Debt Blog, Debt Advice & Tips for Canadians

The difference in credit cousnelling vs consumer proposal

Credit Counselling vs Consumer Proposal

By Joe Torraca on September 15, 2021

According to Statistics Canada, only 30.2% of Canadians are living debt-free. The remaining 69.8% owe about $79,000 per household in total debts. Debt can be overwhelming, particularly if the debt owed is so great that you can’t afford each monthly payment and you’re getting collection calls from creditors. Fortunately, bankruptcy is not the only option. Debt…

read full story > No Comments

jar of coins for emergency funds and rainy day savings

The Importance Of Emergency Funds For Financial Security

By Debt.ca on September 14, 2021

The ultimate goal of emergency funds is to have a chunk of easily accessible money that acts as a stabilizer for your entire life. Having a safety net can turn unexpected expenses into slight hiccups. It’s no surprise that many Canadians are within $200 of being unable to cover their bills. What would you do…

read full story > No Comments

A couple shopping and reducing their food budget

How to Reduce your Food Budget

By Debt.ca on September 8, 2021

Savvy shoppers are always looking for valid food budget tips. And who could blame them? According to Canada’s Food Price Report 2021, annual food expenditure could go up by as much as $695 compared to 2020. If you are in debt, consider some ways you can stretch your food budget to put extra money towards what…

read full story > No Comments

man finding out his mortgage is not approved

What if my mortgage is not approved?

By Debt.ca on August 23, 2021

It’s devastating news to hear: the application for your mortgage is not approved. Whether it was for a new home purchase, a refinance, or a renewal, mortgage loan forgiveness can leave you scrambling for alternatives. Not getting approval for a mortgage happens frequently. According to the CMHC’s Residential Mortgage Industry Report, the approval rate for mortgages…

read full story > No Comments

Credit rating checklist

Credit Ratings Explained

By Sean on August 17, 2021

Credit is something many of us take for granted. If you have good credit, you should have no problem borrowing money from financial institutions at the best interest rates. They also give the most favourable terms and conditions. If you’re able to pay for your home, car, and other assets in cash, you may not…

read full story > No Comments

Cameras watching people who owe the CRA money

Does owing to CRA affect your credit score?

By Debt.ca on August 9, 2021

Income taxes are a large financial obligation. Every individual files taxes every year. Some get a tax return. Some get a refund. If you own a business, you may also pay business and sales taxes. Regardless of your situation, we all face tax debt at some point or other. This may have you wondering how…

read full story > No Comments

Canada Recovery Benefit

Canada Recovery Benefit For Out Of Work Canadians

By Debt.ca on July 26, 2021

Canada lost three million jobs due to the COVID-19 pandemic. Thousands of Canadians struggled to find work as the unemployment rate rose to a record high of 13.7% in May 2020. To combat this economic disaster, the federal government introduced the COVID-19 Emergency Response Benefit (CERB). This benefit offered Canadians $2,000 per month, to financially…

read full story > No Comments

best personal finance books

The 7 Best Personal Finance Books

By Debt.ca on July 22, 2021

Reading is good for your health. The benefits of reading books are abundant — heightened ability to empathize, cognitive decline prevention, lowered risk of depression, improved sleep, and better vocabulary are only a few. Many Canadians reap the benefits of reading, as the average Canadian spends six hours a week reading some form of print. …

read full story > No Comments

internet search for payday loans

Can debt consolidation help with payday loans?

By Debt.ca on July 21, 2021

If you’re looking for a loan these days, you have many options. There are thousands of banks across the country that offer lines of credit, personal loans, business loans, mortgages, and more. Credit unions also offer similar loan products as banks, with a slightly more personalized service model. Additionally, there are private, alternative lenders that…

read full story > No Comments

Woman on phone disputing her debt

How To Dispute Debt Collectors and How to Approach Them

By Debt.ca on July 19, 2021

When dealing with a debt collector, it’s easy to feel anxious every time the phone rings. In fact, that stress contributes to debt denial, which might lead someone to simply ignore the phone call (we don’t recommend this). Debt collection agencies collect a variety of unpaid debts, including credit card debt, personal loans, business loans,…

read full story > No Comments

Free Savings Estimate

How much do you owe?

$100,000

$5,000
$100,000
Live Chat
Welcome to our Live Chat
Agents are not available at this time. Please leave a message. Thank you.
First Name
Last Name
Phone
Email
Postal Code
Debt Amount
 
PHP Live! powered