Debt Blog, Debt Advice & Tips for Canadians

consolidation gone wrong

When Does Debt Consolidation Go Wrong?

By Debt.ca on September 23, 2020

Individuals considering debt relief often ask “When does debt consolidation go wrong?” People who are burdened with multiple debts often resort to getting a debt consolidation loan to solve their financial struggles. This approach is believed to give you relief since you’ll merge your debts into a single manageable payment, and it can lower the…

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Hands opening an empty leather wallet with above laptop

What is Insolvency?

By Sean on September 21, 2020

Insolvency is a financial state where you’re unable to meet your debts as they come due. When used as a commercial term, it means that your business is unable to pay off its debts. It is typically defined in two separate ways: cash flow insolvency and balance sheet insolvency. Let’s look at both now. Cash…

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Couple considering debt settlement

Is debt settlement right for me? Consider this…

By Debt.ca on September 15, 2020

Asking “Is debt settlement right for me?” might not be the right question. There are some considerations to keep in mind when you seek debt relief. For anyone struggling to pay their credit card debt and bills, the stress can be overwhelming. In many cases, the debt continues to climb, despite making payments despite making…

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When a consumer proposal ends paperwork

What You Need to Know After A Consumer Proposal 

By Debt.ca on September 9, 2020

For people who have debt problems, one of the best debt solutions to escape such a predicament is to file a consumer proposal. In the first quarter of 2019, the number of consumer insolvency filings reached 32,000. Despite this high number of filings, there are still folks out there who don’t know about consumer proposals….

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Credit Counselling Consultation

6 Signs You Need Credit Counselling

By Debt.ca on September 7, 2020

The signs you need credit counselling can be quite prominent. Experiencing financial trouble in your life is indeed a pain in the neck. Many people around the world are saddled with debt. In the United States alone, there are 76 million people who are struggling with their finances. And, of course, you can find plenty…

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Struggling with overdue bills

What to Do When Struggling to Pay Your Debt Management Program

By Joe Torraca on September 3, 2020

Struggling to pay your debt management program isn’t a typical issue of the plan. Taking out loans or using credit cards can be a good way to cover essential purchases. However, multiple debts can put you in financial ruin. It’s not easy, but there are solutions to this problem. One of the best debt-relief options…

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Couple getting a joint bank account

Joint Bank Accounts – What You Need to Know

By Debt.ca on August 25, 2020

Convenient access to pooled resources, higher savings, expense tracking, and successful budgeting have never been easier with joint bank accounts. In addition to these perks, a joint bank account earns more interest since it carries a higher average daily account balance, promoting healthier credit. However, for every advantage comes risk and complication. Before opening a…

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Loan Agreement

Everything You Need to Know About Online Instalment Loans

By Debt.ca on August 21, 2020

Online instalment loans are a highly popular loan option for people who need to borrow fast cash. It differs from other types of loans because the borrower has to repay what he or she owes in regularly scheduled instalments over a predetermined term. Each payment the borrower makes goes to repay a portion of the…

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Tips for Lowering Credit Utilization Ratio

Tips for Lowering Credit Utilization Ratio  

By Debt.ca on August 19, 2020

When lowering credit utilization ratio, it’s key to improving credit. However, you should watch out the credit utilization on your credit card and line of credit because high credit utilization might drag down your credit score. Credit card interest rates also go up when you have a high credit utilization. Since credit utilization has a…

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Mortgage Stress Test Falling

Mortgage Stress Test Falling

By Debt.ca on August 17, 2020

The mortgage stress test rate has fallen once again. This is the third time since Covid-19 started. In this article we’ll look at what the mortgage stress test is, why does it matter and what the lower stress test rates means for you if you’re thinking of buying a home or your mortgage is coming…

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