Tuesday, June 23, 2015
Recently, it has been reported that the number of households finding themselves sinking into debt has increased over the past few years. In a recent report from the McKinsey Global Institute, Canada was named as among the six countries with the worst debt problems in the world, but is the debt problem faced by most people nationwide really that bad? When seeking help from BC debt counselling services, here are some widespread myths that you need to stop believing in. Debt among Households is Skyrocketing While it’s true that more households are finding themselves slowly sinking into debt, this does not necessarily mean that the state of debt nationwide warrants for widespread concern. According to economist Sal Guatieri, this could’ve been true during the past two years, but now that Canadians are borrowing at the slowest pace within the decade, debt is now rising only slightly faster than income.
Sunday, June 21, 2015
Years ago, Canada had been known around the world as a nation of savers, in fact most Canadians have been able to stockpile at least 20 per cent of their annual income. Nowadays, however, more people are finding it hard to save, with more households finding themselves sinking into debt every day. On the other hand, debt relief in Canada can be achieved through different means, such as arming yourself with the proper knowledge of your choices. Debt Levels Twice of Annual After-Tax Income According to the new study from Statistics Canada, more than a third (or approximately 35 per cent) of families now have a debt-to-income ratio of 2.0 in 2012. In simple terms, the overall debt of these households is at least twice that of their annual after-tax income. This was a marked increase compared to 1999, when only 23 per cent of households had this debt-to-income ratio.
Friday, June 19, 2015
When you’re thousands of dollars in debt, it can be difficult to see the light at the end of the tunnel. However, it is possible to resolve debt issues via different approaches. Debt consolidation in Victoria, BC is one of these ways. This would be especially effective if you have multiple debts hanging over your head; many debts mean that there are multiple interest rates. If you manage to consolidate it into one loan, then you’ll only have to deal with one rate. This makes payment a lot easier. Get Your Credit Report Before consolidating your debt, the first thing that you should do is to ask for your credit report. You’ll need it for filing a debt consolidation loan. It needs to be as accurate as possible to ensure that your loan is approved, so make sure to check it thoroughly first for any discrepancies or questionable entries. Quite a few people have had their loans disqualified because of a mistake in the report. What you’re looking for are missing payments and debts.
Wednesday, June 17, 2015
When reading informative 4 Pillars reviews, you'll notice one of the general trends for people seeking to rebuild their credit is for them to request their credit report. This is an important first step because your credit report has all the data needed to calculate your credit score; if there are any mistakes on it, it will affect your score. A lot of credit reports have mistakes in them and every little bit helps when you're trying to climb out of the credit card debt hole. Another important thing that you can find out from reading your credit report is if there are any missed or pending payments. Your credit score is mainly based on your payment history so paying these off first should go a long way in raising your score.
Monday, June 15, 2015
Credit cards have long been touted as one of the hallmarks of consumer spending in a so-called “cashless society.” That emphasis on paying for goods with a simple swipe of a piece of plastic, however, may seem convenient any way you see it. Perhaps it is, until you see your monthly statement. At this point, efforts to settle arrears cannot be emphasised enough. Roma Luciw’s report for The Globe and Mail dated March 3, 2015 revealed that consumers in Canada are now saddled with more debts, with the recent oil shock compounding the problem even further. When the debts from your cards are steadily reducing your financial options, it’s time to undergo debt counselling sessions with the help of professionals such as 4Pillars consultant Blair Greenwood.
Saturday, June 13, 2015
You have to remember that debt management plans will work only if you’re dealing with commercial lenders, such as banks and large financial companies, and you can promise that you’ll be able to settle the required payments as laid out in the agreement. If you feel that you’re sinking in debt, mainly due to rising interest rates, debt management plan or an informal proposal is definitely a good idea. Finally, for effective debt relief in Canada, you’ll have to entrust the drafting and repayment of your debts through an informal proposal or a debt management plan with the guidance of a reliable debt relief consultant like Blair Greenwood of 4 Pillars Debt Consolidation & Credit Rebuilding for Victoria, BC.
Thursday, June 11, 2015
The favourable consumer climate in Canada may be responsible for encouraging its residents to indulge more than they could afford, resulting to debt problems that are difficult to get out of. While most Canadians find solutions on their own, resolving cases of overwhelming debt often need professional help. If you’re repaying multiple loans every month, each with a different interest rate, you ought to consider debt consolidation. Most Canadians struggling to pay off multiple consumer loans seek debt consolidation services to discharge their debts with a new, single loan, while only thinking about repaying a single financial institution. Debt consolidation in Victoria, BC is very suitable for repaying outstanding debts with high interest rates, which could be mostly from retail store purchases.
Tuesday, June 9, 2015
Recently, Statistics Canada found that the ratio of household debt and disposable income reached a record level of 163.3 per cent during the fourth quarter of last year, meaning there are a lot of people finding themselves slowly sinking in debt. Balances on credit cards and buy-now-pay-later loans are just among the numerous debts most people are facing nowadays, and most of them are unknowingly treading the path to bankruptcy. Though debts might seem inevitable, they don’t have to take a toll on your life and your finances. Bad financial habits like overspending and the like could put you a step closer to sinking in too much debt. With the help of a Victoria 4 Pillars consultant like Blair Greenwood, you can determine whether the debts you have now are manageable or not.