Debt Help Blog - Bankruptcy, Budgeting, Credit Counselling & More

Learn all sorts of great ways to manage your money better, solve your debt problems and use your credit more wisely. We also tackle a lot of credit myths and misconceptions.

Do you have questions about money management, budgeting or credit? Do you need debt advice or help with your debts? Email us your questions or chat with us online

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      A lot of people tell us that they would love to pay down their debt or completely get rid of it altogether, but they aren’t quite sure of the best way to do it or where to...

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Credit card settlement is one form of credit card debt relief that might work for you if you’re one of thousands of Canadians who have ended up in debt because you faced a difficult time. As you look for ways to deal with your debts, you might start to wonder what happens to your credit score when you take advantage of programs to help you get out of your situation. When looking at debt relief options and solutions, keeping your credit score in mind is a good idea because you will want to work on rebuilding your credit rating once your debt problems have been resolved.

If you want to become debt free, you’ve probably read all the tips about how to get out of debt fast on your own. And you follow as many as you can. You track how you spend your money, budget and save, yet you still aren’t reaching your goals. It can be hard to take a step back and figure out what else you could or shouldn’t be doing, so think about it this way: if a good friend came to you and they were in the same position you are in right now, what advice would you give them?

When you need debt help, a debt calculator that illustrates various repayment scenarios, along with how much time each one takes and how much each one will cost, can help you determine the best way to deal with your debts. When it comes to personal finance topics in Canada, a debt ratio calculation is simply a comparison between how much money you owe and your gross (before tax) income. A debt-to-equity ratio is comparing how much you owe (your liabilities) to what you own (your assets). 

No one likes being in debt.  No matter what you do, the thought of what you owe and the feeling of the burden you carry is always there, weighing you down.

But like any challenge, there is a way out, as long as you are willing to try.  And there’s lots of help available if you need it.

A lot of people tell us that they would love to pay down their debt or completely get rid of it altogether, but they aren’t quite sure of the best way to do it or where to get started. There really isn’t any one “best way” that works perfectly for everyone. So here are a dozen proven suggestions to get you started. The more of these you can apply, the faster you will get out of debt in 2017.

If you are wondering how to reduce your debt as fast as possible, we’ll show you the best ways to reduce debt in Canada, how to pay off credit card debt quickly, and the strategies and tips that really work. We’ve arranged these tips and insights into two sections that line up with what you need to do first. The first thing you should do is free up some money to work with, and the second thing you need to do is use that money strategically to pay down and eliminate your debts.

Debt affects more than just our financial well-being; having money problems can also affect our physical and emotional health, which is why it’s important that we understand how to deal with debt stress.

Debt and stress often go hand-in-hand. When we’ve fallen behind on our payments and our creditors begin calling, it’s common to get overwhelmed with worry as we start wondering whether we’ll ever get our finances back on track. If you’ve found yourself overcome with debt-related stress, here are some strategies to help you deal with debt stress and get debt

Q: Lately there’s been a lot of attention in the news about retirement. My wife and I were only casually following the stories until they started giving more specific details about how people are working longer, how little most have saved and how depending on government pensions could leave most people short. We still have time to work and are trying to save, but life is expensive with two teenagers, post-secondary education on the horizon for both, as well as aging parents over-seas. Despite all of our expenses, is there anything we can do to set ourselves up to retire comfortably?