August 26, 2014

By Margaret H. Johnson

I’ve known about fake credit counsellors for a long time, and I hate to admit it, they are everywhere.

Some collection agencies have adopted the label of credit counsellor to make their collection activity sound and look less threatening. However, at the end of the day, their duty, their contractual duty, (contractual because they have been hired by the creditor to collect their debt) has been always to the creditor, not the debtor.

August 19, 2014

By Margaret H. Johnson

What is debt insurance? Debt insurance is never called debt insurance, it’s called mortgage insurance, balance protection insurance, and other names. Essentially this insurance is to pay back your creditors in the event of your death or life-threatening injury or illness, depending on the specific coverage. Debt insurance has more benefit for your creditors than it does for you, and here’s why: it’s expensive, the monthly premiums do not go down although the coverage does as the debt decreases over time, and it pays only that creditor for that specific debt. Of course it benefits you too if that is your only insurance option, but it isn’t.

August 12, 2014

By Margaret H. Johnson

Many times when thinking about our budget, and how much we have left-over for spending on our wants, we forget about the irregular expenses or unexpected costs that pop up. That is why having a detailed budget (with an appropriately sized miscellaneous category) along with an emergency savings fund is essential to keeping us out of debt. Let’s review some of the commonly forgotten costs that can lead to financial hot water:

August 5, 2014

By Margaret H. Johsnson

Double doubles, donuts and debt make for a nice breakfast, no?

CIBC and Tim Hortons have partnered up to offer the new CIBC Tim Hortons Double Double Visa Card. This fancy new credit card has some flashy features - it is both a Visa card to use anywhere Visa is accepted and a Tim Hortons card to redeem towards coffee, donuts and more. And the novel feature is that is has buttons on the card that you push to change between the two types of cards. But wait, there’s more! If the buttons haven’t sold you already, you may be persuaded to get this card for the rewards offer: earn 1% in Tim Cash on all Visa purchases, which is immediately loaded onto the Double Double Tim Card.

Now I’m sure thousands of Canadian Tim’s lovers will be rushing out to get this card, but I suggest a bit of caution before jumping into a new credit card. Ask yourself these questions before filling out the credit application:

July 29, 2014

By Margaret H. Johnson

Does anyone remember the 5 year plans from the old socialist USSR? The west used to mock these 5 year plans with great glee for lacking the most important principle to a thriving economy – namely - competition. Supply and demand was the ultimate standard for comparison between communist countries and western democracies. Supply and demand only functioned well in a free market that allowed prices (and profits) to be subjected to the power of choice (by the public.) If you produced a good product and the public liked it, then this would create demand. Prices would partly be determined by how many people liked the product (demand) and how much of the product was available (supply).

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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