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Advice for Paying down Credit Card Debt

  Paying Credit Card Debt High levels of credit card debt are, unfortunately, quite common. It’s easy to see how someone can quickly find themselves in more debt than they can handle. High levels of debt leave you with very few options should something unfortunate happen. For example, you may be able to pay off your credit card bill in full each month right now, but what if you were faced with a big home repair bill or your car broke down? C...
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Understanding Debt Problems

Recognizing Debt Problems Most people have debt. However, it’s important that people learn to tell the difference between manageable debt and serious debt problems. If a person gets into too much debt, he or she could find that it’s no longer possible to make the required payments. Do you have too much debt? How much debt is considered “too much” will be different for each person. Each financial situation is unique and what could be considered se...
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421 Hits

Is Debt Consolidation A Good Option When You’re In Debt?

When someone realizes their debt is starting to get away from them, and they’re not able to pay it down as quickly as they’d like, a number of options come to mind automatically. One of these is the option of debt consolidation . But what is a consolidation, and how can it help you deal with your growing debt problems? A debt consolidation is traditionally offered by the big banks, as well as a host of credit unions across the country. When you h...
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1878 Hits

How To Teach Your Kids About Money Management

In my work as a Licensed Insolvency Trustee, I’ve noticed that a lot of parents are not doing a fantastic job when it comes to teaching our kids about money. Some parents think that kids will learn about money management by themselves when they grow older. Others simply do not want their kids to face the harsh realities of life. The truth is that kids learn about how to manage money from their parents in daily life. The earlier children get expos...
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1188 Hits

Rebuilding Your Financial Life After A Bankruptcy or Consumer Proposal Is Easier Than You Think

After consulting with people for over 15 years regarding debt solutions, and providing counseling services as a Registered Insolvency Counselor through CAIRP (Canadian Association of Insolvency and Restructuring Professionals) for almost as long, I have helped people rebuild and have taught people how to reestablish credit after filing a bankruptcy or consumer proposal. At A. Farber & Partners, one of our main objectives - which sets us aside...
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847 Hits

8 Options to Deal with Debt

People burdened with debt are usually under a lot of stress and anxiety. That's why it often comes as a relief to learn that there are many options to deal with debt, including tax debt. It can be very empowering to sit down with a Licensed Insolvency Trustee to discuss all your options to get out of debt. A licensed insolvency professional will be able to discuss all options, which may include: Bankruptcy When discussing options, it is often a g...
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1067 Hits

Get Help Managing Your Debt If You Have Injury Claims

If you have been injured and are seeking compensation for your injuries, the last thing you want is to loose any part of a future settlement. Dealing with the effects of an injury is stressful enough and having an unmanageable debt load only compounds the problem. A Licensed Insolvency Trustee (“Trustee”) has useful tools to help relieve your financial anxiety, negotiate a settlement with your creditors for your debt, and potentially protect a fu...
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994 Hits

Economic Downturn Impacts the Finances of a Southwestern Ontario Couple

Like in many regions, St. Thomas and surrounding areas was hit hard during the recent economic downturn. The area saw two major automotive companies close, resulting in many people out of work. This was the case with a couple I recently met with. They had both been laid off from work when their employers shut down local production. The woman had been fortunate to secure a job out of town fairly quickly. Her spouse however, had only been able to f...
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Andy Fisher: Yet Another Reason To Address Rising Personal Debt Loads (The Globe and Mail)

In his interview, Andy Fisher with Rob Carrick from The Globe and Mail: Rising interest rates aren't the only risk to you being able to carry your share of this country's mountain of household debt. What happens to your debts if you die suddenly? This is no small question at a time when Canadians owe a combined $1.6-trillion and the ratio of debt to household income is hovering close to an all-time high. If you don't have an answer, then read on....
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913 Hits

Types of Debts in Bankruptcy or Consumer Proposals: Not -Dischargeable Debts

Many people are not sure what debts are or are not included when they apply for either a Bankruptcy or a Consumer Proposal . This is something that is important to know when looking at solutions to a debt problem . Generally debts that are included are credit cards, lines of credit, and loans that are all unsecured debts . Unsecured means that the debt is not tied to any of your assets, and the creditor has lent the money to you with no lien on a...
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978 Hits

How Did The Creditor Find Me? I Now Have A Wage Garnishment. Make It Stop!

