Creditaid – Page 13 – Helping Canadians Get Out of Debt

February 16, 2016

Online Survey Finds Half of Respondents are within $200 of Being Unable to Pay Bills

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.

February 11, 2016

Talking Financial Wellness at R.D. Parker Collegiate

Wednesday, February 10, 2016, marked another great day of professional development, this time with the staff from R.D. Parker Collegiate in Thompson, Manitoba. Our Balance Wellness Team is having a lot of fun meeting some great teachers across the province.

We were welcomed with open arms by Principal Rod Fisher and his staff. Keith Macpherson, Carla D’Andreamatteo, and Creditaid’s President Brian Denysuik, are really enjoying the opportunity to deliver some great programs. Creditaid’s Financial Wellness piece generated lots of interesting conversation.

Thank you Manitoba Teachers’ Society for having Creditaid as part of the Balance Wellness Program.

February 3, 2016

Identity Theft – A Growing Threat

Imagine that, one day out of the blue, collection calls started. Your mailbox filled with overdue notices. People threatened legal proceedings against you. All for debts that were incurred in your name, but you knew nothing about.

This nightmare scenario plays out far more often than you might think. RCMP statistics show more than 12,000 cases of identity theft annually in Canada. This theft results in more than 10 million dollars in losses for individuals, businesses, and insurance companies.

While identity theft crimes have been with us for decades, the technology that is being used to make our transactions more secure can make us a target, too. The two biggest tools of the identity thief are the telephone and the computer.

Telephone fraud has increased recently, due to the ability to “spoof” telephone numbers, which can make the source of the call any number the caller wants, rendering Caller ID equipment useless. Today’s widespread internet-based phone technology means that calls can originate anywhere in the world. Often the caller will pose as a bank, or even a well-known computer company, and they will troll for unsuspecting people to provide them personal information.

The vast majority of Canadian households have a computer, which has opened a whole new avenue for criminals searching for information. They can mine users via email, through official-looking webpages, or through software that’s designed to infiltrate the computer, looking for personal information. Keylogger programs can even be used to send your every keystroke to a criminal.

How to Avoid Identity Theft
Never divulge personal information if there’s the least bit of doubt about the person with whom you are communicating. Make sure that you originated the call, and it’s to a known business.

Never provide personal information, including credit card numbers, in an email.

When using a website for e-commerce, make sure it’s secure – you should see a padlock in the browser’s address bar, and the address should begin with https://. Always double check to ensure that you’re visiting the correct website.

Keep your antivirus and antimalware software up to date.

If you have questions about credit, or have found yourself in some trouble, contact Creditaid anytime online or by telephone at (204) 987-6890.

January 13, 2016

Credit Score 101 – A Refresher Course

We all know that we need to be careful with credit – because it’s easy to borrow money, and wind up owing as much, or more than we can pay. We all know what it feels like when there’s “too much month left at the end of the money”.

And there’s this vague fear of a negative impact on our credit history that can affect us in the future. The more we know about credit reporting, the more we can work to improve the way potential lenders see us, and then we can leverage a good report to get favourable terms when we borrow money.

What is a Credit Score?
In Canada, a credit score is assigned by one of the two large credit reporting agencies – Equifax or TransUnion. The score is a number between 300 and 900 (900 being perfect) that represents the aggregate of all of the information that the bureau has on file about us. Most interactions that you have with lenders, either positive (payments made on time) or negative (late payments, collections, bankruptcy) will affect our score. Anyone who has ever accessed any form of credit has a file with the credit bureaus. Potential lenders use your credit score, with your permission, to determine whether or not you qualify for credit, and sometimes they use it to set the terms of borrowing (interest rates, etc.).

Who Can Access My Credit Report?
Any lender can provide information about your loan, payments, etc. to the credit bureaus. You give them permission to do so in the agreement you sign when you begin to access credit with them. Any potential lender with your permission (usually in the application) can access your report and score. You can (and should) access your own credit report with both bureaus. Make sure that all of the information that they have on file is accurate.

By knowing your own credit score, you can demonstrate to potential lenders that you are a responsible borrower. You may be able to negotiate more favourable terms as a result.

If you’ve got questions about credit, or have found yourself in some trouble, contact Creditaid anytime online or by telephone at (204) 987-6890 or (877) 900-2659. We can help you take those important first steps toward a debt free life.

December 23, 2015

Creditaid is Going Back to School!

Creditaid is delighted to be part of a new wellness program offered to the members of the Manitoba Teachers’ Society. The program, coined Balance, is in its’ first year and Creditaid is very excited to be covering the Financial Literacy piece.

