Personal debt  and bankruptcy is on the rise in Canada. Here’s a brief overview of the personal bankruptcy process.
Between 1990 and 2006 business bankruptcies declined by 42 per cent - but consumer, or personal, bankruptcies increased by 85 per cent, according to Industry Canada statistics. And with Canadian household debt loads continuing to rise, it’s […]

 
At first glance, this may seem a pointless topic for an article. Who would want, after all, to declare bankruptcy? Most Americans are well aware of the far-reaching financial consequences of bankruptcy protection. Bankruptcy can immediately and significantly lower FICO scores, darken credit reports for up to a decade and, depending upon the situation, forever […]

 
North Americans are a collection of spenders who must learn the hard way to practice what our grandparents have always known: A penny saved is a penny earned. […]

 
Unfortunately, one of the factors that will prevent many people from becoming financially successful is their false beliefs about money. In fact, widespread financial myths can negatively impact both your short- and long-term net worth. Throw away these top 10 money myths, and you’ll avoid the consequences of believing them.
1. If I get a raise […]

 
I came across this fantastic news today in the Toronto Sun newspaper that will give investors some peace of mind:
If you find yourself in financial trouble and have to declare bankruptcy, your registered retirement savings are now safe from your creditors.
Recent amendments to Canada’s Bankruptcy and Insolvency Act now rule that for bankruptcies occurring after […]

Most people are very concerned about their home and what happens to it if they file bankruptcy. There are only two options: you keep it or you lose it.
To keep your home you need to answer YES to the following questions:
Do you want to keep the house? (Not everyone wants to keep their house. If […]

There are no quick fixes for improving your credit score. But you can raise your score over time by demonstrating that you consistently manage your finances responsibly. Any of the following ten tips can help you to improve your credit score:

1. Pay your bills on time.
This is the best way to improve your score, and […]

Don’t let poor financial planning keep you awake at night. If you take these actions now, you might sleep better — and better sleep might ensure good health as you age. Concerns about financial well-being in retirement keep many Canadians awake at night.
About 43% of employees at small and medium sized businesses, as well […]

Payday loans, also called “cash advance loans,” “check advance loans,” “postdated check loans,” or “deferred-deposit check loans,” may seem like an easy solution to a temporary cash shortage, but for many people, payday loans are the beginning of a vicious and very expensive cycle that they find difficult if not impossible to get out of.Here’s […]

If you’re a Type A credit card user, chances are you know it whether or not you are willing to admit it. If you can answer yes to these questions, then a lifestyle change is in order.

Do you pay interest fees when you send in your credit card payment?
Have you ever paid your credit card […]