Throughout the past number of years (about 15 years to be exact), it has always surprised me when I meet with people who have a wage garnishment in place, that they have been struggling as a result of wage garnishment for a number of months, if not years, assuming that nothing could be done about it. I’ve heard a number of reasons of why people wait so long before contacting a professional, such as myself, at A. Farber & Partners, Licensed In...
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1344 Hits

Is My Spouse Liable For My Debts?

In today’s world it is common, or more accurately put, the norm, that debt is used to make purchases for the benefit of the family unit. Debt can be in the form of credit cards, lines of credit, mortgages, car loans, to name just a few. This debt can be generated with the knowledge and consent of both spouses, or in some cases without the knowledge and/or consent of both spouses. The question is, are you legally responsible for all your spouse’s ...
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3542 Hits

Prioritizing Bill Payments – How To Decide Which Bill To Pay First

It can be very stressful to deal with financial obligations . That is why many of us choose to deny the importance of paying our bills on time, and start to hide monthly bills out of sight (and out of mind!). But in order for most of us to get out of debt and subsequently build wealth, we need to gain control over our existing finances first. One way to do this is to prioritize bill payments each month. By doing so we can hope to achieve financia...
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697 Hits

Canadian Consumers Continue To Amass Large Amounts of Debt

A recent report by the C.D.Howe Institute found that “ debt levels (in Canada) associated with consumer credit are higher that at any point in recent history ”. Even more startling?  These debt levels were even higher than those found in American households . The biggest problem with high debt levels is that they leave Canadians vulnerable to major economic shocks - either a sharp increase in interest rates, or an economic downturn. Canadian...
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937 Hits

What Should We Teach Our Kids About Money?

When it comes to parenting skills, most of us aren't doing a very good job of teaching our kids about money management and personal financial responsibility. Some parents think kids will learn about money management by themselves when they get older. Others simply want to shield their kids from what they consider the harsh realities of life. The truth? Kids learn by example. They learn how to manage their money by watching how their par...
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733 Hits

Save Money Tips To Avoid Bankruptcies

The concept of spreading around your savings and diversifying, comes from an old adage that most of us probably grew up hearing our parents say: “ Don’t put all of your eggs in one basket. ” Basically, it’s a simple financial strategy: divide up your savings into at least three very different types of investments: Extremely Conservative (and easily accessible in an emergency) could be a TFSA or savings account at your favourite financial institut...
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Warning Signs Of Debt Problems

Do You Have Debt Worries? 15  Early Warning Signs Of Personal Debt Trouble:   You are using credit cards for your living expenses . You are using low interest rate credit cards to pay off higher interest rate credit cards . Your credit cards are maxed out. You have more than two credit cards . You are using pay day loan companies. You are obtaining cash advances on your credit cards .  You have missed required payments . You are on...
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How To Get Out Of Debt Fast

There’s nothing like worrying about the monthly bills to inject some major stress into your life and your relationships. You can easily spend more time worrying about your finances than you will about your family… or yourself. So it's important to know how to get out of debt - fast! And remember: the sooner you address your financial pressures, the more debt relief options are available to you . For example, if you act early enough, you could uti...
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Bad Debt Ruins Your Life: Know The Difference Between Good And Bad Debt

Is it prudent to go through our lives completely debt free ? Is it even possible? Can people afford to make cash purchases for virtually everything that they need or want? Well, the truth is that you need access to credit at some point in your life. However, the most important factor when you borrow is that you need to distinguish good debt from bad debt. What is Good Debt? Here are some examples of good debt: Student loans mortgages car loans lo...
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1345 Hits

Is Owing Money All That Bad? Tips To Avoid Debt Problems

Almost everybody owes money. It is pretty much normal in today’s society. Our economies run on credit. However, we need to understand that there is “good debt” and “bad debt” . For example, if you want to own a house, it is almost impossible to buy and own a house without first arranging for a mortgage . Hardly anybody has enough money to buy a house for cash. This is an excellent example of a “good debt". It helps you in realizing your dream of ...
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1490 Hits