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100 podcast interview partners wanted personal finance
- Posted December 29, 2009 by Monty Loree
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100 Podcast Interview Partners Wanted - Personal Finance

So many times we visit and read blogs about personal finance.. We visit sites which promote products and services that help us either make more money, or save money. I thought it would be a great idea to interview 100 people involved in personal finance to get the low down on the industry.

After writing hundreds of articles , and thousands of discussion posts, I thought it would be nice to interview others in the industry and get their fresh perspective on things.

If you're one of these people, I would like to interview you!!

I am looking for 100 podcast partners to interview in 2010 as follows:
~ Personal Finance Blogs
~ Owners/Managers of companies who service the personal finance industry:
~ Mortgage Brokers,
~ Investment Counsellors,
~ Life Insurance Agents,
~ Creditors,
~ Collection Agencies,
~ Credit Bureaus
~ Motivation and Education Consultants who help their clients make more money

Sharing ideas and concepts for our personal finance visitors.
The objective for our interviews is to give our visitors news about the industry, some new insights and tips from experts who are involved everyday!

Suggested Topics:
For Bloggers
~ What got you interested in Personal Finance Blogging?
~ How long have you been blogging?
~ What is the subject you like to blog about most?
~ What are 3 of your favorite personal finance blogs?
~ What are 3 of your favorite personal finance websites/products/services?

For Industry Service Providers
~ What service do you provide?
~ What are Products/services you offer that can help our visitors save/make money?
~ What are the Benefits of your product/service?

For Motivation & Education Consultants
~ How does your service relate to the personal finance industry?
~ How does your service help our visitors make/save money?
~ Can you give one or two case studie examples from your own experience, where your service helped an individual make/save money?

Guidelines:
~ The premise of the show is to help our visitors learn more about existing resources and services.
~ You must have a few years experience in the personal finance industry if you're a service provider.
~ This is not an advertisement for your product or service
~ You need to indicate when you're available to be interviewed. (I prefer to do my interviews in the morning)
~ I will be doing these 100 interview throughout 2010.. Booking early is important.
~ It would be beneficial, however, not imperative if you could write a little promotional piece and put it on your blog/site to tell your readers about our interview. This way, your visitors would get the full benefit of our interview as well.
~ There is no cost to you for this interview.
~ I will need to see your topic ideas a few days before we do the actual interview


If you're interested please email me at:

Or leave a comment below..


Thanks.. I'm looking forward to a great year doing 100 interviews!

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what are life insurance rates
- Posted December 28, 2009 by Monty Loree
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What are Life Insurance Rates?

Importance of life coverage
Insurance is a protection that you take against uncertainties and complications in the future. There are various types of insurance but the most important is life insurance. This provides solace to the insurer that his loved ones will get financial assistance after his demise. The insurer however has to pay regular payments to the insurance company for a period of time or until his death. The insurer also has to specify a nominee or any number of nominees who will get the financial assistance. The nominees have to claim the insurance after the demise by providing proper credentials. It is a good and recommended practice to inform the nominee about it. There have been several insurance policies that lie unclaimed with insurance companies. Life insurance policies are of different types and the insurer can choose anyone based on his requirement and suitability. The life insurance rates change based on the type of insurance policy taken.

Insurance quotes for Canadians
The insurance providers in Canada offer two types of life insurance mainly. The types are Term insurance and Full life insurance. The former is for a period of time only. At the expiry of the contract, the insurance cover ceases. This might be used in specific cases only. Full life insurance is for the whole life. The premiums should be continued to be paid by the insurer. The money however serves two purposes. A part of the premium goes towards life insurance and the rest will go towards investment. The investment could be either in deposit account with a bank or in a unit linked plan for investing in shares and stock market. The life insurance rates of term insurance are comparatively lesser than full life cover. The purpose of term insurance is solely for providing cover against life. Full life insurance however deals with both cover and investment. There are lots of sites which provide quotes for insurance policies for Canadian people. They get schemes and details from almost all insurance providers in Canada. The quotes will be displayed based on the information provided by the users. The expectations of the insurer from the policy are collected. Some medical information is also collected. These quotes will tell you which policy to take and the amount of insurance cover that might be taken. This amount should be based on the dependants of the insurer and their income.

