In a financial bind? This could happen to anyone. Contact us today for help in managing your debt.
Low Monthly Payments = Instant Gratification & Longterm Debt
Retailers have learned how to appeal to our desire for instant purchase power. They can easily sell us on how great it would be to own their newest electronic device, kitchen appliance or piece of furniture. They also know that they need to convince us that we can afford this new luxury item, and low monthly payments through a finance plan is one of their favorite ways to do that.
“This can be yours – TODAY, for ONLY $25.00 a month!”
‘I can afford that,’ we think to ourselves, and we sign up for the monthly payments and take home our brand new purchase. A few months later, we do it with something else. Pretty soon, we have several ‘low monthly payments’ that we need to keep up with and balances that are very slow to decrease.
The trouble with these monthly payment plans is that they take so long to pay off. Because you are paying high interest rates on the principal, you may end up paying two or three times the total value of the item you purchased, just so you could have it NOW. What seemed like a small amount of money, when broken down in installment payments, is making the finance companies lots of revenue, and it’s coming out of your pockets.
Although, it may not be as easy to get out of this situation as it was to get into it, it can be done. At Creditaid, we know the ins and outs of this type of financing. We’ve helped plenty of people dealing with too many monthly payments. We’d be happy talk with you about your own personal situation. Ask for a FREE consultation today.
Personal Budget Formula
Here’s Sandra from Smart Cookies sharing the secret formula to personal budgets.
Unexpected Repair Bills Can Put You in Hot Water
Owning your own home is something that gives a person a sense of independence and accomplishment. You are no longer paying monthly rent payments on property that doesn’t belong to you. You are building equity in your home instead. When you purchase your home, your mortgage company will generally assess your financial situation to determine whether or not you can afford the payments on the home you are purchasing. They know that it is in their best interest to keep you from purchasing a home you cannot afford.
In spite of this careful financial screening by your mortgage company, financial positions can change after you make the purchase. Even when you are able to make your house payments, there may be little, if any, extra cash for repairs and maintenance to the home you own.
Unfortunately, repairs to your home can’t always be planned for. If your furnace dies in the middle of the winter, you have to replace or repair it. If you have water damage that isn’t covered by your insurance, those repair costs will have to paid by you, the homeowner. These types of unexpected expenses can break a family’s budget that is already stretched to its limits.
If you’ve found yourself in this spot and don’t know how you’re going to get out of this downward financial spiral, Creditaid may be able to help. Contact us for your free consultation.
Financial Literacy Week
Did you know that October 30th – November 5th, 2011 is Financial Literacy Week? The national campaign is organized by ABC Life Literacy Canada and aims to increase the financial knowledge and know-how of Canadians. This year’s campaign ambassador is Gail Vaz-Oxlade and together with ABC Life Literacy Canada, she has released a series of videos sharing her best financial advice.
Gail Vaz-Oxlade is the host of hit TV shows Til’ Debt Do Us Part and Princess. Gail is also the author of best-selling books Debt Free Forever and Easy Money.
Gail will be coming to Winnipeg on Feb 9th, 2012 – stay tuned to Creditaid for more information.
To watch more of Gail’s videos, click here.
Student Loans Got You in a Bind?
There was a time when applying for financial aid for university or college meant applying for grants and scholarships that didn’t need to be paid back. There isn’t as much of that type of funding available today. Even when it is available, it doesn’t usually cover the full costs.
Student loans are what most people have used to help them finance their way through university. They’re fairly easy to secure, and they don’t have to be paid back until after you leave college. Their interest rates are also usually lower than you would pay on other loans. They are a good deal for students.
Unfortunately, you may be in the situation that many others find themselves in after their education has come to an end. Starting pay at the job you’ve secured (if you have one) isn’t what you hoped it would be. In addition, you probably are dealing with a lot of other living expenses that you could not possibly have predicted at the time you took out your student loans. Many people start out college single and carefree, and then come out of college married and perhaps having children to support. They usually have added a car payment to their cost of living and a more expensive apartment or the purchase of a home. All these things can easily consume an individual’s pay check and leave little left for paying off student loans.
