Can Debt Consolidation Hurt Me Financially?

Posted in Debt Help
Posted by Howard Hayes, Btec, CIRP - LIT

"Debt consolidation" is often a phrase that people associate and confuse with "debt relief".  The belief is that if you consolidate your debt, you’ll be better off. But is that true? There are pros and cons to the different forms of debt consolidation. Whether or not it's right for you depends on your situation. Consolidating […]

What Type of Borrower Are You?

Posted in Debt Help

Household debt is rising rapidly in Canada. While much of the blame can be attributed to the attractiveness of super low interest rates, mortgage debt and rising house prices, individually you may have more debt because of the way you borrow and make payments. People frequently do not know the full terms and conditions of […]

5 Surprising Reasons Why You Might Be In Debt

Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Popular wisdom says that personal debt builds when you live beyond your means, using credit to pay for what you can’t afford. All true, but what about the family that doesn’t live large, isn’t taking a vacation every year, yet find themselves facing a boatload of debt? Here are 5 reasons why your debt might […]

Why You Should Never Loan Money To Family and Friends

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

There are many reasons to avoid loaning money to family and friends. On today's podcast, Doug Hoyes talks about whether you should help friends financially and provides a 'helping friends financially checklist'.

My Child Has a Lot of Debt. How Can I Help?

Posted in Debt Help
Posted by Howard Hayes, Btec, CIRP - LIT

For years, the bank of mom and dad has likely reigned supreme as the largest bank in Canada. Any parent can probably recall a time where their child approached them for some kind of financial assistance. As loving parents, we like to try to do what we can to help, but what happens when your […]

What To Do If Your Wages Are Being Garnisheed: Infographic

Posted in Debt Help

A wage garnishment is a legal proceeding where a creditor sues a debtor to ensure that they are repaid for a debt. Any creditor can sue for a garnishment order for any debts owed including outstanding loans and bill payments to alimony and child support. To garnishee someone’s wages, a creditor must first file a Statement of Claim. […]

Student Debt: Facts, Lessons & Solutions

Posted in Debt Help

The cost of post-secondary education has been steadily increasing in Canada, leaving many graduates with student debt that is becoming much more difficult to pay back. Today’s students face ever growing tuition fees, additional compulsory fees, and residence fees. In fact, the national average undergraduate tuition fee in 2015/2016 was $6,191 with Ontario tipping the […]

Payday Loan Solutions For a Hazardous Industry

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

On today's show, I share previously unheard clips with guests Brian Dijkema, Rhys McKendry, Jonathan Bishop, and Ted Michalos sharing their thoughts on how to improve the payday loan industry and find better payday loan solutions.

Skirting the Essence of Ontario’s Debt Settlement Laws

Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

A year ago Ontario enacted legislation targeted at reducing consumer abuse by unlicensed debt settlement companies. While this legislation has helped eliminate some of the severe abuses, most agencies have just switched tactics and we fear indebted consumers seeking debt advice are still at risk. Let’s review some key points in Ontario’s debt settlement laws: […]