Monday January 17 marks Blue Monday – the most depressing day of the year. The third Monday of January is the period when Canadians see less sun, abandon New Year’s Resolutions, and begin receiving credit card bills from the holidays. According to the Retail Council of Canada’s 2021 Holiday Shopping Survey, 76% of consumers planned […]
Do-it-Yourself Debt Reduction Strategies
The majority of Canadians will find themselves in debt at some point in their lives. While this may seem normal, it’s important to try and keep that debt to a minimum and not let it spiral out of control. Having a plan to pay down your debt is the best way to ensure your debt […]
How to Get Out of Debt With No Money
Most people want to pay off their debt, but it can become difficult when your paycheck barely covers the bills that you have. If you’re constantly feeling like you’re putting money towards debt that doesn’t seem to be reducing, or if you simply don’t have enough money to put towards existing debt, you need to […]
What is a Debt Management Plan?
When you’re in a lot of debt and you visit a non-profit credit counsellor, they may recommend a debt management plan. Simply put, a debt management plan is a plan to repay your debts in full over a period of time. Your credit counsellor will deal with all of your creditors on your behalf and […]
How to Get Out of Debt Fast
Can you get out of debt fast? The answer depends on two things. Firstly, the amount of debt you have, and secondly, whether you’re willing to make the necessary adjustments to achieve your goal. According to Equifax Canada, the average debt per person was $73,532 as of September 2020, with non-mortgage debt sitting around $23,000 […]
3 Signs Debt Stress is Causing Health Problems
Debt can be caused by many things – from unexpected expenses to job losses to divorce. Regardless of the reason for your debt, it’s likely inevitable to cause some sort of stress in your life. According to the Financial Consumer Agency of Canada, 48 per cent of Canadians say they have lost sleep because of […]
Owe Income Tax in Canada but Can’t Pay? Here’s What To Do
Spring is in bloom, which means that Canadians are preparing to file their annual tax returns. Most people are hoping for a refund, however statistics show that about one-third of Canadian taxpayers will not receive one. Due to Covid-19, a lot more Canadians will find themselves owing money to Canada Revenue Agency, some for the […]
How to Get Out of Debt on a Low Income
One of the main reasons why people often have trouble getting out of debt is that they have a low income. After paying rent, groceries and utility bills, there’s often not much left over, particularly for making hefty payments towards debt. Sometimes families just can’t make their financials work each month, despite wanting to stick […]
What is Debt and Can it be Avoided?
What is debt? Debt is, put simply, any amount of money that you owe to someone. But can it be avoided? It depends on the specific situation of a person or family, and also on the social and economic circumstances at a certain time. Not everyone is lucky enough to be born millionaires or win […]
How to Pay Credit Card Debt in Full
If you’ve been using your credit card as a financial lifeline for a long time, it’s likely you’ve racked up quite a bit of debt. Credit card debt is among the most expensive of all debts and one of the hardest to pay off. With extremely high interest rates, it can be nearly impossible to […]