Which type of insurance to take?
The different types of insurance have their own purposes. Term insurance can be used by small families whose main aim is for protection in case of death. The life insurance rates are also lower. The insurers however do not enjoy many benefits other than cover. Full life insurance can be useful for tax planning purposes and as a long term investment plan. Some people go in for this full life to get both cover and get returns on them. The decision to go for the insurance policy should be made after consultations with the financial advisor or manager. There are different types of policies for different people.

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what is penny stock advice
- Posted December 28, 2009 by Monty Loree
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What is Penny Stock Advice?

Penny stocks and investment
Stock markets are one of the areas where you can put money into it and watch it grow. This has attracted people so much that share markets were established to enable them trade the shares and the stocks. The people trading in stock markets are so much that a large company has market capitalization running hundreds of millions of dollars. The share prices of such shares are also in terms of tens of dollars to even touching hundreds for some. Such shares are out of reach of people for those who have a small budget. These people however can invest in Penny stocks. These stocks are of small companies that are not popular and profit making to be traded on the main share markets. They have a share price of lesser than $1 to even $5. The market capitalization of these stocks is also very less. These stocks can be considered second rung stocks that mainstream brokers stay away from. A fresher before investing in penny stock should take penny stock advice before investing.

Steps to do before investing
Investing in penny stocks needs more research and homework to be done before investing when compared to mainstream shares. The details about penny stocks are tough to get since they are small companies and will be hard to get information. There are listings of penny stocks that are doing well or which are promising as a prospect to invest. The investor can collect the companies that he might look at from them. There are also penny stock leads which could be utilized to get information. The investor must then narrow his choices to two companies. The investor should look at the company�s financial status, profitability, management and recent progress when deciding the company. The investor can also get advice from any eminent expert in the field. They would be able to give any inside information about the company. The sector where the company operates should also be researched to know its prospects. The recent news about the company if any can be got from financial articles and on the internet. The best penny stock advice is to do a lot of research before investing.

Precautions and care to be taken
Penny stocks are highly speculative as an investment. The investor could either get manifold on his investment or end up losing all his money. There are also lots of irregularities and scandals revolving around penny stocks. Penny stocks are sued by companies to make profit illegally. They will increase the share price by false propaganda and sell a lot of shares when it increases. The investor should not fall into such traps. The investor should get a good broker to manage the transactions. Most brokers prefer not to involve in these stocks. There are some online websites that help the investors to trade penny stocks in Canada. Since the number of shares is less for penny stocks, it may be difficult to buy or sell these stocks. The best penny stock advice is to tread with caution and care when dealing with these stocks.

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i saved 89 on annual fee mbna
- Posted December 15, 2009 by Monty Loree
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I saved $89 on Annual Fee - MBNA
I called MBNA today to switch my card over to a No Annual Fee card..

The customer service mentioned that I have an incredibly low interest rate on this card... MBNA Travel Rewards Platinum.. the rate is 7.99% which is pretty sweet.. I also have 1.99% interest on balance transfers until October 2010.!! That's pretty sweet as well.

I'm not crazy about the $89 annual interest rate. I told the CSR that I want to switch over to another credit card that doesn't charge the annual fee.. He indicated that I probably wouldn't get the same low interest rate if I changed to another card.

The CSR asked to be excused for a moment while he checked my options... when he returned on the line, he quickly indicated that he would remove the $89 annual fee, for this year, if I stayed with this card.

While I'll have to call back again next year... I saved $89 with a 6 minute phone call! This goes to show that MBNA is ready to give you a break, if you've got good credit. The other main point here is this: You may be able to save on interest rates and annual rates if you call your creditors.

The Keys To My Success in this regards:
If you're wondering why I get such good rates, and good privileges, I've done the following:
• Had the card since 2000
• Paid it up as agreed since then.
• My credit score is around 805
• I don't carry a balance.

