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.
If you own a business and had to borrow the Canada Emergency Business Account (CEBA) loan during the COVID-19 pandemic, but are now struggling to repay, what are your options? Doug Hoyes explains how CEBA loan forgiveness works in this post.
Category: Dealing with Debt
If you're in a cycle of debt, you know that inflation hasn't been helping your budget. In this post, we show you how to manage your monthly budget to successfully get out of debt. We also explain other way to achieve debt relief.
Category: Dealing with Debt
If you were hoping to pay down debt through a consolidation loan but were denied, fear not. In this post, we explain the common reasons why your lender may not have approved a debt consolidation and outline your debt relief alternatives.
Category: Dealing with Debt
One option for dealing with your debt is to talk to your bank first. In this post, we outline the ways in which your bank may help you get out of debt, tips for how to approach them when asking for help, and what you can do if your bank refuses to provide debt relief.
Category: Dealing with Debt
Choosing between bankruptcy and a debt management plan depends on more than credit score impact. This overview compares key differences, affordability, creditor protection, excluded debts, and when debt levels may make a management plan unrealistic.
Category: Dealing with Debt
We know it can be stressful when you're unable to make your credit card payments. In this post, we help you understand the potential consequences if you fall behind on your credit card debt, as well as, options for eliminating debt.
Category: Dealing with Debt
Struggling to pay your mortgage or have you already fallen behind? Don't worry, you have options available, including refinancing problem debt, selling your home, or filing a consumer proposal to get rid of unsecured debt to allow for more comfortable payment of your mortgage.
Category: Dealing with Debt
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.
Category: Dealing with Debt
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.
Category: Dealing with Debt
Doug Hoyes explains what happens with your principle balance and interest rates when you can’t afford your deferred mortgage payments. Learn about options you have to help you move forward.
Category: Dealing with Debt
The utilization of CERB payments for eligible Canadian’s counts as taxable income. We explain your options if you can't pay your CERB or CRB tax obligations.
Category: Dealing with Debt
Owing money to the CRA can be stressful, especially as penalties and interest begin. We’ll show you what options are available to you if you can’t afford those payments and what your next steps should be.
Category: Dealing with Debt
Lots of young Canadians are struggling with repaying their student loans for a variety of reasons. But does consolidating government student debt make sense and what other options do you have?
Category: Dealing with Debt
A common, but false, tactic debt collectors use to scare is the threat of jail for unpaid debts. Unless you have committed fraud, find out why jail is not a risk if you default on your debt payments.
Category: Dealing with Debt
Will selling your assets be the solution to your debt problems? What assets should you never liquidate to pay off debt? Doug Hoyes and Ted Michalos explain how to pay off debt and keep key assets.
Category: Dealing with Debt
Do you have a financial goal and are struggling to stick with it? We explain differences between setting goals vs systems, and the benefits of using a system approach to get yourself out of debt.
Category: Dealing with Debt
Do you have unpaid debts piling up and have recently received some unexpected income? Find out 9 ways to spend this money efficiently and how to avoid common mistakes we see when people get a bonus.
Category: Dealing with Debt
Have you missed several months of debt payments and wonder what the implications are? We explore what it means to default on a loan, how it affects your credit, what options you have and more.
Category: Dealing with Debt
Are you unable to meet your mortgage payments, and are wondering what options you have next? Doug Hoyes explains mortgage shortfalls, full recourse mortgage laws in Canada and how to manage them.
Category: Dealing with Debt
If you have multiple debts, you need a plan for repayment. We explain whether you should pay high dollar or high interest debts first, when to use balance transfers and what to do when balances are too large.
Category: Dealing with Debt
How do you pay off a large sum of debt, say $20,000 or $30,000 or even $50,000? Doug Hoyes explains what you need to consider when tackling big debt loads.
Category: Dealing with Debt
