Consequences of Being in Debt You Didn’t Know About: Psychological and Financial Debt is an all-too-common burden for many individuals and families in Canada. While the financial pressures of debt are widely acknowledged, there are numerous lesser-known consequences that can significantly impact various aspects of your life, both emotionally and practically. In this article, we...Continue reading

Bankruptcy has serious consequences on an individual’s financial standing, which is why many Canadian debtors consider switching from bankruptcy to a consumer proposal instead. It is well known that a consumer proposal has less of an impact on your credit than bankruptcy, but is switching to a consumer proposal possible? In this article, we’ll explore...Continue reading

  When it comes to our finances, most of us could use a little more education. To help shed some light on the subject, let’s discuss financial literacy and debt management. We’ll talk about what these concepts mean, and why they are valuable in terms of financial planning. Also, we’ll also provide tips for improving...Continue reading

As I wrote previously, the Financial Consumer Agency of Canada (FCAC) was established in 2001 by Financial Consumer Agency of Canada Act to: “ensure that financial institutions, external complaints bodies and payment card network operators are supervised by an agency of the Government of Canada so as to contribute to the protection of consumers of...Continue reading

Inflation squeezes those in debt even harder. September 5, 2018: Today, the Governor Stephen Poloz, released the Bank of Canada’s most recent decision on national interest rates. As expected, he indicated there would not be a rate increase at this time, even while inflation rates continue to hover at the outer edges of their comfort...Continue reading

This past July, after seven years of leaving its key interest rate steady at near-historic lows, the Bank of Canada increased its overnight rate by 0.25 percentage points to 0.75 percent. In September, the bank raised it another quarter-point to 1.0 percent amid strong economic growth. While we’re unlikely to see another increase this year, they left...Continue reading

  With the temperatures now dipping, winter is on its way and that means ‘tis soon the season for big cozy sweaters, holiday sweets and, for many of us, sunny trips down south to swap our snow suits for bathing suits. Whether you’re planning to head south to an all-inclusive resort or planning ahead for...Continue reading

Financial Literacy Ending the Cycle of Debt Is personal debt hereditary?  Are there bad credit genes?  While we may not have inherited our credit DNA from our parents, we have learned by their example, for better or worse.   Though Canadian schools have always taught the 3 R’s, Readin’ Ritin’ and Rhithmatic’, the last 30 years...Continue reading