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.
Wednesday, October 21, 2015
Many people think that retirement is one of those times when you can spend your days in peace and quiet and not have to worry about work concerns. In most cases, they might have cashed in their pensions and lived off them. What if the accounts bled from overspending and you find yourself in debt? The above can give people in Canada, especially those retiring or planning to retire, something to ponder on. An international retirement survey by Natixis Global Asset Management/CoreData ranked “our home and native land” at No 14 out of 150 potential retiree-friendly countries due to relaxed quality of life and modestly good healthcare options. When you need better flexibility with your finances when you retire, and achieving that means settling your current debts, you can figure it out with a 4 Pillars debt consultant in Victoria, such as Mr. Blair Greenwood.
Tuesday, September 8, 2015
Almost everyone has experienced being in debt at some point in his or her life. In fact according to a report released by Equifax Canada, the average consumer has a total non-mortgage debt of just below $21,000. As almost everyone also knows, however, there is such a thing as too much debt. Do you feel like you’re struggling just to make ends meet? Is most of your income going directly to the collectors rather than your savings account? Here are a few tips from debt counselling consultants to help you know if you are way out of your debt comfort zone.
Sunday, September 6, 2015
Paying off huge debts can be a stressful ordeal. Fortunately, Canadians who may be burdened by too much debt can resort to several debt relief options. It is only a matter of choosing the right one for your individual needs. Debts fall in two major categories: secured and unsecured. Knowing the difference between the two can help you find the best debt relief option for you, by giving you a good idea on which ones to prioritize when the credit collectors come knocking.Unsecured DebtsUnsecured debts sound a bit threatening but they are actually the easiest to manage of the two categories. The most common example is credit card debt, while other examples are court-ordered child support, spousal support, student loans, medical bills, and payday loans. These debts do not require any form of collateral, which lenders can have hanging over your head to get you to pay.
Friday, September 4, 2015
According to The Globe and Mail, about 70,000 divorces occur in Canada each year. Some wealthier couples are able to settle matters behind closed doors, and part ways without much damage to their bank accounts. Unfortunately, for many Canadian couples, divorce brings with it more than just heartaches. Those who can’t compromise or aren’t aware of their options end up in court, and more resources are expended as the emotional battle rages on. In many of these divorce dramas in Victoria, BC, at the end of the day, much of the funds set aside for college and one’s retirement savings have been used up, leaving both spouses to face a seemingly insurmountable debt, as if the emotional toil weren’t enough. Debts post-divorce are difficult hurdles, what with a broken heart to mend. Relieving yourself of the debt burden, however, could get your life back on track faster.
Wednesday, September 2, 2015
You barely have enough to pay the rent and the thought of facing your creditors is making your knees tremble. Before you resort to filing for bankruptcy, know that there are other ways you can get out of a sticky situation. Instead of hiding from your creditors, you can make arrangements that can create a win-win for everyone. Here are smart ways to deal with your debt collectors and how you can start staying on top of your finances. Be aware of your rights. Victoria 4 Pillars consultants understand that customers often experience harassment from aggressive debt collectors. Unprofessional collection agents tend to raise their voice and threaten debtors with lawsuit should they fail to pay up and close their account. By learning about BC’s Consumer Protection rights, no intimidation can make you take irrational actions, which may further jeopardize your finances.
Tuesday, July 21, 2015
Personal debt has always been a major topic in national conversations concerning financial security. This is more disturbing for retirees who have to survive on a fixed income and have less options to amend their financial state. In fact, according to Statistics Canada (via ThePersonal.com), nearly one-thirds of retired individuals as young as 55 owe several thousand dollars, the median being $19,000. A survey done for Manulife also suggested that many still struggle with financial literacy; a quarter of respondents do not even think mortgages and auto loans are part of their total debt.
Sunday, July 19, 2015
Though household debt in Canada has been reportedly on the rise, a recent report from the Fraser Institute showed that Canadians are gradually learning to manage their finances more prudently than before. There’s always more room for improvement, though, especially since the fact remains that more households are finding themselves sinking in debt. For a start, you can opt for an informal proposal to alleviate your problems with debt. Through this out-of-court settlement, you may be able to negotiate payment that’s considerably less than what you owe your lenders. The most effective path to debt relief, however, is not just through these programs, but how you manage your debt. Here are some ways you can start managing your finances today.
Friday, July 17, 2015
Although using your credit card to pay for your groceries and taking out a mortgage is financially convenient, doing so can slowly bury you in debt if you don’t manage it properly. If your debts pile up and you become unable to pay, however, there are a number of debt relief options you can use. One of the most appealing of these is debt consolidation. This option involves taking out a huge loan to pay off a number of smaller loans. While it seems pointless considering that you only replaced your existing debt with a larger one, it is actually meant to reduce your monthly payment. Compared to multiple loans with multiple interests, which sometimes vary in rate depending on the terms, a single loan may come with a much lower rate. That’s where you experience debt relief.