These all make me able to negotiate favorable rates with MBNA.

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some downsides of being frugal
- Posted December 11, 2009 by Monty Loree
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Some Downsides of Being Frugal
On the overall, my family is pretty frugal... We are by nature , which makes it easier to live the lifestyle...

I've taken up watching DIY Network and it's shows. I like the concept of saving money by do it yourself home repairs. I'll be honest, many of the repairs they show are really expensive. Kitchen renovations for $20,000, bathroom renovations for $15,000, bedroom renovations for $10,000 etc..

Many of these expensive renovations have some of the latest and fancy gadgets. They're much more than adding insulation and new drywall.

In our situation, I am not a handyman, and I don't want to take on credit for home renovations.

Downside #1 of Being Frugal: Home Renovations
One of the first downsides of being frugal is that I'm not really the handyman type, and it costs money to bring in a contractor to do home renovations.. I refuse to take on debt to fix up the house.. Our house is paid off, and I'm not interested to get mortgaged up again.

• Quite frankly, we need a new floor in the kitchen.
• Our house has had problems with black mold, and drywall needs to be replaced.
• Our basement foundations are cracked and in some places the concrete is pretty much like sand. It needs to be replaced.
• We can't do alot of other major renovations because of the basement's problems.

Our financial policy is cash only.. So.. realistically the basement and other renovations are going to take years to save up for.

Downside #2 of Being Frugal: Yard Renovations
Our yard is kind of basic. Nothing really exciting. The grass is old and outdated, there are no fancy features and our garden needs alot of work.

Again this is not something I envision myself doing. I would rather hire a contractor in some cases than do yard work. (I'm glad the yard is covered in snow right now... at least my conscience gets a break in this regard for six months! ) It's important to note that I am learning about home renovations, but after not doing them ever, it's going to be a long learning curve...

I'm curious to know anybody's recommendations for getting home & yard renovations done, but using cash only. If you've got ideas, I'm really excited to hear about them.

Frugal Home Maintenance & Frugal Yard maintenance.

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balsam hill canada christmas trees
- Posted December 11, 2009 by Monty Loree
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Balsam Hill Canada Christmas Trees


I was asked to write a review about the Balsam Hill Christmas Tree site.
As it's getting close to Christmas, they're excited to show people their lovely select of trees, wreaths & garlands, ornaments and skirts and more.

Saving Money on Christmas Costs


As we're always concerned about saving money on things, the Artificial Christmas Trees is one way to save money over the long term. Artificial Christmas Trees can save money if you use them over a 10-20 year period. And.. they save the environment by not killing live trees for the three usage. If every Canadian family who celebrated christmas used artificial trees, we would save millions of trees.

If you like nice things for your family christmas celebration then check out Balsam Hill's wreaths & garlands collection. They got sizes from 24" to 60" wreaths. These would go nicely on all Christmas Trees. They've got styles from Aspen Christmas, Vermont Signature, Napa Christmas, and the Classics Collection. They have pictures on their site which will help you pick your favorite one.

This site is nicely laid out and simple to follow. If you're in the market for that special christmas treat or even an Artificial Christmas Tree , you should check out this site... They really do have nice stuff.

As I usually do with these types of reviews... I always caution people to spend money that they have saved up. I do not recommend that people spend money that they can't afford, or put the purchase on a credit card that they don't have cash reserves to pay back right away. Christmas purchases should be fun, and as such you shouldn't be paying for them with interest over the long haul... Bottom line, if you don't have the cash, please don't make the purchase. Please Purchase responsibly.

Balsam Hill Christmas Trees

Sponsored Review

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what is accident cover insurance
- Posted December 07, 2009 by Monty Loree
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What is Accident Cover Insurance?

