#1: Choose someone who is knowledgeable and experienced. If you have debt, you’re probably already familiar with the industry. You may have heard of companies that offer debt relief services, but you don’t know which ones to trust. Look for a company that has been in business for several years, has a good reputation, and can provide references from satisfied customers. You want to be confident that the person who is helping you will know what he or she is doing when it comes to your personal situation.

#2: Choose someone who is trustworthy. It’s important to find an organization that encourages good communication between clients, including regular updates on progress toward achieving financial freedom through consumer proposals or other solutions offered by the agency..

#3: Choose someone who is affordable. You want to find a debt relief organization that offers reasonable rates and fees, as well as flexibility in payment plans. Keep in mind that most reputable companies also offer free consultations so you can learn more about their services and whether they are right for your needs before entering into a business relationship with them.

#4: Choose someone who is responsive. You need to be confident that your debt help organization will respond quickly and thoroughly to any requests from you or other clients. If they don’t, then it might not be worth using their services at all.

#5: Choose someone who is available. Find out when the company’s employees usually work during regular business hours so that if something comes up that needs immediate attention, you can call them without having to wait for a response.

#6: Choose someone who is professional. Look for a company with a good reputation among previous clients and in the industry as well. You should be confident that your debt help organization will act professionally and ethically when dealing with creditors, banks or other financial institutions on your behalf.

#7: Choose someone who is friendly. Find an agency that provides excellent customer service from start to finish.

Rising interest rates are a concern for many Canadians. Although the current low-interest environment has allowed many Canadians to take on debt and build up assets, you must be aware of the potential downsides. Rising interest rates could jeopardize your finances if you’re a homeowner with a mortgage or an investment property with a HELOC. If you have debts with variable interest rates (such as lines of credit), higher borrowing costs could lead to higher payments and less cash flow. Even those who don’t carry any debt should keep an eye on the trend when planning their budgets – because even if you can pay off your loans early or refinance them at lower rates later down the road, being prepared will help keep more money in your pocket over time.

Rising interest rates can have dramatic effects on household budgets.

A good percentage of Canadians have mortgages. As you might expect, rising interest rates affect mortgage payments. This can mean monthly costs for homeowners, who may also face higher property taxes and utilities. Rising interest rates also affect other types of debt, such as car loans and lines of credit (LOC), which are often used to finance big-ticket items like cars or renovations on a home.

How do rising interest rates further impact the family budget? But, first, let’s look at how they can affect household cash flow and wealth:

Cash flow: When interest rates rise, it becomes more expensive to borrow money for all sorts of purposes—mostly because lenders will charge more for the privilege of lending out their funds at higher rates than before; this means that borrowers must pay back more over time to compensate them for taking on additional risk.* Wealth: If you’re saving money in an investment portfolio instead of paying down debt—known as “financial repression”—you’ll see greater returns when borrowing costs rise.*

Household cash flow is not keeping pace with debt.

If you’re a homeowner, one of the best ways to prepare for interest rate hikes is to ensure your household cash flow keeps pace with debt. Over the past few years, low-interest rates have encouraged Canadians to carry more debt than ever. Unfortunately, however, many people aren’t saving enough money to pay off their debts when rates go up in the future. As a result, debt balances are increasing faster than income—which means it’s becoming harder for borrowers to pay back what they owe on their loans without taking on even more debt!

Cash-flow vs. Debt-Flow

A good rule of thumb for managing your finances is that if there’s no money coming into your account each month after paying bills and expenses (such as rent), you shouldn’t be spending any money (or going into further debt). Many Canadians have ignored this simple principle over the past decade because they’ve been able to keep up with their payments through low-cost borrowing options like payday loans or high-interest credit cards instead of saving up enough cash flow beforehand through budgeting efforts such as cutting down expenses or increasing income streams through side hustles such as starting an online business at home (eBay selling/Amazon FBA).

Higher interest rates may force house sales.

Suppose you’re one of the many Canadians who have taken advantage of low-interest rates to buy a house. In that case, it’s essential to understand how higher rates might impact your financial situation.

If rates go up, your monthly payments could also increase. To make sure you can afford these costs, it’s essential to set aside enough monthly money. If you don’t have enough savings or investments, consider using some of your home equity as a backstop against rising mortgage payments.

If increases in your income or assets can’t offset higher borrowing costs, they may force some homeowners into selling their homes and renting instead—and we could see a spike in Canadian real estate prices!

Rising rates and wealth effect.