Wednesday, July 15, 2015
Businesses in Victoria take out loans for a number of reasons, such as when they need to purchase real estate, obtain equipment to expand their operations, or to increase their working capital. The decision to borrow money, however, comes with the risk of not meeting the terms of the loan. When that happens, a business can be buried in debt and become bankrupt. Debt Restructuring Thanks to debt solution providers, many businesses with huge debts manage to recover. Debtors can resort to either a Consumer (Division II) Proposal or a CCAA/Division I Proposal depending on their size and the amount they owe.
Tuesday, June 23, 2015
Recently, it has been reported that the number of households finding themselves sinking into debt has increased over the past few years. In a recent report from the McKinsey Global Institute, Canada was named as among the six countries with the worst debt problems in the world, but is the debt problem faced by most people nationwide really that bad? When seeking help from BC debt counselling services, here are some widespread myths that you need to stop believing in. Debt among Households is Skyrocketing While it’s true that more households are finding themselves slowly sinking into debt, this does not necessarily mean that the state of debt nationwide warrants for widespread concern. According to economist Sal Guatieri, this could’ve been true during the past two years, but now that Canadians are borrowing at the slowest pace within the decade, debt is now rising only slightly faster than income.
Sunday, June 21, 2015
Years ago, Canada had been known around the world as a nation of savers, in fact most Canadians have been able to stockpile at least 20 per cent of their annual income. Nowadays, however, more people are finding it hard to save, with more households finding themselves sinking into debt every day. On the other hand, debt relief in Canada can be achieved through different means, such as arming yourself with the proper knowledge of your choices. Debt Levels Twice of Annual After-Tax Income According to the new study from Statistics Canada, more than a third (or approximately 35 per cent) of families now have a debt-to-income ratio of 2.0 in 2012. In simple terms, the overall debt of these households is at least twice that of their annual after-tax income. This was a marked increase compared to 1999, when only 23 per cent of households had this debt-to-income ratio.
Friday, June 19, 2015
When you’re thousands of dollars in debt, it can be difficult to see the light at the end of the tunnel. However, it is possible to resolve debt issues via different approaches. Debt consolidation in Victoria, BC is one of these ways. This would be especially effective if you have multiple debts hanging over your head; many debts mean that there are multiple interest rates. If you manage to consolidate it into one loan, then you’ll only have to deal with one rate. This makes payment a lot easier. Get Your Credit Report Before consolidating your debt, the first thing that you should do is to ask for your credit report. You’ll need it for filing a debt consolidation loan. It needs to be as accurate as possible to ensure that your loan is approved, so make sure to check it thoroughly first for any discrepancies or questionable entries. Quite a few people have had their loans disqualified because of a mistake in the report. What you’re looking for are missing payments and debts.
Wednesday, June 17, 2015
When reading informative 4 Pillars reviews, you'll notice one of the general trends for people seeking to rebuild their credit is for them to request their credit report. This is an important first step because your credit report has all the data needed to calculate your credit score; if there are any mistakes on it, it will affect your score. A lot of credit reports have mistakes in them and every little bit helps when you're trying to climb out of the credit card debt hole. Another important thing that you can find out from reading your credit report is if there are any missed or pending payments. Your credit score is mainly based on your payment history so paying these off first should go a long way in raising your score.
Monday, June 15, 2015
Credit cards have long been touted as one of the hallmarks of consumer spending in a so-called “cashless society.” That emphasis on paying for goods with a simple swipe of a piece of plastic, however, may seem convenient any way you see it. Perhaps it is, until you see your monthly statement. At this point, efforts to settle arrears cannot be emphasised enough. Roma Luciw’s report for The Globe and Mail dated March 3, 2015 revealed that consumers in Canada are now saddled with more debts, with the recent oil shock compounding the problem even further. When the debts from your cards are steadily reducing your financial options, it’s time to undergo debt counselling sessions with the help of professionals such as 4Pillars consultant Blair Greenwood.
Saturday, June 13, 2015
You have to remember that debt management plans will work only if you’re dealing with commercial lenders, such as banks and large financial companies, and you can promise that you’ll be able to settle the required payments as laid out in the agreement. If you feel that you’re sinking in debt, mainly due to rising interest rates, debt management plan or an informal proposal is definitely a good idea. Finally, for effective debt relief in Canada, you’ll have to entrust the drafting and repayment of your debts through an informal proposal or a debt management plan with the guidance of a reliable debt relief consultant like Blair Greenwood of 4 Pillars Debt Consolidation & Credit Rebuilding for Victoria, BC.
Thursday, June 11, 2015
The favourable consumer climate in Canada may be responsible for encouraging its residents to indulge more than they could afford, resulting to debt problems that are difficult to get out of. While most Canadians find solutions on their own, resolving cases of overwhelming debt often need professional help. If you’re repaying multiple loans every month, each with a different interest rate, you ought to consider debt consolidation. Most Canadians struggling to pay off multiple consumer loans seek debt consolidation services to discharge their debts with a new, single loan, while only thinking about repaying a single financial institution. Debt consolidation in Victoria, BC is very suitable for repaying outstanding debts with high interest rates, which could be mostly from retail store purchases.
