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How to Save Money on your Summer Vacation

Enjoying Summer Vacation Without Going into Debt Summer is here and, for many people, that means time off. This is a great time to spend with friends and family, enjoying yourself, relaxing, and having adventures. However, if you’re not careful, your summer vacation could end up being pretty costly. Unfortunately, a lot of people end up getting into financial trouble by spending money on a summer vacation that they can’t really afford. The good n...
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Your Best Money Saving Tips

Some of the Best Ways You Told Us You Save Money No matter how much money you make, you’re likely still looking for ways to save money. In fact, without budgeting and proper saving, you could end up in financial trouble, regardless of your salary. That’s why, recently, we held a contest on our Facebook page where we asked you for your best money saving tips. The response was great and we heard a lot of excellent money saving strategies. Here are ...
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House Equity in Bankruptcy

  It may be surprising to hear that many bankrupt people own their homes. Their house becomes an asset of the bankruptcy estate for the creditors, however, in some cases, the trustee has no interest in selling the house because the equity is minimal or even zero ($0) after taking the mortgage payout and estimated selling costs into account.  If the equity is zero ($0), the trustee may release the house back to the bankrupt person. Even ...
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158 Hits

Five Tips for Tracking Spending

Making Tracking Spending Easier One of the most important parts of sticking to a budget is tracking spending. Many people get to the end of the month, look back, and wonder where their money went. This is a major reason why a lot of people overspend: they simply don’t know where their money is going. When you track your spending, not only do you get to see exactly where you’re spending money, but reviewing your spending can help you spot trends a...
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Before You Buy That Car; How Negative Equity Can Impact Your Future Finances

Are you in the market for a new car?  Have you done a budget to determine how much you can afford to pay a month?  Congratulations, you are on your way to making a prudent purchase, but beware of the implications it may have on your wallet.  The lure of purchasing a new car is very exciting.  That new car smell, the feeling of driving a new car with all the new gadgets.  All of these “ good feelings ” play into the emotio...
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Saving for Retirement Without a Company Pension Plan

The Reality of Retirement Savings Many years ago, most full-time employees had company pension plans that they could count on. People knew that, if they worked at their job long enough, they would be able to retire comfortably around age 65. However, that isn’t the case for many people today. Even among those who do receive company pension plans, most plans these days tend to be group RRSPs or defined contribution plans, rather than defined benef...
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Canadian Household Debt is Now Larger than the Overall Economy

Household Debt Continues to Grow to Record Levels in Canada For the first time ever, Canadian consumers’ debt is worth more than the entire economy. According to Statistics Canada data, total household debt amounted to 100.6 percent of Canada’s gross domestic product in the second quarter of 2016. Canadians now carry more debt than any of the G7 countries which include Canada, the USA, Britain and Germany. Reasons for the Increase in Household De...
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433 Hits

Collateral Mortgages Becoming More Popular

Collateral mortgages are becoming more popular, even in conventional residential settings. In fact, some mortgage experts believe that all the major Canadian banks will eventually use only collateral mortgages and cease using conventional residential mortgages. Currently several banks offer collateral mortgages and at least a couple banks offer only collateral mortgages. Therefore, it’s important to understand the differences between conventional...
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400 Hits

Overwhelming Credit Card Debt?

So many people are completely overwhelmed when they find themselves unable to make their monthly payments on time. Does it mean you are on the verge of bankruptcy when you fall behind in payments? Not necessarily! Life happens! Ill health, relationship breakdown or loss of employment can result in the inability to meet our monthly financial obligations! With all the different debt settlement companies out there how does one know who they can trus...
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396 Hits

How to Stop a Garnishment, Requirement to Pay, or Wage Assignment

One of the most powerful collection tools that a creditor has is the ability to seize a person’s wages using a garnishment or wage assignment. Most people want to repay their debts and would happily do so if they could. Therefore, as much as these collection tools may be legal and proper, they make people feel powerless and humiliated as their already troubled financial situation is thrown into a tailspin. These feelings of stress and helplessnes...
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553 Hits

Debt to Income Ratio: What does it mean and why is it important to know?