When it comes to interest rate hikes, a few key factors impact the “wealth effect”—the change in consumer spending as a result of changes in the value of their assets. First, the wealth effect is strongest for people who have a lot of their wealth tied up in their homes: if interest rates go down, they can refinance at a lower rate and spend less on mortgage payments; if rates go up, they may be able to take equity out of their home and use it for other purposes.

The wealth effect will also be affected by what type of investments Canadians choose to make with any extra cash after paying down debts (or taking out more debt). If you invest your money conservatively (e.g., deposits), then rising interest rates will not affect how much you spend overall because the amount you get from deposits won’t change much over time either. On the other hand, if you invest aggressively (e

What should we do?

Here are some tips to help you plan for interest rate hikes:

Understand your financial situation. Take a good look at your current debt, and make sure that the most important things (like rent and food) are covered before making any rash decisions. Then, look at your income and expenses to accurately budget for a potential rise in interest rates.
Ask yourself whether or not you’re ready for higher interest rates. If not, start making changes now! It’s never too early to start planning for the future.

Conclusion

The best way to prepare is by budgeting for higher costs and investing in financial literacy. This way, you will be prepared when it comes time to make decisions about your household finances.

The debt snowball method is a simple way to pay off your debts. Instead of tackling them all at once, you focus on paying off the smallest debt first. Then, when that’s paid off, you move to the next-smallest debt and so on until all your debts are gone. It’s an easy way to revitalize your finances because it gives you a sense of accomplishment right away—you’ll see progress right away rather than staring at a $10,000 balance on your credit card statement feeling hopeless and overwhelmed.

Debt Snowball

The Debt Snowball method is a proven way to eliminate debt. The principle behind this approach is simple: the faster you pay off your debts, the less you will owe overall. By focusing on paying off your smallest debt first and then moving onto the next one, you can quickly start seeing results.

The Debt Snowball method also works because it allows you to build momentum as you progress through your goals. Once you’ve paid off your first (or second) loan, it becomes easier to imagine that other loans will be eliminated in due time as well—and this makes it easier for us humans to maintain our motivation and keep going!

The debt snowball is the most popular and effective way of paying off your debt. It involves paying down debts in order of smallest to largest, focusing on one at a time.

The method works because it saves you from wasting time on the highest interest rate loan, allowing you to pay more towards it every month and get out from under its burden sooner. The logic behind this method is pretty simple: if your goal is to pay off all of your debts in order of smallest balances first, then sit back and enjoy life as a debt-free individual!

Eliminate debt

The first step to getting out of debt is to list all your debts in order of size. If you have a credit card balance, a student loan balance and a car loan, start by making minimum payments on all three accounts except for the smallest one. Once this account is paid off (or almost paid off), put all the money that was going toward that account toward your next smallest debt, until you’ve eliminated all but your final one.

At this point, it’s time to focus on one remaining debt at a time while making bigger payments than just the minimums. Your goal should be to pay each debt down as quickly as possible—and then start over again!

Pay off Debt

Once you have your debt snowball ready, it’s time to start paying off your debt.

There are a few different ways to pay off debt (like the debt avalanche and debt snowball), but we recommend using the debt snowball method. It’s also called the “snowball effect” because it starts with small debts that are easier to pay off and builds momentum by adding larger debts into the mix. With this approach, you’ll eliminate all of your debts sooner than if you just paid off one at a time in any order or didn’t use any strategies at all!

Here are some tips on how to pay off your debts faster:

Debt Plan

Set up a debt payment plan.
Set up a budget, including all of your expenses and income.
Make a plan to increase your income, if possible – for example, by getting a second job or starting a side hustle (or both).
Make a plan to decrease your expenses, if possible – for example, by canceling subscriptions that aren’t providing enough value in exchange for the cost or shopping around for lower-priced options (like cable television).
Make a plan to increase savings by setting aside some money every month in an emergency fund or retirement account so you don’t have to take out additional debt later on when there might not be any other options available (for example: when you have no more credit left).

The debt snowball method will help you eliminate your debt faster.

The debt snowball method is a debt elimination method. It’s a debt reduction plan and a debt management strategy, too.

If you use the snowball approach to eliminating the debts on your list, you’ll get to see progress much faster than if you were trying to pay off all of them at once. You’ll be able to check something off your list with each payment made towards one of your debts, which will help keep motivation high and lead to more success in paying off all of your outstanding bills.

