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What are my options when dealing with my creditors?
What are my options when dealing with my creditors? A: You can try to get a consolidation loan to pay off your creditors while lowering your monthly payment (and often your interest rate too). A bad credit history or the inability to meet the loan payments may mean...
I read on one of your other pages where you talk about “secured” and “unsecured” debts. What’s the difference?
Q: I read on one of your other pages where you talk about “secured” and “unsecured” debts. What’s the difference? A: “Secured” debt is backed up by some kind of collateral, which reduces the risk for your lender. Your mortgage, for instance, is a secured debt because...
How to deal with collection agencies
If you’ve ever been late or defaulted on a payment, you may have found yourself at the mercy of a collection agency — and you know how awful it feels. Basically, if you fail to pay a lender, that lender may sell your debt to a third-party collection agency. They then...
How to avoid debt-Bankruptcy Toronto
At no point in history has credit been more readily available. It’s only a few decades ago that there was no such thing as credit card debt — if you wanted to drive a car, go on vacation, or buy a new shirt, you had to have enough cash. Now it seems like there are a...
Using store credit right
Store credit cards can be useful — and they can also be a trap. On the downside, they generally charge greater interest (sometimes far greater) than a non-store-specific card such Visa or American Express. They’re relatively easy to get, and a store will often entice...
The wicked world of pay day loan
The term “vicious cycle” could have been coined to describe payday loans. A payday loan is designed to bridge a short-term cash shortage with an unsecured, high-interest, low-amount loan. If payday is still a week away, and you’re already strapped, you go into a...
The quicker you resolve your debt, the faster you can start living again
We live in a society where it’s considered “normal” to be in debt, but how did past generations avoid debt? They spent only what they had on hand, and they acquired that cash-in-hand by saving what they earned. In this day of instant gratification, it IS “normal” to...
Consumer proposals help avoid bankruptcy-Toronto
he word bankruptcy does not have good connotations and many people dread even the consideration of it. While it doesn’t have to mean financial ruin, there are other options that can help eliminate your debt and let you get back to living your life, without worrying...
What does debt – and bankruptcy – mean for my marriage?
The emotional ramifications of bringing debt into a relationship can be the source of a lot of friction – a difference in the way partners handle money is particularly hard for many couples to weather. As with any fraught situation, part of making it through is to be...