Human life can best be characterised by various elements of uncertainty. Insecurity means that accidents may happen at any time, and with anyone. The bad thing is that serious accidents have a very negative impact not only on the person who suffered it, but also on his/her family. In order to prevent at least the financial concerns in such circumstances, insurance companies designed a special product called Accident Plans to provide some kind of financial security for those who suffered an accident as well as for their families. These policies ensure that if an accident takes place, a benefit is given to those insured individuals who are seriously injured or if they die, such benefit is given to their families.
What kinds of injuries are covered by this policy? Benefits are paid in the event of the insured’s accidental death, but also if the person suffers the following injuries due to an accident:


  • Quadri-, para- or hemiplegia
  • Total/ permanent loss of use of one’s limbs
  • Deafness
  • Blindness


So in one word, Accident cover is used to protect the insured and his/her family from the negative financial consequences of the insured person’s injuries resulting from a serious accident. It gives the financially reassuring feeling that in case an accident happens, and the person becomes permanently disabled to work, the insurance company will provide a lump sum as insurance benefit. This means people get financial help when they need it most. Moreover, insured individuals also get a certain amount of money for each day of hospitalisation. Also an immediate lump sum is given in case of disability, the amount being based on the nature and seriousness of the injury.
An important advantage of accident insurance policies is that they address the majority of the key life -stages, from the young through new parents until the older generation. Moreover, Accident Cover gives applicants differentiation by providing them with many flexibility features in order to meet each applicant’s unique needs. The policy thus can be personalised, so one may get a specific coverage against professional hazards for instance. In addition to this, people may add the Children's Insurance option to their accident plans. This will provide an additional benefit to pay medical bills, tuition fees or similar expenses in case one’s child contracts a serious illness.
Is there anything important to know about eligibility? In order to be eligible, people must be at least 18 and under 70, and they should be permanent residents of England, Scotland, Wales, or Northern Ireland. Applicants must be able to demonstrate they have at least 40 weeks residency in any year in the previously enumerated places. When insured people reach 65, their cover ceases to provide protection against permanent total disability and coverage ceases entirely at age 75.
What is the application procedure? The easiest way to apply is either online or over the phone. The whole application procedure will take only a few minutes: people have to answer a few questions, and there are neither blood tests, nor any medical tests. Cover may start as soon as the next working day after the application. Generally people are given a period of 30 days to review their policies and decide whether it is right for them. If they change their minds during this trial-period, people may cancel their plans for free.

One of the main benefits this kind of policy offers is the global coverage. Insured individuals are covered anywhere in the world for the majority of the possible accidents. Nevertheless, it is of primary importance for people to get the necessary information regarding what exactly is covered and what is not. So people are advised to read out the terms and conditions of the policy and ask the company about those elements or features that are not clear.

It is unfortunately true that we cannot prevent accidents, but at least we can protect ourselves and our loved ones from the negative financial consequences of such accidents. A protective insurance we may conclude typically provide:


  • an extensive accident cover from as low an amount as £4-5 a month
  • easy and permissive eligibility criteria (almost anybody is eligible)
  • a possibility to increase the coverage-level up to £150,000
    policy guaranteed without medical examinations
  • Tax-free cash payments
  • the security of fixed insurance premiums that do not change as the insured gets older
  • options to get additional protection for the insured’s entire family (for instance, people may cover their partners as well)
  • worldwide, 24/7 insurance-protection
  • benefits in addition to other policies the insured has
  • coverage until the insured becomes 75
  • 30 day period of money-back guarantee

Talking about the cover in details, people should know that the following are involved: permanent total disability (a coverage of £100,000), loss of sight either in one eye (£50,000), or in both eyes, loss of use of either a limb (£50,000), or of two limbs, loss of hearing (£20,000 - £100,000), loss of use of a hip, knee, ankle, or wrist (£10,000 for each), shoulder (£12,500), thumb (£7,500), any finger or toe (£5,000), hospitalisation up to a maximum of 180 days (£50 per day), and accidental death (£10,000). The amounts given in brackets are approximate sums of money given if the insured suffers the injuries in question. In order to know the exact amounts provided people should get up-to-date information from their insurance providers.