Conclusion

If you’re planning to pay off debt, the Debt Snowball method could very well be your best option. The debt snowball method is a tried and true way to get out of debt quickly. We’ve learned throughout this article that there are many different ways in which people approach their finances, but one thing that’s always going to remain constant is that everyone has money problems at some point in time or another. Using Dave Ramsey’s Debt Snowball Method will help you eliminate your debts faster than ever before because this strategy focuses on paying off what seems like smaller amounts at first but eventually becomes larger payments towards your debt balance as time goes on

Getting out of debt can feel like an impossible task. But it’s not. With the right information, guidance, and support, you can get out of debt faster than you think. The trick is knowing where to start. You might be surprised to learn that debt isn’t always bad—in fact, it can be helpful when used correctly. You just need to make sure that your debts are manageable and affordable so they don’t keep piling up on top of each other like a house of cards ready to collapse at any moment (which happens more often than you’d think). In this guide we’ll walk through what getting into debt looks like and how you can use these tips to get back on track with your finances!

When you’re in debt, it can feel like you’re never going to get out.

When you’re in debt, it can feel like you’re never going to get out. You might have the same thought I did: “I’ll never be able to pay off all this debt. I will always have debt.” The stress of living like this is intense, and as a result, so is the sense of being trapped—a feeling that’s only exacerbated by financial challenges such as low or unstable income and unemployment.

If your debt is causing stress and negatively affecting your life in other ways (for example, by limiting what you can do), then something has to change. Here are some ways to help:

Get back on track with budgeting
Start saving for the future

Your debt-to-income ratio will tell you how much of your income goes toward paying off your debts.

Your debt-to-income ratio is a way to measure your financial health. It’s the percentage of your income that goes toward paying off all of your debts. The debt-to-income ratio is calculated by dividing a list of outstanding debts by total household income. For example, if you have $20,000 in credit card debt—and annual household income is $50,000—your debt-to-income ratio would be 40 percent (20 / 50).

The higher the number on this scale, the more at risk you are for experiencing financial trouble down the road. If your ratio is too high (e.g., above 40 percent), it may mean that you can’t afford to take on any new loans or repay existing ones without getting deeper into trouble with debt collectors and creditors who want their money back immediately!

Understand the way that debt works and how it fits into your life.

The first step toward getting yourself out of debt is to understand how debt works in your life. Debt isn’t a bad thing, and it doesn’t always have to be bad for you. It can actually be a great tool for optimizing your finances and helping you achieve the things that are important to you. For example, if buying a house is something you want in the next few years, taking on some mortgage debt could be an excellent way to get there faster—assuming that the value of what’s being purchased outweighs the cost of borrowing money at interest rates higher than those available through other investments.

However, there are times when taking on too much debt isn’t wise at all; this usually happens when people don’t understand or respect their own limitations with regard to paying off loans over time (e.g., credit card balances). If this sounds like something that describes your own situation right now then please keep reading!

Know what happens if you don’t pay your bills on time.

You may think that if you skip a payment or two, it won’t matter. But if you don’t pay your bills on time, there are consequences. You could lose your credit score and find it hard to get loans in the future. Your creditor can also sue you for payment and send the case to collections if they decide not to pursue legal action themselves. These actions can make it difficult for you to get approved for new credit cards or loans in the future because they’ll lower your credit score even further.

There are many options for paying off debt and saving money, but not all of them work for everyone.

There are many options for paying off debt and saving money, but not all of them work for everyone. You can pay off debt in a variety of ways, including:

paying off your credit card with another credit card
using a cash back rewards credit card to save money on everyday purchases like groceries
taking out a personal loan or line of credit to pay down your debt faster (but this can be risky if you’re carrying too much debt)

If you need help deciding how you want to pay your debts, consider getting advice from an expert at CCDR.

If you’re struggling with debt, try these tips.

If you’re in trouble with your debt load, try these tips:

Pay off the debt with the lowest balance first and roll that payment toward the next largest the following month.
Make a budget and stick to it. If you don’t know where your money is going, you might be surprised by how much of it is going toward unnecessary spending—like those daily coffee runs or weekly happy hour outings that seem harmless but really add up over time.

With enough knowledge and support, getting out of debt can be less scary than it seems at first.

If you’re feeling overwhelmed by the idea of getting out of debt, don’t worry. With enough knowledge and support, getting out of debt can be less scary than it seems at first.

You can do it yourself: If you have a basic understanding of how to manage money and create a budget, then self-management might be an option for your situation.
You can get help from a professional at CCDR: A professional can help set up an action plan and provide guidance along the way as well as assist with difficult decisions or unexpected challenges along the way. While this type of assistance is often more expensive than self-help options, having someone else involved who understands what needs to happen may feel more reassuring during times when things seem overwhelming (and they will!).