Financial wellbeing impacts one’s overall health, and can affect relationships with family, friends and co-workers. More employers are beginning to realize that being under financial stress can significantly impact the quality of an employee’s daily work. We were happy to be selected by the Manitoba Teachers’ Society as responsible for the Financial Literacy portion of their wellness program.

The Financial Literacy workshops and resources provide information to help individuals deal with financial stress and limit the effects it may have on their life. Topics include but are not limited to:

• Identity Theft
• Dealing with Financial Stress
• Budgeting Made Easy
• Talking Money with Your Kids

We have been helping Manitobans be debt free since 1992 and with programs like these, we can help even more. These valued individuals are teaching our children, and we trust that the more knowledge they have, the more they will pass along.

November 19, 2015

1 in 5 Manitobans Feel Little Control Over Their Financial Situation: Manitoba Financial Literacy Forum Survey

Creditaid is a proud participating member of the Manitoba Financial Literacy Forum, currently comprised of more than 40 active members. The following news release and Executive Summary of the survey can also be found on their website.

Winnipeg, Manitoba (November 19, 2015) – One in five Manitobans say that there is little they can do to control their financial situation, according to a new survey from the Manitoba Financial Literacy Forum.

The survey, conducted by Prairie Research Associates, also revealed:

• 15 per cent of Manitobans believe that they would put off dealing with their money problems
• 11 per cent say they do not know who or where to turn to solve a financial problem
• 8 per cent feel that they do not know how to make good financial decisions

The results indicated that half of Manitobans do not consider themselves to be fully confident in their financial behavior, with many people desiring access to information and tools that can help them understand their finances, track their spending, create household budgets and improve their ability to work with a financial professional.

These findings are being used by the Manitoba Financial Literacy Forum to create a benchmark for the current state of financial literacy in the province. This is the first survey of its kind to focus exclusively on Manitoba, and its results will inform the Forum’s future programming and projects.

“Learning how Manitobans understand their own financial situation and behavior is an important first step for the Forum,” says Cynthia Duncan, co-chair of the Manitoba Financial Literacy Forum. “We’re finding that many people want to improve their financial skills, and we’re committed to connecting them to the resources that can set them up for lifelong success.”

Manitobans can learn more about money management by visiting ManitobaFinancialLiteracy.com. The website, operated by the Manitoba Financial Literacy Forum, maintains a large collection of free tools and information to help guide people toward making responsible financial decisions at every stage of their lives.

The Manitoba Financial Literacy Forum is one of the province’s largest not-for-profit coalitions of organizations and individuals working to promote financial education and skills to Manitobans, represented by stakeholders from the public, private, financial services, credit counselling, and voluntary sectors, as well as individuals, and families and labour organizations.

The survey results cited are compiled from a random sample of 600 Manitobans 18 years of age and over between April 9 to 29, 2015. The results were weighted to better reflect the population. A probability sample of this size would yield results accurate to ± 4.1%, 19 times out of 20.

Media Contact Information:
Cynthia Duncan
Co-chair, Manitoba Financial Literacy Forum
204-925-7420, ext 7405
info@manitobafinancialliteracy.com

November 18, 2015

2016 Financial Literacy Calendar

Financial success is rooted in conscious planning and decision making.

It’s important to expose ourselves to tools, tips, tricks, and reminders on a daily basis that help to support our financial goals.

For a third year, Creditaid is once again a proud sponsor of the Financial Literacy Calendar published by the Manitoba Financial Literacy Forum. (See April 2016 for our tip!) The Manitoba Financial Literacy Forum is a coalition of organizations and individuals working together to promote lifelong financial education and skills to Manitobans. Being financially literate means having the knowledge, skills and confidence to make responsible financial decisions – which are important resources to have at any age.

At Creditaid, we understand that each individual has their own unique life situations. We offer many different debt solutions in order to find the best solution for each individual and circumstance. We have been helping Manitobans be debt free since 1992, and our product and service offerings continue to grow and expand to best serve our valued clients.

Click on the images below to download the calendar in your preferred language – English or French.

November 11, 2015

Seniors: Are Caregivers Caring When it Comes to Money?

We all know that seniors can be among society’s most vulnerable. Often they spend a great deal of time alone, and criminals are quick to pounce on their naiveté when it comes to technology in their efforts to entrap them in email, internet, investment, and utility bill scams.

The greatest threat to a senior citizen’s financial well-being isn’t always some fast-talking huckster or a far-off oil sheik looking to dispense with some of the family fortune if only they’ll send them a small advance for “administrative fees”. Often, it’s the very people that they have come to trust who are stealing their money.

