Photo credit: Len dela Cruz We recently asked our Debt Bootcamp students: what’s preventing you from getting professional help with your debt? The number one reason? They were “ashamed of their debt.” As a few of our students put it: “Fear…that I haven’t done enough myself. I created this mess I should be doing more to...Continue reading

  Filing bankruptcy in Canada can be confusing. These 8 steps will make it simple and explain everything you need to know.  You probably already know the basics of bankruptcy in Canada. You know that it severely affects your credit rating. You may also know that you might get to keep a few assets (like...Continue reading

Debt restructuring is the process by which a significant portion, usually 60-80% is extinguished while the remainder gets paid off over a period of up to 5 years interest-free. It is principally a method to avoid bankruptcy. Creditors like it because they get something in return on what they have lent out. In comparison, a bankrupt...Continue reading

When faced with bankruptcy, a family in Ontario wanted to know their options. Here are the 6 steps we recommended, reducing their debt from $57K down to $15K.  The bankruptcy situation The financial hardship began when Sara (name changed for privacy) became sick and took a leave of absence from her work. She was away from work for 6...Continue reading

One of the biggest obstacles for people to overcome in dealing with their debt is the fear that others may find out you have experienced a financial crisis. As in the article “I am embarrassed by my debt “ by Trevor Glasser overwhelming debt can be not only embarrassing but debilitating and destructive to your...Continue reading

What is a Pay Day Loan? Pay day loans are short term unsecured loans for unexpected cash needs. Usually the loans are intended to be paid back within 2 weeks or by the next pay date. They should be used to cover very occasional emergencies and not for making up the shortfall in monthly budgets....Continue reading

Purchasing a “big ticket item”should be viewed as a long-term goal because it will usually take a few years to save up. BusinessDictionary.com defines a big ticket item as: Items that are of high value such as houses or cars, as well as other expensive products like furniture and appliances. There is no actual dollar...Continue reading

Debt is a major contributor to stress.  There is a direct correlation between the epic rise in anti-depressant prescriptions and the percentage of Canadians who find themselves overwhelmed with debt. How Bad is it? This percentage has grown at an alarming rate over the past three decades. It is now estimated that an astounding thirty-five...Continue reading

Banks, credit bureau agencies, hiring agencies, and even peers have done a great job in attempting to tie our self-worth or societal standing to our credit rating. I hear people say to me every day “I want to solve my debt but I don’t want to damage my credit rating”. I fully understand what people...Continue reading

This is a common theme for people in debt.  Unfortunately society seems to make an association between a person’s character and their net worth.  Sadly, this is not a fair measure at all as other people don’t know how you got into the situation you are in.  Having debt issues does not necessarily reflect on...Continue reading