Getting out of debt is a tough process, but it’s also a rewarding one. If you’ve managed to get this far and read this article about the best ways to save money and pay off debt, then you’re already taking steps toward your financial goals. The next step is simple: follow our advice! Keep in mind that there are many different approaches to spending less and saving more—whether it’s cutting down on eating out or finding creative ways around paying bills late. No matter what method works best for you personally, keep working towards those goals until they become habits instead of just resolutions by using our tips above as guidance along the way!

If you’re getting a divorce in Canada, you have to divide your assets. This is more difficult than it sounds because there are many factors to consider. This guide will help you learn how to separate property and debts in a way that’s fair for both parties involved.

Who owns what.

The division of assets in a divorce will depend on the type of asset. Some types of assets are considered “family assets” and must be divided equally between you and your spouse, while others (such as gifts) are excluded from the division process.

Family assets include:

Money and investments
Property (houses, land)
Cars, boats and other vehicles

Do you need a lawyer?

If you are married and contemplating divorce, chances are you will need a lawyer to help with the divorce process. While there are self-represented litigants that can handle their own divorce, it is advisable to retain a lawyer as they will be able to navigate the difficult waters of family law. If you cannot afford a lawyer, speak with Legal Aid.

If you are not married but living together in a common-law relationship and considering separating from your partner, then it is advisable that both parties get legal advice from an experienced family law practitioner before making any decisions about how assets should be divided between them. The courts recognize that property rights exist for unmarried couples whose cohabitation has lasted for two years or longer (or if one party has provided caregiving services to children of their partner during this period). However, it may not always be easy for these couples to reach an agreement on dividing up things like pensions and RRSPs without outside help from lawyers who specialize in this area – so again: talk with someone who knows what they’re doing!

Who is responsible for the debts?

If you are the person who has to pay off the debt, you will be held responsible for it. In most cases, this means that you will be paying the debt until it is paid off in full (or until it is sold and paid off).

However, if at some point during the divorce process a court rules that your spouse should have been paying for the debts in question but was not doing so, then it may be possible for your spouse to claim any outstanding payments on those debts as income tax deductions.

How to divide assets.

The division of assets and debts is one of the most important parts of a divorce. It can be difficult to know what to do, especially if you have trouble making decisions on your own. The first step is to separate your assets from your spouse’s. Your lawyer can help with this task, but it will be up to you to decide which items stay with one partner and which belong exclusively with the other.

The next step is determining what should be considered part of both partners’ property during a divorce settlement process. Once again, these are matters best left in the hands of professional legal counsel; however, there are some general guidelines that may apply:

All assets owned before marriage or acquired during marriage by gift or inheritance (including trust funds) should not be split between partners; they remain entirely under ownership by whoever owns them before or after separation occurs
All debts incurred prior to separation remain under obligation unless otherwise agreed upon in advance by both parties involved
Any remaining shared debt must then be divided equally between each party based on their respective incomes from past tax returns

Divorce is a difficult time, and having a divorce lawyer can make it easier.

Divorce is a difficult time, and having a divorce lawyers can make it easier. Divorce lawyers can help you get a fair settlement, division of assets, division of debts, and division of support payments. A good divorce lawyer will help ensure that all parties are treated fairly throughout the process.

Divorce is never easy for anyone involved. It’s important to stay informed about your rights as well as the laws surrounding divorce in Canada so that you can make informed decisions about how your finances should be handled during this difficult time in your life.

Conclusion

Divorce can be a difficult experience, but it doesn’t have to be. With the right lawyer on your side and a good understanding of the process, you could end up much better off than your ex-spouse. This is why we suggest that every person who is going through a divorce should get legal advice.

Staying out of debt in Canada can be difficult. The credit card companies and other lenders have made it all too easy to get into the red. You may think that it is impossible to get ahead while avoiding debt traps, but there are ways to do so.

Get a copy of your credit report and make sure it is accurate.

Get a copy of your credit report. Click Here
Check for errors and make sure the information is correct. If it’s not, contact the credit reporting agency to get it fixed.

Keep track of your spending.

Keep track of your spending.
Know what you’re spending and where you are spending it.
Use a spreadsheet or budgeting software to keep track of all your expenses, especially those that are recurring (such as rent).
Place receipts in a folder for easy reference later on if the need arises, such as an audit or tax season.

Set up a budget and stick to it

The first step to staying out of debt is to set up a budget. A budget is a plan for your money, which will help you keep track of where it’s going and get an idea of how much money you have left over at the end of the month. You can use online tools like Mint.com or Quicken.com to create your own personal budgets, or download them from the Internet for free in Excel format.

