Learn effective strategies for managing and overcoming debt in Canada. Discover practical tips for creating a budget, prioritizing debts, and negotiating with creditors. Understand the importance of distinguishing between good and bad debt. Explore techniques for reducing expenses, increasing income, and avoiding common debt traps. Get information on how to read and understand your credit report, and learn about your rights when dealing with collection agencies. Discover the psychological impacts of debt and strategies for maintaining financial well-being. This section provides valuable insights and actionable advice to help you take control of your finances and work towards a debt-free future.
Struggling to manage your debt? Book a free consultation with Hoyes Michalos. Our Licensed Insolvency Trustees can provide expert advice on dealing with debt and help you develop a personalized action plan.
Understand the true impact of a maxed out credit card balance including how it can hurt your credit score and steps you can take to turn things around from budgeting to professional debt relief options.
Category: Dealing with Debt
It’s not that unusual for people to avoid filing taxes because they are scared large tax debts will arise from it. Find out what can happen if you have unpaid debts to the CRA and what you should do.
Category: Dealing with Debt
Debt ads up over time. Spot the warning signs of debt problems so you can stop the slide into insolvency if possible. We explore what you can do if you struggle with debt repayment.
Category: Dealing with Debt
Learn the truth about 13 common credit card debt myths in Canada. Get facts about credit scores, collection rights, bankruptcy, and debt management from Canadian financial experts.
Category: Dealing with Debt
If you are facing higher mortgage payments on renewal, here's what you can do to manage or lower your mortgage payments and keep your home. Learn how to assess your financial situation and explore solutions that match your circumstances before your renewal date arrives.
Category: Dealing with Debt
Buy Now, Pay Later services offer seemingly convenient payment plans but can quickly lead to financial difficulties. Learn how how BNPL debt accumulates, warns about the risks of combining BNPL with other forms of credit, and provides practical steps to manage BNPL debt or seek help through options like a consumer proposal if payments become unmanageable.
Category: Dealing with Debt
Understand your options for dealing with credit card debt in collections including how the process works, dealing with collection agencies, and exploring debt relief options like settlement, consumer proposals, and bankruptcy.
Category: Dealing with Debt
Loan deferrals let borrowers temporarily pause payments during financial difficulties, but come with significant long-term costs. We explain the pros and cons of applying for a loan deferral, credit score implications, when to ask for a loan deferral or when you should consider alternatives for managing debt.
Category: Dealing with Debt
Single parents are one of the most common groups to file for debt relief in Canada. This article explains your debt relief options, from budgeting strategies to government benefits to formal debt solutions. Learn practical steps you can take today to reduce your debt and create financial stability for your family.
Category: Dealing with Debt
Paying down debt doesn't have to take big chunks of money. Doug Hoyes explains how to pay down debt sooner using micropayments and how it improves your financial situation.
Category: Dealing with Debt
What strategy you should you use to pay off debt - small balances or high interest debts? We explore the pros and cons of 2 common repayment approaches - debt snowball vs debt avalance - and provide tips to help you pay off debt faster.
Category: Dealing with Debt
If you're struggling with car loan payments, learn what happens when you miss payments and understand your options. This guide explains your rights as a borrower, what lenders can legally do, and walks through all available solutions to deal with the situation and eliminate problem car loan debt.
Category: Dealing with Debt
We often hear from clients who cashed in their RRSP to keep up with debt payments. The problem is, that doesn't always help. We explore reasons not to use money from your RRSP to pay down debt and what you can do instead.
Category: Dealing with Debt
Find out who's responsible for credit cards, mortgages and other debts in a divorce or separation and what happens if one spouse files insolvency.
Category: Dealing with Debt
Considering debt consolidation? Learn the pros and cons of consolidating debt in Canada, and compare this with alternatives that might work better for your situation.
Category: Dealing with Debt
There are financial responsibilities you should meet before you retire. Here is our retirement planning guide, where we explore how much to save, what to do with debt and how to effectively prepare for it.
Category: Dealing with Debt
Learn the pros and cons of paying off credit card debt with a personal loan. Understand the risks and what alternatives you have to deal with credit card debt.
Category: Dealing with Debt
We explain effective strategies for consolidating credit card debt in Canada and answer key questions and concerns about consolidating credit cards.
Category: Dealing with Debt
Have you every wondered what happens if you miss a mortgage payment in Canada? We explain consequences including foreclosure and offer late payment strategies.
Category: Dealing with Debt
Wondering if you can pay one credit card with another? Learn the pros and cons, smarter alternatives to reduce balances, and what to do if credit card debt feels unmanageable.
Category: Dealing with Debt
Worried about your mortgage renewal? Learn how the renewal process works, why lenders may deny renewal, what steps to take if it happens, and where to find professional help to protect your home.
Category: Dealing with Debt