Its not surprising that Canadian household debt is on the rise. The low cost of borrowing has made it so much easier for consumers to service their debt. Some experts have gone on to say that Canada’s household debt ratio has hit an all-time high. But what does that mean to you? To answer that, you need to understand what debt load is. Debt load is used to describe a consumer’s amount of debt. Lenders and creditors will compare your income with y...
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Supplementary Credit Cards and Bankruptcy

Many financial institutions and big box retail outlets encourage their cardholders to obtain a supplementary card for their spouse or partner. One is encouraged to do so to increase the accumulation of reward points, enable a streamlined accounting of purchases and the convenience for the family of having to manage only one account. There are however drawbacks to this practice: For example, when you are traveling and the main cardholder’s account...
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We Are Not Here to Judge You, But To help You Become Debt Free

Are you suffering with harassing phone calls from creditors or collection agencies? Have you suffered sleepless nights wondering how on earth you are going to deal with your unmanageable debt? Well worry no more. There are always options available when it comes to how to best deal with your debt. The problem is that many people don’t know where to turn for help. Find out what your options are We at A. Farber and Partners Inc. can spend some time ...
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852 Hits

5 Simple Tips To Keep Your Holiday Spending In Check

Holiday Ho-Hums With the holiday season fast approaching, many people will end up finding themselves in debt with the cost of gift giving, travel and entertaining. More often than not, it’s the time of year when people will over indulge, leaving a hefty holiday hangover to deal with! Simple tips to control holiday spending Set a budget for buying gifts Without a spending limit, you can easily max out your credit cards or charge more than you can ...
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Interest Rates and Consumer Debt

As always, the economists cannot agree on where interest rates are going. Actually, they never seem to have consensus on where anything is going. I was asked last week if someone should lock in to a new 5 year mortgage term , or just keep playing the variable rate game . An hour or so later I was able to help this couple understand all the criteria they needed to consider in order to make a good mortgage decision for their family. There were...
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The Silent Struggle

“ According to Statistics Canada, one in three retirees over 55 - and two in three over 55 who aren't yet retired - are in debt. ” Canadian Living’s Renee Sylvestre-Williams wrote this statement. The following online article headline, posted February 26, 2015, echoed in my head for weeks: “ The silent struggle of seniors with debt ”, Reuters New York, by Chris Taylor. But why is it a ‘ silent struggle ’? Today’s generation of retirees were raised...
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The Pitfalls of Borrowing Money to Pay Your Debt

An article in the Huffington Post by Sunny Freeman (“ Borrow $10,000, Owe $25,000: The Fact of Predatory Lending In Canada ” - July 31, 2015) outlined the plight of a single mother who tried to borrow her way out of debt. In 2005, she borrowed $20,000 to pay off some debts. Because of her credit rating, she had to borrow from an alternative lender that charged her almost 30% interest . After years of struggling with the high costs of trying to pa...
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580 Hits

Small Business Survival Tip: Study and Get Help!

The importance of Small Businesses The success of your small business is obviously very important to you and your family. It is also very important to the Canadian economy. According to Statistics Canada, small business contributes 70% of the total Canadian private labour force, and contributed 78% of all private jobs created in Canada between 2002 and 2012. Small business is also believed to contribute up to 41% of the Canadian Gross Domestic Pr...
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Resolving Your Canadian Debt When You No Longer Live in Canada

There are times when debtors have accumulated debt in Canada but are no longer residing here. They may have left Canada for employment opportunities or family matters and are currently living in another country. Often, these debtors would like to resolve their Canadian debt issues, especially if they are planning on coming back to Canada at some point in the future. It could be out of a desire to simply resolve outstanding debt and reach finality...
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753 Hits

Stop Procrastinating and Become a “Deadbeat”

I once heard that credit card companies have a name for people who pay their credit card balances off every month. They call these people “ deadbeats ” because they never pay the credit card company any interest. This is, of course, meant to be tongue-in-cheek and not an insult. So, I sort of chuckled when I first heard it. But, if you really think about it, it’s not funny. Too many people get trapped in the cycle of making minimum payments. That...
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868 Hits