Once you’ve created a budget and added all your expenses into it, stick to it! Instead of buying things on impulse, put aside some cash each week so that when payday comes around again (after all bills are paid), there’ll be enough left over for some fun stuff without having to borrow or charge more than planned for until next pay cheque rolls around again.”

Pay down your debts. It will build your credit rating and relieve stress.

The most important thing to do when you’re in debt is to get out of it as quickly as possible. You can do this by paying off the smallest debt first and then working on the next one. If you have multiple debts, try to pay more than the minimum payment each month so that your debts are paid off faster and you have less interest charged on them.

If your credit score is an issue for getting a mortgage or home equity line of credit, it might be worth paying off some of your smaller debts before making any large purchases like a car or house. This will not only improve your credit rating but also save money in interest charges over time. However, don’t use credit cards to pay off other credit cards because this will just lead to more debt!

Consolidate all your debt into one loan with a lower interest rate, if possible.

This is the best way to get out of debt quickly and easily. Consolidating your debts means taking all of your different debts, like credit card bills and car loans, and combining them into one new loan. You’ll have one monthly payment instead of several smaller ones that are spread out over time, making it easier to budget each month. If you can consolidate all the debts into a lower-interest rate loan (usually from three percent to six percent), then this is what you should do first before doing anything else.

To find out whether or not consolidating will save you money on interest payments, go online and run some numbers for yourself using an online calculator like this one: Loan Calculator

If you have bad credit, consider a secured credit card to help rebuild your credit rating.

A secured credit card can help you rebuild your credit rating if you have bad or no credit history. You will apply for a secured card and make a deposit, which becomes your credit limit. The amount you deposit determines your interest rate and whether or not you will be approved for the card. If approved, payments are deposited directly into an account that is held by the bank until it’s paid off in full, so there are no surprises with interest or fees at renewal time.

Pros: A secure card can help establish a track record of paying bills on time and show lenders that they should consider offering regular unsecured loans in future when they see how capable YOU are at managing money responsibly.

Cons: Secured cards have higher than average interest rates compared to unsecured ones due to their riskier nature; however this may be justified if using them allows consumers access to more affordable loans down the road (especially those with low incomes). Get a Secured Credit Card

Applying for new credit cards may lower your rating, so stick with what you have.

Applying for new credit cards can lower your credit rating, so it’s best not to apply for one if you already have a lot of debt. If you do decide to apply, make sure that you are able to pay off whatever balance is on the card before the interest kicks in.

You should also keep in mind that while they can be useful tools, they can also be dangerous if misused. If you have no reason at all (like paying off medical bills or tuition), then it would probably be best not to get one right now. The same thing goes with borrowing money through a payday loan company : if there’s no need for such an expense then don’t take out a loan!

Get help from an accredited debt help agency like Canadian Customer Debt Relief. Their counsellors are trained to help you find the best solution for you, no matter where you live in Canada.

CCDR can help:

Understand your current financial situation
Figure out how much money is coming in and going out each month
Understand which debts are causing problems for you (credit cards? student loans? car payments?)
Create a plan that lets you pay off all or some of your debts over time

Conclusion

Debt can be a burden that holds you back from the life you want. It can also lead to stress and anxiety. The good news is that there are steps you can take to get out of debt and start saving money for the things you really want.

Introduction

When you get a credit card, you will be given the option of paying the minimum payment or a higher amount. You may not realize that if you pay just 2 percent of the balance owed each month, it could cost you hundreds or thousands of dollars more in interest than if you paid more than just the minimum amount. In this article, we’ll explain why paying more than just your minimum payment is better for your wallet and how to do it effectively so that you can save money!

Your minimum payment does not always have to be 2% of your balance.

The minimum payment is the amount you must pay on your credit card if you want to be considered in good standing with the company. It is not always the best way to pay off your debt, and it does not reduce your principle balance.

If you want to pay off your debt faster and save money in interest charges, consider paying more than this amount. For example, if you have a $2000 balance on a credit card with an 18% interest rate and you make only the minimum payment each month ($100), it would take over 2 years to get out of debt! If instead you paid $1000 per month (equivalent to 24% of the balance), then it would only take about 2 months.

You pay more interest if you just pay the minimum each month.

