Helping Canadians Get Out of Debt
If you have family members in trouble financially, you may want to help them, but giving them cash may not feel right. If you’re worried your family members will just squander away the money you give them, here are 5 non-cash ways to help family members with financial troubles.
Continue reading “Non-Cash Financial Help Options – Helping your Family without Giving them Cash”
Did you know that much of your debt consists of interest? This is especially true if you’ve carried balances for a long time.
For example, if you have a $10,000 balance at 20%, it will take you 60 months to pay off the debt with a $264 monthly payment and a total of $5,896 paid in interest. Your $10,000 would cost you $15,896, which is made up of 37.09% interest charges.
Reducing your interest rates can help you save money and pay your debt off faster.
Continue reading “How Reducing Interest Rates Reduces Debt Faster”
If you’re trying to improve your credit, you need to pay off your debts. High debts can hurt your credit score tremendously, especially if you have a lot of revolving debt (credit cards).
To improve your credit score, focus first on credit card debt and then installment debt, which includes your mortgage, car payments, student loans, and personal loans. Before you jump in to pay off your credit card debt, though, you’ll need a strategy.
Continue reading “Which Debts Should I Pay Off First to Improve My Credit?”
Today our CEO was invited to speak with Hal from CJOB on how to handle the post holiday finances.
Take time to listen for tips on what to do when the bills start arriving and where you can turn for help.
It’s time to take control of your debt. Speak to one of our credit counselors today.
You’ve likely heard how COVID-19 affected millions of household incomes, but what about debt levels? Household debt has reached extraordinary levels, but not for everyone. Its largest stronghold is on the middle-income earners – the households that lost their jobs during the pandemic and who didn’t benefit enough from CERB payments.
Here’s what happened.
Continue reading “How COVID-19 Affected Household Debt”
If you’re feeling financial stress, you not alone. Over half of Canadians are within arm’s reach of financial insolvency thanks to the COVID-19 pandemic. The numbers are at a five-year high and don’t seem to be falling anytime soon.
Millions of Canadians wiped out their savings accounts during the heart of the pandemic and others relied on credit cards to make ends meet. But where does that leave them today?
If you’re coming off a job loss, shuttered business, or increase in bills, bankruptcy may seem like the only answer, but it’s not. Here’s what to do instead.
Continue reading “Canadians on the Brink of Bankruptcy – Here’s what to Do”
All of us at Creditaid were very happy to welcome Dan and Leslie Michaels from local radio station Jewel 100.5 FM to our office this past Wednesday. We always love to have visitors, and even more so when they come bearing coffee and doughnuts!
Our staff was very happy to be this week’s winner of Jewel 100.5 FM’s “The Office Tour Contest“. With coffee, doughnuts, good conversation, and lots of laughter, we think Dan & Leslie might have wanted to stay all day! They described their experience in the following day’s broadcast, click below to listen:
Thanks to Jewel 100.5 FM for sending over such great company and tasty treats, it made our week! If you’re looking to brighten up your work week, enter their contest, because you never know when it will happen to you.
And if you’re looking for help to manage your debt, rebuild your credit, or just find some financial clarity in your life, call Creditaid today – we can help.
If you are struggling to make all of your payments or are already unable to make your required monthly payments, Creditaid can help. Whether you need to rebuild your credit, undergo credit counselling, tackle your credit card debt, reassess your finances following a divorce or a move, or any other challenge that life brings – we’ve seen it all and we have a program that will suit your needs.
Reposted from the Winnipeg Free Press online edition February 16, 2016.
CALGARY – A new poll suggests nearly half of Canadians surveyed last month are within $200 per month of being unable to pay for their bills and make their debt payments.
The Ipsos Reid survey also found about one-quarter of the 1,582 people who responded to the poll were already unable to cover their bills and debt payments.
The online poll was done between Jan. 27 and Jan. 29 for MNP Debt, which provides licensed trustee services in six provinces, from Quebec to British Columbia.
MNP says the poll found that 31 per cent of respondents said any increase in interest rates could move them towards bankruptcy.
Ipsos Reid conducted the poll about a week after the Parliamentary Budget Office issued a report on Jan. 19 that said Canada has seen the largest increase in household debt relative to income of any G7 country since 2000.
The survey also followed Bank of Canada’s decision to keep a key lending rate at a historically low level of 0.5 per cent on Jan. 20, as the central bank lowered economic growth estimates for 2015 and 2016.
The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error as they are not a random sample and therefore are not necessarily representative of the whole population.
Do you panic every time the phone rings? At Creditaid, we help people take back control of their lives. Many of the people we have helped have been where you are today – too scared to answer the phone or check the mail when it is delivered, missing out on spending time with family or friends for fear of spending money that you don’t have. Life is too short to live in constant fear – it is time to take control, and start living your life again. Call to speak to one of our qualified counsellors who will walk you through each step of the way to becoming debt free – whenever you’re ready, just give us a call at 204-987-6890.
Do you toss and turn at night, worry every time the phone rings or hesitate to check the mail for fear of seeing more bills? It’s time you start living your life again. Call us today.