gymnasium, some days likely made you question why you were working towards the goal. After all, wasn’t it impossible? And … Read more

If you are looking to co-sign a loan with a family member or loved one, you should be aware that you may be held financially responsible in case the co-signer defaults on the loan, or can not make payments. Go with your instinct If your gut tells you that you son or daughter, or a … Read more

A small percentage of people tend to get on with what they need to get on with and don’t give it a second thought. Most people procrastinate. The reasons for one person’s procrastination may not match another person’s reasons. One person may be doing it as they fear they will fail, another might do it … Read more

Just like with any other topic, there are many myths about debt and debt solutions. It’s not always easy to know what’s true and what’s false, and you can end up getting confused or even falling for some untruths. It’s important to know facts from fiction if you are thinking about borrowing money or you … Read more

Holding both debts and investments at the same time can feel like something of a conundrum. When you have money tied up in investments and debts that you need to pay off, it might seem silly not to use the money you already have to pay off what you owe. However, doing this is unlikely … Read more

For many Canadians, giving to charitable causes is an incredibly common thing. This is especially true around the holiday seasons when we’re feeling particularly generous. However, when it comes to setting priorities, it’s unlikely that people will donate to charity when they’re struggling to get a grip of their own financial situation. In a situation … Read more

What is a debt service ratio? For the vast majority of Canadians, a mortgage is the most significant debt they will take on in their lifetimes. When you buy a new home, you agree to pay back a large amount of money, usually over a prolonged period of time. For lenders, mortgages are a substantial … Read more

There are several ways for a third party to assume responsibility for your debt, but not all are simple. Some of the ways that a person can take responsibility for your debt are considered formal, meaning that they have the approval of your creditors. In contrast, others are considered informal, which could leave you with … Read more

Debt and stress have always had a strong link. It’s impossible to feel safe when you have a lot of debt mounting up, and many people see this sort of problem as an existential threat. Unfortunately, feeling stressed about your debt will only make it harder to deal with it, ultimately making the problem far … Read more

Vehicle Debt & Insolvency A shiny new car is an exciting prospect, whether you need to replace an old vehicle or you just feel like something new. Most people choose to buy a new vehicle by financing it, paying a monthly payment to repay their debt. The average vehicle debt in Canada is $20,000, and … Read more

Financial stress can cause a number of health-related issues. The feeling of debt creeping towards us at night can be enough to stir up nightmares. It goes to show the negative power that debt has on our mind and it can be extremely difficult to overcome those feelings of depression and anxiety. In fact, it … Read more

Debt can be an extremely stressful thing to experience. If you’ve ever been in debt, then you’ll know how hopeless and frustrating it can feel, especially if you’ve let it spiral out of control. Watching interest rates grow and your entire salary being funnelled into bills can be hard to cope with, especially if it … Read more

Debt is a very common problem, affecting thousands of people throughout Canada. While a small amount of debt is usually manageable, larger debts can start to become problematic, causing people severe financial stress. If you’re worried about debt, no matter how big or small, here are some tips to help you effectively eliminate it for … Read more

Credit cards can be a very valuable financial tool when used correctly but as with any borrowing service, they can easily become problematic and get out of hand if used excessively. According to a report by the Financial Post, the average credit card balance of Canadians is set to increase to $4,465 in 2020, a … Read more