Wednesday, October 28, 2015
Debts can sometimes be very perplexing. Today, you may believe that you’ve been perfectly managing your finances, but fast-forward to just two or three months, and suddenly, you’re contemplating bankruptcy. Surely many people have heard the advice “manage your debts” or “watch your credits”, but when you’re faced with a growing problem that you didn’t even know you had, “managing” can seem impossible. Here are a few tips to help you recognize the early signs of an incoming debt problem, and how to avoid them.
Monday, October 26, 2015
People faced with extremely large debts often turn to bankruptcy as a solution, thinking that it’s the best way to get rid of creditors and start fresh. Bankruptcy however, should only be used as a last resort. Canadians are highly encouraged to first negotiate their debts and seek alternate debt relief methods before turning to bankruptcy. In many ways, bankruptcy isn’t exactly an easy way out of one’s financial woes. A declaration of bankruptcy stays on your credit bureau report for over 6 years, and until that expires, it will be extremely hard for you to obtain any credit. Furthermore, not all debts will be written off—secured debts like mortgages, car loans and student loans that are not 7 years old are excluded from bankruptcy, and so you still need to find a way to pay for these if you have them.
Saturday, October 24, 2015
Young adult life has its own twists and turns to take in the path to total maturity. In the course of it though, those circumstances may involve issues with finances, especially when the youth want to be more “in” with the latest trends. When the arrears pile up faster than scoring during a power play in hockey, you can ask help from people familiar with debt consolidation, such as 4Pillars’ Blair Greenwood in Victoria. Assessment The key to settling all your debts is to determine how much debt you currently have and which creditor you accrued them from. A post in the Young Adult Money blog recommends collecting all correspondences, such as your recent credit card and loan statements. Itemising them in order of amount and interest percentage will help give you a bigger scope of the problem.
Wednesday, October 21, 2015
Many people think that retirement is one of those times when you can spend your days in peace and quiet and not have to worry about work concerns. In most cases, they might have cashed in their pensions and lived off them. What if the accounts bled from overspending and you find yourself in debt? The above can give people in Canada, especially those retiring or planning to retire, something to ponder on. An international retirement survey by Natixis Global Asset Management/CoreData ranked “our home and native land” at No 14 out of 150 potential retiree-friendly countries due to relaxed quality of life and modestly good healthcare options. When you need better flexibility with your finances when you retire, and achieving that means settling your current debts, you can figure it out with a 4 Pillars debt consultant in Victoria, such as Mr. Blair Greenwood.