As with any insurance policy, people should keep in mind that there are some excluding factors or limitations. With an Accident Cover there are no benefits for accidents that are direct or indirect consequences of the insured person’s suicide or attempted suicide. Similarly, alcohol or drug use is also an excluding factor. There is no benefit given if any of the previously mentioned injuries happen 12 or more months after the accident. Nevertheless, people who conclude this type of policy are recommended to read out the full details of exclusions that are valid for the policy.

A final advice for applicants is to review their needs and financial situation from time to time. Regularly made analyses should involve people’s coverage-level and premiums. Anybody may change his/her policy: it is possible to decrease the coverage-level, but also to increase it by attaching additional cover to it for extra costs. In order to make changes, people should consult with the insurance providing company. In any case it is of primary importance to understand what kind of coverage is offered and check whether it is right for one’s particular circumstances. Only this ensures that one purchases a suitable policy.

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getting a mortgage after bankruptcy
- Posted December 07, 2009 by Monty Loree
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Getting a Mortgage After Bankruptcy?

Getting a mortgage after bankruptcy in Canada has changed since dramatically since Oct 2008. Sub prime lenders no longer exist, and no longer offer the “day after discharge” options, nor are most of them even operating at all!

To understand how to gain a mortgage after bankruptcy in Canada today, you should follow a simple 5 step process which will properly walk you through the hoops you need to jump through in order to gain trustworthiness again. It is critically important that you follow each of these steps in the correct order. Doing the steps out of order normally will result in failure, or frustration.

Step 1 - Gain your Absolute Discharge & Pay Proposal in Full First.

Since you are not fully complete your bankruptcy until you are discharged, your first priority should be gaining your absolute discharge which would mean fulfilling your trustee’s directions as soon as you possibly can. With a Consumer Proposal, your goal is to pay off your proposal in full, which would equate into the same thing as gaining your Absolute Discharge if you had gone down the bankrupt option. Once you have been discharged for 2 years, or proposal paid for 2 years, you can qualify for a mortgage again with regular interest rates as if you had not gone bankrupt.

Step 2 - Clean Credit Score

By far the most important step I can assure you that 95% of the time is done incorrectly or has not been done at all. You need to review your credit score to ensure it is reporting accurately and the information from your PAID Proposal or your Absolute Discharge are reporting accurately. If your credit score is not reporting accurately, it is very common to see problems or issues with trying to gain credit since lenders are "confused" about your credit score. A clean score is the hardest part to gain in order to restart yourself back into the world of credit. It is 100% necessary that you re-establish your credit as there are limited exceptions with people who don't have credit after a bankruptcy. I have provided a easy process to fix your credit reports on your own with both Equifax and TransUnion. You can visit that information on my site here: Clean Up Your Credit After Bankruptcy

Step 3 - Gaining New Credit

It is important that you need to gain new credit from AFTER the date of your discharge or your paid proposal date. Holding credit though your proposal or bankruptcy will help your credit score number rise if you are using it responsibly, however, it will not count towards “ReEstablished Credit” which is vitally important. You will need anywhere from 1 year of ReEstablished Credit to 2 Years of ReEstablished Credit with a minimum of 2 trade lines reporting over $1,000 each. It is a good idea to gain stronger limits of $1,000 or more, $200 credit cards really don’t support strength in ReEstablishment. Car Loan, Credit Cards, and RRSP Loans are by far the more normal way's people have done this in the past.

Step 4 - Accumulating a Down Payment

Today it is possible to gain a mortgage with as little as 5% as a down payment after bankruptcy and Proposal. You would still be able to gain the same interest rate with 20% down as well, however, the more down payment you have the better the capacity it will show the lenders that you have, which will increase their trust level with you and their application. The down payment normally has to be accumulated from your own resources. The lenders want to know that you have a financial investment into the property and that you are not willing to walk away from the property.

Step 5 - Gaining A PreApproval

Once you have the first 4 steps out of your way, you want to gain a lenders affirmation that they are prepared to move forward with your application. Gaining a PreApproval will not guarantee your success to financing, however, it will give you affirmation that the lender is willing to proceed with you, as long as the insurer agrees with the risk assessment the lender just preformed on you. The property still would need to come into play, and that information is not available when you do a PreApproval.

