November 28, 2012

What do seniors need to know to be financially literate? This is an excellent question, not just for the financial literacy month of November, but one that the BC Centre for Elder Advocacy and Support and the Canadian Centre on Elder Law tried to answer in their detailed publication entitled Financial Literacy 101.

Debt Management Program versus Bankruptcy - what's the difference? Which is better? Compare the details, the lifestyle and the result with this infographic.

November 20, 2012

Good or Bad News?

Scotia bank reported recently that 40% of a particular client group were cashing in their RRSP’s early to take advantage of the Home Buyer Plan.

Good News. This really isn’t actually cashing in the RRSP because you can withdraw up to $25,000. in a calendar year and not pay tax on the funds if you buy a qualifying home. You then have 15 years to repay the money back into your RRSP (unusually 1/15th every year.) The Home Buyer’s Plan is an excellent way for people, especially
young people, to buy a home.

Bad News? More and more experts are vocalizing their discontent with the new mortgage rules passed by the federal government in July 2012 which reduced the amortization period to 25 years for high ratio mortgages and reduced the home equity amounts from 85% of the property’s value to 80%.

October 30, 2012

Every now and then the student loan issue pops up out of a deep silence, wags its tail, angers anyone who should dare criticize the government’s student loan program and then vanishes out of sight until the next time.

The topic of student loans is like religion or politics. You have believers and non-believers. Some believe that post secondary education should be free. Some believe that government can’t afford such a luxury. All it can do is lend money – to help the poor whose families can’t front the bill for college or university – and the poor should be grateful for the loans.

October 26, 2012

The Globe and Mail today commented on a study conducted by the Canadian University Survey Consortium of more than 15,000 Canadian university students completing their undergraduate programs that found almost nine out of 10 students had one credit card - and that 26 per cent have two or more cards.

Very interesting. Regardless of the many questions that such studies bring like, how do you get access to the student’s personal banking information (do you ask them?), students have and use credit cards, presumably like everyone else. The study doesn’t tell us what students use the credit cards for or how high the balances are or the interest rates they pay.

Rob Carrick in the above article goes on to blame the invasion of credit cards onto university campuses on bank advertising and our consumption-driven economy. Hum.

Remember, if you are experiencing financial difficulties do not wait. Call Solutions Credit Counselling at 1(877)588-9491 or fill out our Debt Consolidation Questionnaire and get your Free Credit Counselling Advice today.

For more information visit Debt Canada - your Canadian credit education centre.

If you are a woman in debt, speak with Women and Money first. We specialize in helping women with their personal and business financeMoney management advice you can count on!

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