WHAT IS DEBT CONSOLIDATION? According to the Bank of Canada, the average Consumer Debt (excluding mortgages) held by Canadians is $20,759. As most Debt Experts will tell you if you owe more than $20,000 it gets harder to make a payment that is substantial enough to pay down your interest. As a result, your debt...Continue reading
Canadian households are carrying more debt today than ever before. According to a Statistics Canada study beginning in the early 90s, the amount of household debt has risen consistently. In fact, by 2012, 71% of Canadian families were living with debt; mortgage and consumer debt including credit cards, lines of credit and other loans. If...Continue reading
How to Repay your Ontario Student Assistance Program (OSAP) Congratulations graduate!!! You’re finally finished with exams, study sessions, and all-nighters fueled by bad coffee. As you embark on this new phase of your life, where will the journey take you; an exciting new job? Time off to relax and travel? Perhaps you’re not sure of...Continue reading
How to get OSAP Loan Repayment Assistance You’ve been out of school for a while and you’re thinking of going back. Maybe you want to further your career, perhaps you needed some time to figure out what you wanted to do with your life, or you’re looking to get into a field with more employment...Continue reading
How to Set Up a Monthly Budget Creating a monthly budget is a great way to kick-start debt-free living and add to your savings. A budget is a great financial tool, whether you are looking to reduce your existing debt or simply gain a better understanding of your spending habits. It allows you to determine...Continue reading
Using Your Credit Cards Like Cash – Prevent Your Balances From Spiralling Out of Control It is easy to fall deeper into debt if you aren’t regularly monitoring your finances and spending. Credit cards are one of the most readily available and dangerous tools for unsuspecting consumers. In Canada, nearly half of all credit card...Continue reading
This article explains how 4 Pillars is different from licensed insolvency trustees (previously known as bankruptcy trustees) and other debt consultants. A lot of people in our Debt Bootcamp have been emailing me and asking questions about how 4 Pillars started and how 4 Pillars is different than licensed insolvency trustees and debt consultants. So today...Continue reading
La consolidation de la dette est une façon populaire (et légale) de réduire votre dette de manière significative au Canada. Dans ce guide, Paul Murphy, un expert en finances cumulant plus de 20 ans d’expérience dans le domaine, vous présente les notions de base sur l’utilisation qu’en font les Canadiens. J’ai aidé des milliers de...Continue reading
20-year financial veteran Paul Murphy shares the best debt repayment calculators. Use these to get a sense of your financial situation and to build a smarter debt repayment plan. If you want to find the best debt repayment calculators, then you’ll want to bookmark this guide. I’ve worked in the financial services industry for 20+...Continue reading
What is Debt Consolidation? Debt consolidation is a form of debt relief often used to avoid failing to pay interest on an existing debt. It is commonly used by people in order to pay off loans or eliminate their own credit card debt. The act of debt consolidation usually requires the debtor to take out...Continue reading
