November 30, 2012

Now that Black Friday, Cyber Monday and Giving Tuesday has past, is there any money left for a budget?

Oh oh. I think it’s supposed to be the other way around. Aren’t we supposed to organize a budget first before we spend money?

To answer the very first question, it’s never too late for a budget. A budget always tells the truth – or at least it will get us thinking about what we are doing with our money. But this is often the rub. We are scared about the truth. We don’t really want to know how much everything costs. We close our eyes, plug our noses and whisper to the glistening Christmas stars, “Give me a break. It’s Christmas. It’s time to feel good. It’s time to give. Remember, it’s in the giving that brings us happiness. I’ll worry about the bills later.”

We look at the real cost of payday loans - how they compare to the cost of other forms of credit, both in the short term and long term, as well as compare the varying cost across Canada. We also look at some intersting stats which reflect on the payday loan cycle, in this eye-opening infographic and blog article. If you are struggling to repay a payday loan, or are trapped in a payday loan cycle, contact SolutionsTM for help with your payday loan debt today.

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%.

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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