Tuesday, June 9, 2015
Recently, Statistics Canada found that the ratio of household debt and disposable income reached a record level of 163.3 per cent during the fourth quarter of last year, meaning there are a lot of people finding themselves slowly sinking in debt. Balances on credit cards and buy-now-pay-later loans are just among the numerous debts most people are facing nowadays, and most of them are unknowingly treading the path to bankruptcy. Though debts might seem inevitable, they don’t have to take a toll on your life and your finances. Bad financial habits like overspending and the like could put you a step closer to sinking in too much debt. With the help of a Victoria 4 Pillars consultant like Blair Greenwood, you can determine whether the debts you have now are manageable or not.
Saturday, May 2, 2015
Canadians today are almost as immersed in debt as Americans. According to an article on Financial Post, Statistics Canada found that the national household debt to disposable income ratio reached 163.3% during the fourth quarter of 2014; a surge stemming from the general increase of 7.5% in household net worth. If some good news can be taken from this, however, it’s that the national household debt is still below the 165% consumer debt of the United States─ even after factoring the difference between how American and Canadian consumer debt ratios are calculated. Whether debt rates are different or parallel to those of another country, indebtedness in Canada still begs to be resolved immediately. The most appropriate solution for debtors is to contact their creditors, explain their current financial situation and negotiate a consumer proposal under the Bankruptcy and Insolvency Act.
Friday, May 1, 2015
Being knee-deep in debt payments can be very bothersome, especially if you are a senior. This is the case with June and Todd, a couple in their mid-60s who are trying their best to get out of debt so that they can finally retire fully. The couple owe more than $45,000, and most of their debt carries interest rates of higher than 11 per cent. Due to this, their retirement income is not enough for their debts and for their living expenses. The silver lining here is that June and Todd are good candidates for debt relief in Canada called a consumer proposal. This is ideal for people whose debts do not exceed $250,000. It is a formal process that is legally binding where the bankruptcy trustee will work with a person to develop a “proposal”. This is basically a proposition to pay creditors a percentage of what is due them or increase the amount of time to pay off the debts. In some cases, both can be done. A consumer proposal’s term cannot go beyond five years.
Thursday, April 30, 2015
Getting in debt is a piece of cake for many. It’s getting out of it, however, which is the trickiest part. Unfortunately, not a lot of people are well versed in sound personal financial management, as they still tend to commit missteps that worsen their debt problems even more. Check out some of the worst things to do when one owes money, all of which an experienced Victoria 4 Pillars debt relief consultant like Blair Greenwood would always advise against: Nothing – Probably the most obvious of all, you cannot hope to be rid of financial problems by simply sticking your head in the sand and hoping it will all go away. Once you get busy with pretending nothing is wrong, you’re at great risk of being pursued by even more determined creditors, who uses the downtime you created to plan their next course of action.
Wednesday, April 29, 2015
When fish aren’t biting in one spot, the sensible thing to do is to move to another. That’s exactly what financial sharks have been doing following the U.S. recession. Times Colonist reporter Les Leyne wrote that bogus debt settlement services have made their way into Ontario and British Columbia after markets south of the border dried up. Such shady practices can range from massive upfront fees to refusing to begin negotiations. Over the past five years, Consumer Protection B.C. received less than 100 calls a year regarding the legitimacy of such debt settlement services. Now, the Credit Counselling Society of B.C. reported receiving as much as 200 calls a month. Something had to be done.
Monday, March 23, 2015
Debt is a continuously growing problem for households in Canada today, putting the economy at risk. To do our part, our debt counselling company, 4 Pillars, seeks to end debt through a different approach to help those still struggling with it. Our services are specifically aimed at addressing the debtor’s needs in over the creditor’s unlike some Not for Profit Credit Counsellors.
Saturday, March 21, 2015
Realizing that you are in debt is enough to put you at your wit’s end. This is no time, however, to panic and make rash decisions such as filing for bankruptcy; after all, it’s not the only option you have for settling your debts and if anything, bankruptcy should be considered a last resort. Here are some other options for debt relief in Canada that you should consider before filing for bankruptcy.
Thursday, March 19, 2015
Issues over debt in any form can be troubling for Canadians, whether it’s about applying for a credit card or even, say, taking out a loan to buy overseas plane tickets. Did you know that, according to the Royal Bank of Canada, the country’s household debts at the start of the year amounted to $1.82 trillion, most of them from new home mortgages? Such an amount is already staggering for the average Canadian, so if you have been targeted by creditors for not paying dues, you can figure out a solution with the help of professionals at debt consolidation in Victoria, BC like Blair Greenwood.
Tuesday, March 17, 2015
Insiders within Canada’s financial establishment are already sounding alarms over a rising level of bankruptcies among seniors these past few years. The low rates for home equity, for example, make borrowing a tempting choice among seniors for certain purposes, but later get hit with the proverbial ton of bricks such as double-digit annualized interest. When you feel that the debt levels are affecting your financial and physical well-being, you need to seek your options through a Victoria 4 Pillars consultant such as Blair Greenwood.