Creditaid – Page 8

April 1, 2015

Do I Need Credit Counselling?

Isn’t everyone in debt?

Well, in 21st Century Canada, it might seem that way. Canadians owe a greater portion of their earnings to creditors today than ever before, and even with low interest rates are making steep payments every month just to maintain their debts. When seemingly everyone owes money, how do you know it’s time to see a credit counsellor?

First and foremost, if you don’t know your financial situation, you need to see a counsellor. It’s often easier to hide your head in the sand when it comes to debt problems, but it’s certainly not a long-term solution. If you’re ignoring a debt problem, it’s getting worse.

If one or more of your debts has progressed to collections, and you aren’t able to make the payment, you have a debt problem.

If you are borrowing from one source of credit to pay another, you need to see a counsellor.

If your credit payments (not including your mortgage) exceed 20% of your net income, you are in danger.

If you’re not able to save for emergencies, or put money away for retirement, you could benefit from credit counselling.

If you aren’t able to sleep comfortably at night, secure in the knowledge that your household spending is under control and you have a plan to pay your overall debt load, then you need to contact Creditaid.

Creditaid is a licensed and bonded credit counselling agency that has been proudly serving Winnipeg since 1992. If any of the above scenarios apply to your life, contact us today for a free appointment with a credit counsellor, to help you take stock of your situation and access some of the many tools at our disposal to help you on your journey to financial security.

March 18, 2015

Will Credit Counselling Hurt My Credit Score?

Credit counselling in and of itself is confidential, and will have no effect on your credit score.
Some of the actions that you might take on the advice of a credit counselor could affect it negatively, but chances are, if you’re in the market for credit counselling, your credit score already exhibits some problems.

At Creditaid, we understand that the initial effort required to come in for counselling is immense. While we offer a judgment-free environment, we know the pressure that the credit industry puts on people to maintain a good “score”. Banks and credit card companies talk about it like it’s a measure of a person’s value. We know it’s not – it’s just a tool that lenders use to evaluate the level of risk that an individual exposes them to when they lend them money.

Many of our clients access one or more of the debt relief tools we have at our disposal. A Debt Consolidation or Debt Management Program will be reflected on your Credit Bureau report, and can affect your credit score negatively, both while the program is in place and for a time afterward. Since both require you to forego obtaining new credit while enrolled, this won’t be an issue until after the program is complete, and you are out of debt.

You will be surprised at the number of lenders who will still be willing to issue credit, even with a lower score. You will also have new tools, knowledge, and insight, so you’ll likely resist their tempting offers of easy money.

Creditaid has partnered with Home Trust, a federally regulated trust company that has been specializing in helping Canadians find alternative financial solutions for over 35 years. We can help you rebuild your credit with a Secured Visa card.

We have also partnered with Keystone Finance, a local financial solutions provider that has helped clients and their families live better lives for over 30 years.

If you’re finding that there’s not enough money to meet your monthly debt load, and fear that it’s spiraling out of control, contact Creditaid today. For anyone who’s ever experienced credit trouble, there’s no better feeling than being debt free.

March 13, 2015

Creditaid Discusses Money 101 in March’s Smart Biz

The Smart Biz March 2015 edition is out, and in it, Brian Denysuik talks about the importance of teaching our children the basics of money.

How often is actual money, as in cash, used in your daily life? This is what children see every day; the concept of money has been reduced to plastic cards that seemingly act as a “get out of the store free” pass in the eyes of a child who may have never seen anything beyond Monopoly money.

To read more about how to open the discussion with your children and starting their financial education sooner rather than later, check out the full article on page 13 of the March Smart Biz.

If you need to expand upon your own financial knowledge, or just need somebody to talk to about your finances and debt load, contact the caring folks at Creditaid for your free, no obligation assessment.

March 10, 2015

Paper or Plastic or Cloud? The Evolving Concept of Money

You need only to look at the recent demise of the penny, or see the “wave your card here” payment option at the supermarket to know that the way that we think of and use money is changing.

In ancient times, humans would barter objects or labour directly. A farmer might give his neighbour two chickens in exchange for a bag of flour, or might help build a fence and be rewarded with a sack of carrots.

At its core level, money is a substitute for human labour or resources, traded to someone in exchange for “payment”. This payment can then be used to obtain the things you need or want from a third party, not related to the first.

In the past we used gold and other precious metals to represent the value of our labour and goods, but switched to a system of currency consisting of minted coins and printed paper. In the 20th century, cheques and bank drafts simplified purchasing, and in the 1950s, credit cards were invented, to allow us to access money we hadn’t yet earned, in exchange for a “borrowing fee”.

Today, money exists in a number of forms. We still have “hard currency”, or cash, but its use is on the decline. The digital revolution has brought us more options. As more and more purchases are being made at a distance, instant transfer of money via credit cards and money transfer services have become part of the landscape.

At the end of the day, no matter how you spend your money, simple rules of budgeting must apply to keep your finances in balance. With so many ways to spend money that don’t involve any kind of currency, it’s easy to forget to budget. This is one of the ways that people wind up in financial trouble.

If you find your credit card and loan payments are making it hard to budget your money, contact Creditaid for a confidential assessment of your financial situation. We have tools that can help!

February 26, 2015

What Are You Doing With the Money You Are Saving on Gas?

According to National Resources Canada, the average vehicle in Manitoba travels 14,963 km per year, and for every 100 of those kilometers it travels, it consumes 11.2 litres of gasoline.

Today’s gas price (about 88 cents per litre as of this writing) is far lower than the 2014 high in Winnipeg – $1.33 per litre in June of 2014. At this rate, the average driver is saving about $755 this year, if gas prices stay about the same.