When it comes to paying off your credit card balance, it’s tempting to just pay the minimum amount due each month, but that’s not a good idea. Why? Because minimum payments are calculated based on your interest rate—the higher your rate is, the higher your minimum payment will be. And since most credit cards have variable rates (meaning they’re tied to an index or a prime rate), those rates tend to go up when inflation rises and fall when deflation takes hold of an economy. Plus, if you don’t make any regular payments against this debt over time—which is like running up new charges on top of old ones—you’ll end up paying even more in interest than originally planned because the longer this debt remains outstanding, the more money it costs you in total cost of ownership expenses like finance charges and other fees charged by financial institutions like banks and credit unions (like transaction fees).

Minimum payments do not reduce your principle balance.

We know that it can be tempting to just pay the minimum payment on your credit card each month, but doing so will not reduce your principle balance. The minimum payment is the minimum amount you have to pay each month as a percentage of your balance. This means it will never go down because most companies calculate their minimum payments as a percentage of interest owed, not principal balance.

Minimum payments extend the term of your debt.

The problem with minimum payments is that they only cover the interest, not the principal. This means you’re only paying interest on your credit card balance and not actually reducing it. In other words, you won’t be freeing yourself from debt any time soon. You’ll just be paying more in total than if you had paid more when monthly payments were due (which is why we recommend always paying at least double your minimum).

Balance transfers are not a good option for long term debt management.

When you consider a balance transfer, think about the following:

Balance transfers don’t reduce your principle balance. They do, however, lower your interest rate and monthly payments.
Balance transfers are not a good option for long term debt management. The debt will still be there after the introductory period has passed, and many consumers find that they have just created another problem to solve when their introductory period ends.
Debt consolidation is one of the most popular reasons people choose to use balance transfers on their credit cards in Canada

You can save hundreds to thousands of dollars by paying more than the minimum on your credit cards

If you’re a credit card user, there’s a chance that you have taken advantage of this interest-free period and are paying only the minimum monthly payment. But if you’re like most Canadians, there’s also a good chance that your credit card balance has remained constant since signing on for the card or getting approved for a line of credit.

If you’re currently doing nothing about your debt, consider these statistics:

The average 2 person household has $41,500 in debt on their credit cards and lines of credit.
The average Canadian household carries an average debt load equal to 1/3rd of their annual income (not including mortgages).
The average Canadian owes $300,000+ on their mortgage alone!

Conclusion

The bottom line is that you should always try to pay more than the minimum amount on your credit cards. You will save money and reduce the length of time that it takes to pay off your debts. If you can’t afford to pay more than 2% of your balance, then don’t do it! Instead consider using another strategy for paying off debts such as contacting a counselor at CCDR and get a free consultation.

If you’re in debt, the stakes are high. You need to take action and get out of debt as soon as possible. But if you are considering buying a lottery ticket or waiting for a windfall from your favorite store’s loyalty program, stop. In this article, we will look at how these quick and easy solutions to financial problems can backfire on Canadians who are trying to get out of debt.

Build a budget

The first step is to create a budget, which can be as simple or as complicated as you want. A basic outline of the steps:

Track your spending for a month or so and see where your money goes
Make a list of all the things you want to buy in the next year, and prioritize them by how they fit into your life goals—this will help you decide what kind of lifestyle adjustments are necessary
If possible, sell unused items on Craigslist/Kijiji/eBay/VarageSale and then use that money towards debt payoff or savings accounts until you’re ready for another splurge purchase (or until an exciting opportunity presents itself).

Check your spending

>*If you’re serious about getting out of debt and building wealth, it’s time to take a hard look at your spending. You can do this by using any one of these tools:

A budgeting app or spreadsheet. These are great for tracking all the various things you spend money on—and can help you set goals for reducing spending in particular areas, too.
A pen and paper (or even just a few lines on your spreadsheet). If a full-blown budget isn’t really your thing, try keeping track of just your “fixed” expenses like rent/mortgage, utilities and groceries with nothing more than an old-fashioned list. This will help keep things simple without taking away from their effectiveness as an accountability tool!

>When it comes down to it though there’s no right answer here; what matters most is finding something that works for YOU!

Pay down debt

Paying off debt is an important step towards financial freedom. If you’re like most people in Canada, the amount of debt you have is likely significant compared to your income. However, it’s important to remember that there are two types of debt: interest and principle. Interest is the money paid each month on top of what you owe; principle is the original amount borrowed—the part that should be paid off first if possible.

The first step in getting out of debt is understanding how much you’re paying in interest versus paying down your principle balance each month (if at all). For example, let’s say John Smith has $15,000 worth of credit card debt at 25% annual interest rates and makes monthly payments of $200 per month towards his credit cards (which covers both interest and principle). In this case, his monthly payment would only go towards paying down 1% ($200/15000) or 0.6% ($200/$1500) annually.

