Household Credit: Use at Your Own Risk
We see signs everywhere regarding Household Credit that say "Use at your own risk" to warn us of the dangers. These signs are a substitute for the real thing. They…
We see signs everywhere regarding Household Credit that say "Use at your own risk" to warn us of the dangers. These signs are a substitute for the real thing. They…
We get a lot of great debt questions from our readers. In this post we’re going to share some of the best and most common debt questions we receive, along with our answers, so read on to find out what everyone wants to know!
Jun 4, 2013
33 percent of Canadians are Broke!
My eyes opened up wide when I heard on the Lang O’Leary show yesterday that 33% of all Canadians are living from pay cheque to pay cheque according to a survey conducted by the Certified General Accountants Association of Canada. I say that living from pay cheque to paycheque is a loud resounding danger signal that you are either broke or short of money – and probably have maxed out your credit lines and credit cards.
February 19, 2013
When I start a DMP, can I keep my car? Yes.
In order to qualify for our special Debt Management Program (DMP) there is no obligation to sell your car. Unlike bankruptcy, you are not required to forfeit your non-exempt assets in order to consolidate your debts.
Can I put my car loan on the program? Maybe.
If you have an auto loan and you still own that vehicle, it is considered a secured debt and cannot be added to a DMP. Only unsecured debts qualify for debt consolidation. However, if you no longer possess the vehicle, or the value of the vehicle is so low compared to the amount owing on the loan, then the auto loan may be actually unsecured and it is possible to be added to your debt repayment program.
What It All Means Coming to terms with insolvency is emotionally draining for people and the stress can be overwhelming. Constant calls from creditors/debt collectors at home and even at…
At Credit Solutions, we provide 100% confidential, unbiased credit counselling based on trust, respect and integrity. Our qualified Credit Education Specialists™ are fully trained, Government licensed, bonded and insured for your protection. We provide customized services to consumers and corporations in Canada.