As we said, if you find yourself financially strapped because of student loan payments that you can’t afford, you are not alone. Plenty of others are finding themselves in the same situation. Many of them are our clients. We are helping them find solutions that can resolve their lopsided financial situation and put them back on track. Contact us and let ‘s discuss how we might be able to help you too.
What’s Your Hobby Worth?
Everyone has his or her own private passion. It may be sports, photography, fishing, crafting or restoring old cars. These types of passions and hobbies can keep us energized and excited about life. That’s a good thing. On the flip side, some of them can become quite expensive, and when it involves something we truly enjoy, it is easy to justify those expenses to ourselves. A good deal is a good deal, right?
If you’ve gotten yourself into debt to finance one of your hobbies – you aren’t alone. Plenty of people find themselves in that situation. Sometimes people make the assumption that the hobby will be able to pay for itself in some way, and then, that doesn’t materialize. At other times, people just get caught in the heat of the moment and hope they’ll be able to pay off the credit card debt the next month or next spring or…
Debt that has been created because of overspending of hobbies and recreational activities can be dangerous to a family in more than one way. Besides the bind it puts you into financially, it is the type of debt that often can cause strong division in a marriage relationship as well, particularly if the interest is not one that is shared by the spouse.
Hobby debt can accumulate much faster than we expect, but it doesn’t need to be your downfall. At Creditaid, we’ve helped plenty of people deal with this same situation. Our experienced credit counselors are here to help. Contact us for your free initial consultation.
Financial Literacy in Canada – A Creditaid Commitment
Understanding basic financial principles and practices is an essential ingredient to every household’s financial stability. Financial stability in Canadian households leads to financial stability for the nation as a whole. It was in recognition of this fact that the Minister of Finance created the Task Force on Financial Literacy in 2009.
The purpose of the task force was to determine ways to strengthen and enhance financial literacy, or understanding, among Canadians. One of the means the task force utilized for gaining input regarding solutions for improving financial literacy was to request input from Canadian individuals and organizations involved in the area of finance. Because of Creditaid’s commitment to educating and training Canadian individuals and households on proper financial management, we were happy to contribute our input to the task force. Click here to visit their website and learn more.
Helping families understand how the credit system works and how to manage their finances wisely is one of Creditaid’s highest priorities. When we meet with people, they often are not fully aware of how they ended up in the financial crisis they are in. If we can provide people with the understanding and the tools to manage their finances properly, before they get in debt, we are happy to that.
Creditaid is here to provide answers to those with questions about credit and help for those with credit problems to resolve them. We are committed to helping Canadians and we’re here to help you.
Digging Your Way Out of Job Loss Debt
Losing a job is one of those unexpected circumstances that can put our finances out of balance. Even when you have some notice that a job is coming to an end, you still have to deal with the uncertainly of how long you will be without work. When these two unknown factors are combined, they can make financial management very difficult.
We all want to approach difficult circumstances with a positive and hopeful attitude. The same is true when we have a job loss. Unfortunately, that hopeful perspective can sometimes mean that we finance many items with the use of credit cards, with the assumption that we will soon be working again, and able to pay off the credit card charges. If our time without work stretches out longer than we expected, we can easily find our debt growing out of control.
Interest on unpaid balances on credit cards accumulate very quickly. If payments are missed, those interest rates can increase and have penalties added to them besides. Before you know it, what seemed like a manageable amount of debt has turned into an intimidating mountain.
The good news is that the mountain doesn’t need to keep growing. There is a way out. Even if you are still without a job, we can help you bring your debt back under control. Contact us for your free initial consultation with one of credit counselors. We are here to help.
Strategies for Success
It takes more than money! Barbara Bowes really captures the essence of establishing our personal mission. This is how determined people set their goal of becoming debt free and achieve it.