Financial abuse and fraud are among the most common types of elder abuse, and with the population base aging, crimes against seniors by their caregivers are on the rise. Joint banking accounts and Powers of Attorney are tools that are to be used by seniors to empower their caregivers, whom they entrust to look out for their affairs. Unfortunately, they are often used as blank cheques by caregivers. Common forms of financial abuse of seniors by their caregivers include:

Misuse or theft of a senior’s property or money, often from joint bank accounts.
Forging a senior’s signature, or changing documents to dispose of their profits.
Threatening a senior physically or otherwise to get them to do things that aren’t in their best interest – like giving “gifts” of money or property to the caregiver, taking out a loan, or co-signing a loan for he caregiver.
Sharing a senior’s home without paying expenses or rent when requested.

The list of opportunities for financial abuse of a vulnerable senior is long. If you suspect that someone you know is being taken advantage of by their caregiver, please don’t hesitate to contact their family, or the police.

Elder abuse is a growing problem. Seniors have worked hard their entire lives to get where they are, and they don’t deserve to be defrauded of their money by the people they’re led to believe they can trust. For more information, visit seniors.gc.ca to find a series of publications on financial abuse and fraud, including “What every older Canadian should know about Financial Abuse.”

Creditaid is a local credit and insolvency counselling firm who has been helping Manitobans get out of debt since 1992. Contact Crediaid anytime, online or by telephone at (204) 987-6890.

September 30, 2015

Help Your Debt, Help Your Health

As more studies are done on the correlation between physical and financial health, one thing has become crystal clear: the more affluent you are, the better your physical health is likely to be. According to the Public Health Agency of Canada, social and economic status “seem to be the most important determinants of health”.

There are a number of reasons for this. The obvious is that people with higher incomes are likely to be better educated about their health, and have better access to nutrition and medical services.

There’s also the emotional toll that a debt load can bring to an individual and a family. No matter what your level of income, if you’re carrying significant debt, it will weigh on you. When that debt load gets out of hand, the collection calls from creditors and the “balancing act” of weighting credit card and loan payments against the necessities of life can produce high levels of stress, which will have an impact on your health. Credit card debt is the most significant detractor, because it’s the most available and carries the highest interest cost.

For Manitobans struggling with debt, the first steps to recovery are the most difficult. You must analyze your budget, and take a detailed look at your obligations and their accompanying interest rates. From there, you need to create a realistic payment schedule, one that allows you to take care of your family’s needs while reducing the amount you owe.

At Creditaid, we understand the physical and emotional toll that spiraling debt can have. When you contact us, we’ll do our best to help you by offering counselling regarding your debt situation, management of your debt, and look at a consolidation strategy when appropriate.

Contact us anytime online or by telephone at (204) 987-6890. We can help you take those important first steps toward a healthier, debt free life.

September 16, 2015

What Kinds of Insurance do you Really Need?

In times of financial restraint, we examine each and every one of our expenses, and decide which are necessities, and which are luxuries. One of the most confusing areas is that of insurance. It’s possible that a single individual can have upwards of half a dozen insurance polices, all of which are associated with an expense, at a given time. Premiums are expensive, and when you’re looking to cut costs, they all fall under scrutiny. Here is a list of common types of insurance and their pros and cons.

Automobile Insurance
In Manitoba, we’re lucky to have MPI insurance, which does a good job of regulating premiums for everyone. If you drive, you need insurance. Period. Purchase basic Autopac insurance, and consider extended coverage if you have the need for it.

Home Insurance
If you own a building with a mortgage on it, you must have enough insurance on it to satisfy your lienholder – the bank or mortgage company. Generally, you should insure a building not for the appraised value, but for enough to build a comparable replacement in today’s market.
If you rent, you should insure the contents of your home or apartment. Most insurance companies offer a tenant’s package to insure your possessions against fire, theft, or other perils. Make sure you take stock of all the items in your home, and the cost of replacing them.

Life Insurance
Life insurance is one of the trickiest purchases you can make. The goal is to insure yourself so that, in the event of your death, your family won’t face financial hardship. There are basically three ways to do this – through Term Insurance, Permanent Insurance, and Universal Life Insurance. Term insurance is cheapest, as it expires after a certain number of years. Permanent Insurance covers your whole life (although you can cancel it and withdraw some money), and Universal Life Insurance is most expensive, as it has a tax-sheltered investment component.

The questions around insurance could fill a book. To talk to a Creditaid counsellor about credit counselling and debt management solutions (including budgeting) contact us today.