Thursday, November 19, 2015
Debt is money you owe to someone else. Being in debt is not necessarily a problem if you can afford to make your repayments each month. However, if you’re paying only the minimum repayments and are struggling to pay your household bills, you may have a debt problem. Here are some other warning signs to look out for, along with suggestions on where to get help if you need it. 1. You’ve missed several repayments Missing a single repayment because you can't afford it can often be attributed to temporary cash flow problems. It could result in you being charged for late repayment and may have a negative impact on your credit rating, making it more difficult for you to borrow money in the future. Missing several repayments in a row may be a sign that you're becoming overwhelmed by your debt.
Wednesday, November 18, 2015
When you're in debt, chances are you may find yourself face-to-face with collection agencies. It's easy to feel overwhelmed and stressed as you try to keep up with it all, but running away or hiding from collecting agencies isn’t the best option. The ideal choice would be to enter into a debt relief program, such as an informal proposal to your creditors. An informal proposal is an out-of-court settlement wherein your creditor agrees to let you pay an amount lower than the total you owe. If you go into a debt relief arrangement with reputable debt counsellors in Canada, such companies can help negotiate the amount.
Tuesday, November 17, 2015
Are you struggling to pay the bills on time? Or are you constantly trying to keep up with your monthly repayments to different creditors? If so, then it could be time for an in-depth look at your financial situation. If you have many different debts, such as large credit card bills, store cards, and loans, it can sometimes be difficult to keep on top of them all. Not only that; you will be paying interest on each and every one of those debts. Advantages of Debt Consolidation If you find that you are constantly paying out more than you have coming in, then debt consolidation or debt consolidation loans could be the answer to your problem. As the name suggests, a debt consolidation loan is one that merges all of your debts into one monthly payment (with one interest rate), which can be easier to manage.
Sunday, November 15, 2015
No one plans to get into debt, but it can mount up stealthily, from a small and manageable monthly bill to a sizeable concern that cannot be paid back in a month or two. Companies, such as 4 Pillars Debt Consolidation & Credit Rebuilding for Victoria, BC, work to help customers in such a position pull their debt down to manageable levels, or even to nothing. Here are some ways that you can help to keep your debt under control: Assess if you really need credit. While accepting every offer of credit can be very tempting, especially when money is tight and the family's needs keep growing, this is never a good idea. While accepting credit or increasing existing limits can help with purchases in the short term, before long, interest will begin to mount and making repayments that significantly reduce the bulk of the loan becomes harder and harder to achieve.
Wednesday, October 28, 2015
Debts can sometimes be very perplexing. Today, you may believe that you’ve been perfectly managing your finances, but fast-forward to just two or three months, and suddenly, you’re contemplating bankruptcy. Surely many people have heard the advice “manage your debts” or “watch your credits”, but when you’re faced with a growing problem that you didn’t even know you had, “managing” can seem impossible. Here are a few tips to help you recognize the early signs of an incoming debt problem, and how to avoid them.
Monday, October 26, 2015
People faced with extremely large debts often turn to bankruptcy as a solution, thinking that it’s the best way to get rid of creditors and start fresh. Bankruptcy however, should only be used as a last resort. Canadians are highly encouraged to first negotiate their debts and seek alternate debt relief methods before turning to bankruptcy. In many ways, bankruptcy isn’t exactly an easy way out of one’s financial woes. A declaration of bankruptcy stays on your credit bureau report for over 6 years, and until that expires, it will be extremely hard for you to obtain any credit. Furthermore, not all debts will be written off—secured debts like mortgages, car loans and student loans that are not 7 years old are excluded from bankruptcy, and so you still need to find a way to pay for these if you have them.
Saturday, October 24, 2015
Young adult life has its own twists and turns to take in the path to total maturity. In the course of it though, those circumstances may involve issues with finances, especially when the youth want to be more “in” with the latest trends. When the arrears pile up faster than scoring during a power play in hockey, you can ask help from people familiar with debt consolidation, such as 4Pillars’ Blair Greenwood in Victoria. Assessment The key to settling all your debts is to determine how much debt you currently have and which creditor you accrued them from. A post in the Young Adult Money blog recommends collecting all correspondences, such as your recent credit card and loan statements. Itemising them in order of amount and interest percentage will help give you a bigger scope of the problem.