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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

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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

Canada Household Debt 2017

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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Collateral Mortgages Becoming More Popular

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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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Overwhelming Credit Card Debt?

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

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

Afarber & Partners Trustee in Bankruptcy
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

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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

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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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5 Simple Tips To Keep Your Holiday Spending In Check

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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

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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

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“ 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

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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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Small Business Survival Tip: Study and Get Help!

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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

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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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Stop Procrastinating and Become a “Deadbeat”

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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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Contingent Debt: Debt That Will Probably Occur In The Future

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A consumer proposal is commonly used to help an individual to pay off debt accumulated over time usually to more than one creditor. But often one’s circumstances are not commonplace giving raise to liability issues which are not as clear cut. Mr. A sought my consultation although he was not legally indebted to anyone, but was in a midst of a legal action against him. Mr. A advised that he neither had grounds for a defense nor the means to afford ...
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What If We Have Debt And We Do Nothing?

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A couple came to see me with joint debt of approximately $70,000 and wanted to know their options and what would happen if they did nothing. After reviewing their situation I summarized the following options: 1. Do nothing about your debt Nine times out of ten, although this is always an option, it does not work as the debt tends to grow with compounding interest and creditor calls don't stop . It also leaves you exposed to being sued and ultimat...
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Debtor’s Efforts Get Her Back on Track with Taxes and CRA

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The Boy Scouts motto is “Be Prepared” and that was never put to the test more than in a recent file with the local CRA office. We were working with a debtor who was in debt to the tune of about $100,000. There was credit card debt but the majority of the debt was tax debt. A Consumer Proposal was discussed as the best debt solution in this situation , but we knew that CRA would not consider any settlement of debt until all the outstanding tax ret...
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