About 1 in 6 people who file a bankruptcy or consumer proposal are between the ages of 18-29. This blog outlines what kinds of debt leads to severe financial distress for younger individuals, and what you can do about it.
The Emergency Loan for Canadians Abroad program has issued repayment requests to recipients to pay in full within 180 days. Here, we explore what to do if the allotted time passes and you have unpaid debts.
When the COVID-19 crisis hit at the beginning of 2020, millions of Canadians saw their income reduced significantly or lost it altogether. Renters struggled with rent payments; homeowners were worried about meeting their monthly mortgage... Read more »
It didn’t take long for the economic shutdown due to COVID-19 to impact personal insolvencies in Canada. Even though Canadians continued to carry excessive debt, their financial priorities during the initial stages of the coronavirus... Read more »
As anyone who follows me on Twitter knows, I can be quite passionate about financial knowledge people should have but may not. I also know financial literacy is hard. It’s not just math – it’s... Read more »
When the financial impact of the coronavirus hit Canadians, the federal government moved quickly to put money into the hands of households who lost wages due to COVID-19. The Canadian Emergency Response Benefit (CERB) allows... Read more »
With many Canadians facing a cash crunch during the COVID-19 lockdown, a quick-fix solution has been to defer debt payments. Here are some fast facts about how popular loan deferrals were with Canadians: Close to... Read more »
The impact of the Coronavirus is upon us. Our best collective response is to do what we can to flatten the curve and ensure the impact on our healthcare system is as small as it... Read more »
You’ve filed your tax returns, or maybe not, but you can’t pay your taxes to the Canada Revenue Agency. What do you do next? What are your options if you owe past taxes in Canada?... Read more »
There is no question that carrying a lot of debt can be stressful. People who come to see me wonder if they will ever be able to break free from their debt obligations. We talked... Read more »
More young Canadians are getting into trouble repaying their student debt than ever before. A study by Hoyes Michalos found that almost 1 in 5 insolvencies involve student loan debt, and this number is rising.... Read more »
In over 20 years helping Canadians eliminate their debt, I’ve yet to hear a single client say they chose to have debt problems. Debt accumulates over time and then it becomes an even bigger problem... Read more »
When used correctly, a credit card is a helpful tool to build your credit history, and it’s safer than carrying cash. However, when mismanaged, a credit card can quickly become one of the most expensive... Read more »
There are consequences for failing to make your debt payments as they become due; however, you do not go to jail just because you default on a credit card debt, bank loan, student debt or... Read more »
Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact,... Read more »
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