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Articles - Page 106

The Debt Cycle and Why People Get Into Debt

By Paul Murphy

Have you ever wondered how and why people get into debt? And what really triggers the financial challenges we have all faced at some time. We know that debt can lead to disastrous consequences; it can destroy a relationship, lose our assets and everything we have worked so hard to create, and it can bring on mental anguish like no other problem previously faced.

What is the difference between good debt and bad debt?

By Paul Murphy

Very few people have or can earn enough money to pay cash for life’s most important purchases: a home, a car or an education. The most important consideration when buying anything on credit or taking out a loan is whether the debt incurred is good debt or bad debt.

The Emotional Stages of Debt

By Paul Murphy

There are a number of life events that can generate an enormous amount of financial stress, and lead us to incur significant and unwanted debt. It may be as superficial as trying to keep up a lifestyle beyond what our income allows, or as life-altering as a failed business, divorce or serious illness.

The Best Alternatives to Bankruptcy in Canada

By Paul Murphy

It was June. I was attending a wedding of a friend and I met a man in his late 20’s, who had recently fallen into debt. It began with a serious biking accident. His finances had been on shaky ground before his accident. After a six-month hospital stay, his finances were in trouble.

He was better now and wanted to rebuild his life. But he had been out of work for a while and faced the new challenge of climbing from debt. He had amassed $20,000 in credit card debt, private loans, and interest growing every month.

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