November 4, 2014

By Margaret H. Johnson

Throughout my career, I have seen a lot of clients go through a range of emotions relating to debt repayment. Obviously, at first, clients are ‘gung ho’ to get their debt paid off – excited, anxious, motivated. They have many questions relating to the process of debt repayment and how being on a debt management program will impact their lives. Usually clients expect big changes to happen quickly and the turnaround to be immediate.

As the debt repayment program continues on (with a maximum length of 60 months, or 5 years, unless there are student loans involved), clients usually settle into a steady momentum of payments every month.  They get used to the money being allocated to their debt and reconfigure their budgets accordingly.  Months, then years, go by.

What happens in the interim? Sometimes, unfortunately, people experience debt fatigue during the debt repayment process. What is debt fatigue and how can you manage it?

October 28, 2014

By Margaret H. Johnson

Recently a new casino (aka ‘gaming facility’) opened up in my area. Since it’s opening, new payday lending stores have been popping up all around the vicinity. Coincidence? I think not.

Payday loans provide the quick cash that fuels a gambling addiction. When the gambler is losing, they can simply head next door to the payday lender, get some instant cash, and head back to the casino to win back their loan and the rest of the money lost, right?

October 21, 2014

By Margaret H. Johnson

The great mortgage mystique is back in the headlines full of pros and cons, simple renewal forms and a set of dice to toss in the air – do you want to lock in or not?

One consistent theme has emerged: Do not blindly sign your mortgage renewal.

October 14, 2014

By Margaret H. Johnson

When you are borrowing money from a financial institution a common question is, “Would you like insurance protection?” For a monthly fee you can purchase ‘peace of mind’ – in the event of illness, job loss, or an accident, your loan/credit card payments may be paid on your behalf through the insurance company. Is it really that simple? 

The short answer is: it’s never really that simple.

October 7, 2014

By Margaret H. Johnson

With Thanksgiving right around the corner, many of us are looking forward to a nice turkey dinner with family or friends. We take time out from our busy lives and money worries to relax and enjoy a meal.

But if you are suffering from debt this Thanksgiving, use this time to do a helpful de-stressing exercise: be thankful for all that you have, and give what you can to those with less. Though you may feel there’s not much to be thankful for, and that you couldn’t possibly give anything to help someone else, I assure you there is.

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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