People facing difficulties in their financial lives may simply not know where to start to rectify their situation. Accumulating debt can be a slippery slope and happen before you even have a chance to grasp what is happening.
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D. & A. MacLeod Company Ltd’s blog is your resource for financial tips and tricks in Ontario. If you have any questions, don’t hesitate to call us.
Many Canadians see a rise in their hydro bills once the warmer weather sets in. As enjoyable as the season may be, spending more money to keep your home cool can be unsettling.
As time passes, do you find it harder to pay all of the bills each month? You are not alone. Many circumstances can lead a person to realize they have more debt than they can handle.
Even though debt can feel overwhelming and it may seem as though a service such as a bankruptcy trustee is your only solution, there are ways you can save for retirement while paying off debt. There is no shame in getting credit counselling or debt consolidation help. But before you take that step, read a few tips that may help you get started saving for retirement.
When you have multiple debts, it can be difficult to prioritize how to pay them off. There are many choices, but if you make the wrong one, your debt snowball could turn into an avalanche.
It’s that time of year again! Income tax is due yet a surprising number of people can’t afford to pay the CRA the taxes they owe. Are you one of them? Do you not know which way to turn because you owe tax, have personal debts, or are maybe on the edge of bankruptcy?
Is it better to save towards a down payment on a home or to rent a home? While the easy answer is that a home you own is equity, there are many factors that go into such an important decision.
Student loans are a great way for many people to be able to afford to go to college. Once you are done with school and must begin paying off student loan debt, you may find yourself getting stressed out and struggling to make things work each month.
There is a good reason that credit cards have become so popular among Canadians over the years: the sheer convenience of not needing to carry cash, as well as not needing to pay upfront, is obvious advantages. However, the rise of subsequent credit card debt for credit card holders is a clear indication that this method of payment can be easily abused.
Most people know that bankruptcy should not be entered into lightly. But that notion is particularly true if you find yourself facing this fate for a potential second time. To further deter people from revisiting bankruptcy, the Canadian government implemented stricter discharging durations for those who file more than once. Although not ideal, this option is available to individuals who continue to struggle with debt after their first bankruptcy in Brockville, Kingston, Ottawa or Pembroke.
Although many people today are shunning credit cards altogether, it is important rather to establish a good balance between using them often enough and responsibly to secure a good credit rating that will help you when you want to purchase a home or a car, but not too often or too heavily as to acquire debt or negatively impact your credit rating. Read more for simple money management tips and solutions!
Becoming too ill or injured to work is difficult enough, but mounting debt as you are not earning your regular income can add extra stress to your life. Long term disability only provides a percentage of your salary, while your expenses often remain the same. Unless you are particularly cautious with money and knowledgeable about how to cut back, financial matters can become significant.
Although having elderly parents alive usually feels like a blessing, helping them handle financial matters can be stressful for both of you. The emotional side of dealing with aging parents can be taxing enough, but many children also often feel obliged to take on their finances. That means helping ensure they are making responsible choices by not exceeding what they can afford to spend each month.
Retirement is a relatively new concept, introduced in the last century and likely to balance the modern economy when life expectancy grew and people were living much longer than they ever had before. Today, this lifestyle is highly sought after and idealized but, without the appropriate savings, not working can prove to be financially challenging for many seniors across Ontario.
Over the last several years, identity thieves have been stealing personal information from a growing number unsuspecting people to make credit card purchases, obtain fraudulent bank loans, apply for fake passports, and more. The problem has become a significant one in the country with over 40,000 consumer complaints to the Canadian Anti-Fraud Centre in 2014 and millions of dollars stolen by criminals. It is crucial to address any suspicious activity early and consult the helpful advice of a licensed insolvency trustee in Kingston if you’ve been impacted.
Individuals facing financial hardship can take steps to improve their situations by developing smart habits like budgeting their money on a monthly basis. By creating a spreadsheet file on your computer or simply keeping a written notebook, debtors can keep track of their income after taxes and determine how much they can afford to spend each month. This includes sorting out all required expenses, such as insurance, utilities, car loans and rental or mortgage payments, as well as clothing, food and entertainment purchases.
One of the most significant reasons why people may find themselves in debt is due to overspending. Maybe you are unsure how to put together a proper budget for your expenses, or you have a hard time reigning in your spending on “nice to haves”. Our team at D. & A. MacLeod Company Ltd. offers credit counselling for consumers in Brockville, Kingston, Ottawa and surrounding areas. Using our home budget calculator, you can also put together a solution to understand just how much discretionary income you have left each month.