Don’t rack up new debt

Don’t buy anything you can’t afford
Don’t borrow money to pay off your debt
Don’t use credit cards
Don’t use a payday loan
Don’t use a cheque cashing service (also called check-cashing or check-cashing outlets)
Don’t use a home equity line of credit

The chances are very low that money from the lottery will help you get out of debt. It is more likely to damage your finances.

It’s probably not a good idea to plan on winning the lottery to get out of debt. The chances are very low that money from the lottery will help you get out of debt. It is more likely to damage your finances.

There are many reasons why this is so. First, there’s the fact that lotteries are a tax on people who don’t understand math. Second, they’re a tax on people who think they can beat odds that defy logic. Thirdly, they’re a tax on those who have given up hope and feel like playing the lottery – something psychologists call “desperation.” Lastly, casinos rely heavily upon suckers for their profits – and what better sucker than someone desperate enough to buy lottery tickets?

Conclusion

Keep in mind that winning the lottery is not a surefire way to get out of debt. There are many cases of lottery winners who end up right back where they started when it comes to planning for their future. As we’ve discussed here, there are some ways you can improve your chances of winning big and keeping your finances stable after doing so — but none of them involve getting into more debt!

Payday loans are a source of quick cash that many Canadians use to get through the month. They can be convenient when you need money, but they also come with high interest rates and fees which make it hard to pay off your debt if you take one out. If you’re considering getting involved in a payday loan, here are some things you should know before making that decision:

Make Payment Arrangements With Your Creditors

When you’re faced with a problem, the first thing to do is look at your options. If you don’t have cash to pay your bills, consider working out a payment plan with your creditors.

Get on their good side by paying any interest that is due (but not yet late), and any fees, late fees or collection fees that are due but not yet charged. This could help them see you as reliable enough to extend more lenient terms when it comes time for another loan in the future (or who knows—maybe they’ll forget about this one altogether).

If you still can’t afford a loan payment after all of that, it may be time to contact a payday lender as an absolute last resort.

Use Your Tax Return To Pay Down Your Debt

Use your tax return to pay down your debt

The first thing you should do is use your tax return to pay down your debt. As a general rule, we recommend that you do this on the highest interest rate loan first (i.e., the one with the most expensive interest rate). This way, you’re able to save money in interest charges and payments and are able to get out of debt faster!

Get a loan from a friend or family member

If using your tax return doesn’t work for some reason, consider getting a loan from friends or family members at an interest rate that isn’t as high as payday loans but still gives them some income for helping you out. We recommend checking with them first before going anywhere else because they may be willing to lend money without charging any fees at all! You can also try asking around through social media if anyone has any extra cash lying around instead of taking out an expensive loan just yet.

Use A Credit Card To Pay Down Your Debt

If you can’t get a loan from friends or family members, try using your credit card to pay down your debt. This may be the only option left for some people who don’t want to take out an expensive loan just yet because they don’t have any other way of paying it back before their next payday comes around.

There are a lot of things you can do to keep from getting involved in a payday loan.

If you’re thinking about getting a payday loan, then there are some things you should know about them. First of all, if your friend asks for money and tells you that they will pay it back next week with their paycheck, don’t lend them any cash. This is what most people do by mistake when using payday loans because they think they’ll be able to pay it back after receiving their next paycheck. The problem is that these loans usually have very high interest rates attached to them which means that the amount due will keep growing every month until it becomes unbearable and/or impossible to pay off without taking out another loan or selling something valuable (like your car).

Instead of borrowing money from friends or family members who may not be able to afford giving out cash right now (and who would rather see other people succeed), ask for help from a professional financial advisor at www.ccdr.ca who specializes in helping people with debt problems like yours!

Introduction

If you are receiving calls from a collection agency, it’s likely because you have an unpaid debt. Collection agencies must follow strict rules when collecting unpaid bills from individuals in Canada. The key to dealing with collection agencies is to know your rights and keep everything in writing.

DO ANSWER THE PHONE.

Never ignore a bill collector’s call. It may seem like the easiest way to deal with an annoying situation, but you can’t avoid bill collectors by ignoring them. They’ll keep calling until you answer and move on to another person in your life, such as your family or friends. Additionally, many collectors have ways of tracking down people who don’t want to be found (it’s not always legal), so it’s better not to take any chances.
Plan what you’ll say before you pick up the phone. Sometimes it helps to have a script prepared in advance so that when they ask why they haven’t received payment yet or what happened with their last check-in call, there won’t be a pause while you think about how best to respond; instead, there will only be time for them speak before answering questions yourself!