What are you going to do with the money you save?

You could go on a short vacation, or buy a nice toy. Or sock it away for a rainy day. Most people, however, will just absorb the money in to their daily expenditures, and not really notice that it’s there. An extra cup of coffee every day.

At Creditaid, we’ve got a different idea. Knowing how many people struggle with credit card debt, we’d suggest using your windfall from lower gas prices to help reduce the credit card, loan, or line of credit with the least favourable interest terms. You’ll then be putting the money you’re saving on fuel to its best possible use – bettering your financial position now and in the future.

Creditaid is a proudly local solution to debt problems. If you’re finding yourself overwhelmed by debts, make an appointment to speak confidentially to one of our expert credit counselors.

We’ve helped many of our Winnipeg neighbours with customized solutions to eliminate their debt, including debt consolidation and debt management programs. We will help you with your current financial crisis, and give you the tools you need to ensure that you don’t have a recurrence in the future.

January 7, 2015

2015 Marks a New Relationship with Smart Biz Winnipeg

Creditaid is very proud to have formed a relationship with Smart Biz Winnipeg for 2015.

Smart Biz is a monthly publication that aims to connect people with information about different educational paths and career streams. Smart Biz works with the Winnipeg Chamber of Commerce, the Assiniboia Chamber of Commerce, and the Downtown Winnipeg Biz, in order to present perspectives from within the workforce. Every issue also features lifestyle columns on health, money, gaming, personal life and fashion.

Brian Denysuik will be publishing articles to appear in Smart Biz throughout the coming year, offering advice on everything from the new rules of cohabitation to the basics of creating a budget.

You can access the January edition here or by clicking on the image in this post. Brian’s first article in the series appears on page 15.

Be sure to visit the Smart Biz website and click the “Follow” button in the bottom right corner to keep up with all of the updates!

November 5, 2014

Creditaid Offers the Broadest Range of Services When it Comes to Helping People with Debt

We like to say that we understand debt from every angle possible. Our credit counsellors have years of experience in the financial services industry. Once we have completed a detailed review of your personal financial situation/ we can then guide you on the best solution to help you get in control of your finances and back on track. Our solutions may include simply helping you manage your budget, reviewing your mortgage situation, a debt repayment program or if it makes sense, selling your home to pay off all your creditors. The key to our services is that we will give you options, not just two but as many as possible so that you have choices on how to best move your life forward.

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We not only have experienced credit counsellors we also have two registered insolvency counselors with Industry Canada under the Bankruptcy and Insolvency Act on staff. This accreditation can only be achieved by individuals who have the necessary industry experience, education and performed 100 hours of insolvency counseling sessions under the direction of a bankruptcy trustee. This means that our counsellors are qualified to facilitate the two mandatory counseling sessions required for anyone filing a bankruptcy or formal consumer proposal in Canada. And as such, we work closely with Winnipeg’s bankruptcy trustees. In addition to offering consumer debt counselling and budgeting solutions, we understand the bankruptcy process and can offer Creditaid’s clients invaluable advice when trying to decide upon the best course of action for dealing with their debt problem

October 29, 2014

Boomer Exodus Interrupted

The topic in this great article by Barbara Bowes is something that is sure to have already affected many lives, with many more affected parties to come!

What are your thoughts, do you anticipate the opportunities, or dread the skills gap that’s sure to result?

No matter your stage in life, it’s important to keep the stats in mind: many are living from pay cheque to pay cheque now, when they could be taking action and planning accurately to avoid having to work through the retirement years.

Is it time for you to take action?

October 16, 2014

Working Together Toward Financial Literacy

Brian Denysuik, President & CEO of Creditaid, Manitoba’s largest independent credit counselling agency, had the pleasure of attending two events today with the Financial Consumer Agency of Canada.

The first event was the launch of the senior’s strategy for financial literacy. The seniors’ strategy, Strengthening Seniors’ Financial Literacy, is the first phase of the national strategy for financial literacy. Its publication follows a series of consultations with a broad range of public, private and non-profit organizations as well as individual Canadians. The strategy sets out goals relevant to increasing the financial literacy of seniors. More information can be found here.

Kevin Sorenson, the Honorable Minister of Finance and Jane Rooney, our National Financial Literacy Leader were in Winnipeg for this event.

The event provided the opportunity to participate in a stakeholder consultation session on strengthening the financial literacy of specific priority groups. Stakeholders in attendance were able to offer feedback and commentary to both Jane Rooney and Minister Sorenson.

It was evident that financial literacy is a critically significant issue for our federal government.

Please refer to Toward a Financial Literacy Strategy for Priority Groups for more information on the strategy goals.

Brian Denysiuk will also be attending the by-invitation-only National Conference on Financial Literacy, to be held in Vancouver in November.

September 30, 2014

National Conference on Financial Literacy

Brian Denysuik, President & CEO of Creditaid and Vice President of the Canadian Association of Independent Credit Counselling Agencies (www.caicca.org) is very excited to have been invited by The Financial Consumer Agency of Canada to their National Conference on Financial Literacy this November.

The 2014 national conference will take place in Vancouver, British Columbia and will showcase the expanding array of creative approaches to increasing financial literacy in Canada from grass roots groups, dedicated government and NGO leaders and respected corporate partners. The focus of this year’s conference will be “Strengthening Financial Literacy Through Collaboration” and this approach will permeate throughout the programming and roundtable discussions of the event. Attendance to this conference is by invite only.

Learn more about this conference at http://www.fcac-acfc.gc.ca/Eng/financialLiteracy/initiativesProjects/events/Pages/home-accueil.aspx.