Tag - Personal budget

July 2018

August 2017

Rising interest rates

Will rising interest rates lead to more bankruptcies?

The policy interest rate increase posted by the Bank of Canada generated a lot of talk last month. Unsurprising, since it was the first increase in nearly seven years. For a few days, it seemed everyone was holding their breath! Are Canadians in a strong enough position to absorb this increase? Will rising interest rates push people to declare bankruptcy? (more…)

July 2017

power-of-attorney-dealing-with-parents-debts

Can power of attorney help you manage your parents’ debts?

When a person struggles to manage their finances, someone else may obtain power of attorney to assist them or to manage their finances for them. This may be the case for an older person who, even though they are still lucid, are unable to manage their budget. When that person has children, power of attorney is generally granted to one of them, provided they are at least 18 years of age. (more…)

June 2017

April 2017

Information to provide a LIT

Information to Provide a Licensed Insolvency Trustee during a Meeting

Discussing our financial situation is not easy, especially when we are in debt. Some people are hesitant to meet with a Licensed Insolvency Trustee (LIT) because they worry about having to reveal personal information. If, you are looking for solutions to manage your debt and would like to learn more about what information to disclose, this post includes a complete list of the information to provide to your LIT so they can offer the best solution to your debt. (more…)

January 2017

How to Repay Holiday Debt

The holidays are a time for celebrating and sharing. However, they are also a time of spending more than planned. Even when you set a gift budget, costs relating to travel, gas, and food can quickly increase the bill. As a result, many people notice their debt has increased after the holidays. If you are concerned about your holiday spending, here are some tips to help you put an end to indebtedness. How to repay your holiday debt quickly Calculate the amount due Before beginning repayment, it is wise to know your total accumulated debt. Your first step should be to list all your bills and calculate the total. Take all the amounts representing debt into consideration. These may include credit cards, lines of [...]

October 2016

Financial Literacy Month

Financial literacy: Best practices with credit

Did you know that November is Financial Literacy Month? Since 2011, by means of this initiative, organizations and companies are encouraged  to mobilize to educate consumers and help them make responsible financial decisions. This year’s theme is “Take charge of your finances: It pays to know!” Note: this post has been updated on November 7, 2017. If you want to learn more about Financial Literacy Month and the appropriate use of credit, this article is for you. You’ll learn how good credit practices can help you better manage your debt. The importance of Financial Literacy Month (FLM) Financial Literacy Month is important. Its goal is to reinforce the financial health of Canadians. This November, various tools and information will be provided each week. [...]

June 2015

Inexpensive vacation ideas to avoid getting into debt.

Inexpensive Vacation Ideas to Avoid Getting Into Debt!

The debt ratio of Canadians stood at 171% in December 2017. That means that, for each dollar earned, Canadian households owe $1.71. This factor will certainly have an impact on numerous families when the time comes to plan their vacations. In fact, a CAA-Québec survey shows that 36% of the Quebeckers who did not go on vacation this past winter based their decision on budgetary grounds. This is an increase of 8 percentage points from the previous survey. Note: This post was updated on May 10, 2018. (more…)

December 2014

fun holiday season without hurting budget

Have fun this holiday season without hurting your budget

We all want to take advantage of the holiday season to enjoy activities with family or friends. But this period of celebrations often proves to be very expensive. Gifts, meals at the restaurant, entertaining guests at home, travelling expenditures to visit relatives or friends, have for consequence that there is now and then much less money to pay for other activities. (more…)