DON’T be coerced into making partial payments that you cannot afford.

Don’t be coerced into making partial payments that you cannot afford. If a collector is pressuring you to make a payment, they are trying to get you to pay more than what is fair.
Make sure that any payments made are affordable so that the debt will be settled within your means, rather than being added onto and continuing to grow as time passes (and interest accrues).

Feel free to ask the company to send you a breakdown of the amounts outstanding, including interest and penalties, if any.

If you’re having trouble paying a bill, it’s okay to ask the company for more information about what you owe. You can ask for an itemized breakdown of all charges and interest, if applicable. This way, you’ll know what exactly is going on with your debt and how much money is outstanding.

If there are additional charges that have been added to your bill (such as late or missed payment fees), these should also be included in the breakdown.

You may ask for a written notice of the debt and evidence that the creditor is the rightful owner of the debt.

You may ask for a written notice of the debt and evidence that the creditor is the rightful owner of the debt.
You should not pay a bill until you receive a written notice of the debt and evidence that the creditor is the rightful owner of the debt.

BE VERY CAREFUL and suspicious of any collection agency asking to “verify your personal information”.

You should be very careful and suspicious when a collection agency asks to “verify your personal information”, especially if they are asking for the following:

Your date of birth.
Your social insurance number.
Any other identification numbers (like driver’s license numbers).

These types of questions are frequently used by criminals to steal your identity. If this happens to you, contact the police immediately and report the situation to them as well as contact Equifax Canada immediately at 1-866 828-5961 or report it on their website at https://www.equifax.ca 1-800-465-7166. After making a language selection, say “fraud” or press 3

Do not offer personal identification information or make any payment until you are certain the agency is legitimate.

DO NOT:

give out personal information, including your address and phone number.
make any payments or authorize a payment to the agency without first verifying its legitimacy.
give out credit card or bank account information.

Many agencies are NOT willing to negotiate repayment plans that you can afford.

If you are in a situation where you are unable to pay back the full amount of your debt, there are options available to help you get on track. Many agencies are NOT willing to negotiate repayment plans that you can afford. However, some will work with their clients and may accept partial payments based on income or other factors.

The collection agency may be willing to negotiate repayment terms if they feel it is in their best interest or if they have been getting paid too little for too long (depending on how much time has passed). If this does not work out, then there may still be hope by contacting the creditor directly.

If speaking with the creditor doesn’t resolve things either, then it’s time for legal action! You should always seek legal advice before proceeding with any type of lawsuit against anyone or any entity because it could end up costing thousands more than originally expected just due solely to court costs alone without even considering lawyer fees yet!

You may prefer to propose a repayment plan in writing that you know you can afford and get them to agree in writing BEFORE you pay anything.

You may prefer to propose a repayment plan in writing that you know you can afford and get them to agree in writing BEFORE you pay anything. You can also request that they send proof of your debt, such as an invoice or statement, as this will help verify their claim. If they refuse to do so, it’s likely that they are not legitimate and should be ignored.

If you are not satisfied with their response, consider filing a complaint with your provincial regulator.

If you are not satisfied with the collector’s response and think that your consumer rights have been violated, consider filing a complaint with your provincial regulator. The provincial regulators are responsible for enforcing consumer protection laws in Canada and can investigate allegations of unfair practices and unlawful conduct on behalf of consumers. Many provincial regulators also provide information about how to file a complaint online or over the phone. For more information about how to file a complaint, visit the Office of the Privacy Commissioner website at https://www.priv.gc.ca/en/

Collection agencies must follow strict rules when collecting unpaid bills from individuals in Canada

Collection agencies must be registered with the government.
Collection agencies must follow certain rules when collecting unpaid bills from individuals in Canada.
Collection agencies must follow the laws of the province in which they are registered. For example, a collection agency based in Ontario must abide by all of Ontario’s consumer protection laws, including those that require collection agencies to provide written notice before contacting you (except where they have no choice but to contact you).

Conclusion

At the end of the day, if you want to deal with bill collectors in Canada, it’s best not to ignore them. The only way that an agency can legally collect money from you is by using their collection process and following the rules laid out by provincial regulators. In many cases, they will try whatever they can think of to get money from you, but ultimately this means that if they can’t reach an agreement on a payment plan then there isn’t much else left for them to do except give up trying to collect altogether or take legal action against you for repayment of all owed amounts plus interest and penalties.

For more information on how CCDR can help you reach out to us at 888-354-4706 from anywhere in Canada or visit us online at www.ccdr.ca