Dealing with Debt

A big part of conquering your debts and achieving financial freedom is understanding what led your debts o get out of control in the first place. For decades now, we’ve enjoyed low interest rates and easy access to forms of credit that simply weren’t an option for previous generations. But the easier it is to … Read more

For most of us, debt is just another part of day-to-day life. It’s inconvenient and irritating, but we deal with it proactively and try to pay it off as soon as we can. However, debt can quickly become a slippery slope. When we pile new debts on top of old debts we can quickly lose … Read more

It’s common for our household debts to be a source of great stress, and even some guilt, shame and embarrassment. But if your debts are getting out of hand, you’re far from alone. In fact, did you know that the average Canadian household is almost $21,000 in debt? That’s not even including secured debts like … Read more

Debt is a simple fact of life for many households in Canada. In fact, the average Canadian family carries over $20,000 in non-mortgage debts. Collectively, we’re spending almost 15% of our disposable income on repaying our debts and over 7% of this is interest. Over time, it’s easy to fall into the habit of piling … Read more

Debt is a fact of life for many Canadian households. As a nation, we owe an average of nearly $21,000 in non-mortgage debt per household. Yet, for many of us, the feelings of guilt, shame and anxiety that surround our debts can prevent us from accepting and acknowledging them. They can even prevent us from … Read more

Bankruptcy is not a rare option for many Canadians seeking a way out of their financial hell. Did you know that two in every thousand people in the country filed for bankruptcy in 2019 alone? Filing for bankruptcy is a big decision, and there are lots of variables and factors to consider before going ahead … Read more

Why You Should Take Control of Your Debt Now Debt doesn’t build up overnight. It can take years for it to reach a point where it’s a serious issue in your life. The mistake people make is avoiding tackling it when they first notice the issue. Instead, they put it off for as long as … Read more

How Much is Debt Costing You? It’s fair to say that debt doesn’t just become a problem overnight. Debt will typically take months or even years to build up before it starts to feel like a serious issue in your life. When it reaches this point, you then need to think about fixing the problem. … Read more

As economic trends change, the average person that files for insolvency is also changing. In the past, there has been an increase in the number of seniors filing for bankruptcy and many people with a lower household income were running into issues because they were too reliant on debt to make ends meet. Recent information … Read more

There are many reasons that people end up in debt. In some cases, poor borrowing decisions lead to a cycle of debt that is difficult to get out of. Unexpected expenses can also disrupt your finances and lead to large debts. But one reason that we don’t discuss as often is addiction. Addiction and debt … Read more

When a family member or close friend entreats you for assistance in getting credit through your co-signing a loan, there are some key things to keep in mind. It could be a matter of getting a joint arrangement with your partner or simply co-signing a loan for a friend. Regardless, there are three key facts … Read more

What Should I Know About Debt? If you are in dire financial straits as a result of debt, are you prepared with all the necessary information? Do you know the necessary legal steps to handle matters? Are you aware of all available methods of recourse? Most Canadians aren’t fully informed about all their debt management … Read more

Debt Reduction Advice For Canadians It’s almost too easy to miss a few payments and end up in debt. The problem with many debts – particularly credit card debt – is that you start owing more the moment you miss a payment. Late fees kick in, interest rates start adding to the costs, and you … Read more

Get Out of Debt By Following These Easy 5 Steps Putting off your debts is one of the worst things you can do. The more you put them off, the larger they tend to become. Unfortunately, avoiding debts is extremely common. Sometimes, they seem so substantial that you can’t even think about paying them off. … Read more

BankruptcyCanada.com trustees help their clients deal with debts. We often find that people can confuse debt management and debt reduction plans and assume that they are the one and same debt relief solution. In reality, it’s imperative to understand the differences between these debt solutions. Our trustees help compare debt management vs. debt reduction plans … Read more

A lot of our clients who accumulate credit card debts and other debts they can’t afford to pay back wonder if they should sell their assets to meet their creditors’ demands. Dealing with overwhelming debts can make it hard for homeowners to face mortgage payment, which is why many wonder if selling their home to … Read more

Everybody knows that debt occurs when your expenses become more significant than your income, meaning that you are unable to make payments on time. However, when the income doesn’t come directly from an employer, you may be worried that your situation exposes to further risks. Indeed, when you rely on social assistance and support payments … Read more

What happens if you owe money and a collection agency is on your back? Do they have the power to contact other people or institutions in your life? Specifically, will a collection agency be able to call your work or employer? The short answer to this question is yes, a collection agency can call your … Read more

Avoid These Common Money Mistakes People Make When in Debt All feels well in the world when you’re earning plenty of money, and that income covers your outgoings and gives you spare cash each month. What happens when you end up in a situation where your outgoings are more than what you earn? People in … Read more