For a full detailed summary of more information on each of these Steps, feel free to visit my website at:

Steps After Bankruptcy - ShopMyMortgage

Thanks

Matt Wieler, AMP

ShopMyMortgage

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payday loans and cash advance
- Posted December 07, 2009 by Monty Loree
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Payday Loans and Cash Advance

It happens very often that we run out of money before we get our next pay checks, which could be very disappointing, especially if some urgent financial obligations apply. Or there may happen that we become sick and urgently need some expensive medicine, but we do not have enough money as the payday is far away. In these kinds of circumstances the so-called Payday Loans can be quite useful tools to help us get out of trouble.

But what exactly are payday loans? The term refers to a payday cash advance in the form of a small personal loan for the short term, which does not require any collateral from applicants. This unsecured loan is offered for special circumstances, such as urgent cash needs, or for those who need quick cash but due to poor credit rating cannot get other unsecured loans. So if one has no money, but has an unpaid bill which may have very negative consequences, it is better to take out a cash advance in the form of a short-term payday loan. This will save people from having financial difficulties until they receive their next pay checks. It is important to notice that most of the times payday loans tend to be cheaper than paying late payment charges because of being late with bill-payments.

Talking about the process of taking out this loan, one should notice the following. Because it is an unsecured loan, qualifying for it is not complicated. The important issue is that people should have a fixed income in order to be able to repay this loan. People may choose retail lending which means one gets the loan from a payday-lending store, but there is another choice, namely getting the loan online, from a payday loan site. No matter which way is chosen, the application procedure is quite a simple one. After filling in the payday loan application form, loan providers decide about the eligibility of the applicant, and send eligible candidates the needed cash.

It is always useful to shop around, and find the best payday loan offer, as some creditors may offer flexible payment schemes. The calculation of the maturity date also differs from institution to institution, and so do the interest rates. However, even those payday loans that have high interests tend to be more advantageous than accumulating late-payment charges.

The advantages of payday loans are clear by now, but let’s summarize them again! One of the main reasons for which payday loans are used is that they are less expensive than other personal loans that are open to the public. They are also more advantageous than paying late-payment fees which applies if one cannot meet his/her financial obligations such as paying bills and so on. It is obvious that for people who do not have but need money as fast as possible, but only for the short run, the most convenient solution is the payday loan. With this kind of cash advance no complex paperwork is involved, so generally speaking it is very easy to get them. Other loans, on the other hand, are more difficult to obtain, or at least it takes much more time to get the requested money.

After one has decided that a payday loan is the best choice for his/her particular situation, it is important to shop around and compare at least 3-4 companies who offer this kind of product. This comparison is very easy, especially if one makes use of the internet and the free online comparison tools that do the job instead of them. Because the loan-offers differ considerably, it is useful to be careful with the choice. The flexibility features should also be checked, namely the loan’s terms and conditions, and the repayment methods. Online calculators show objectively and clearly which company provides the best payday loan for one’s specific situation. One more thing that must be checked is whether the creditor is government-protected as this may constitute a guarantee that there are no additional or hidden charges, which might transform an advantageous loan into an expensive one.

Those who are not sure about what to do (to take out a payday loan or not) should talk to a loan specialist. It is useful to know that there are other options as well that are similar to cash advance loans such as the so-called “credit-union loans”, “credit payment schemes”, “pawnbrokers”, “cash advances from employers”, or advances obtained from “credit cards”. If one hesitates a lot, it is better to make a quick comparison, and after this it will be clear which choice is the best for the applicant’s individual situation. The internet is useful in this sense as well.

It is important to know that there is an option of taking out an online payday loan. Applying through the internet is easier, and applicants get the cash advance in the quickest possible time. No additional document is required apart from some basic data such as name, loan-type and amount, as well as the repayment period. After a quick check, lenders deposit the requested cash advance electronically. This way online payday loans can provide cash advance in a few days, but it may happen that a single day is enough for the requested amount to arrive into the applicant’s checking account.

All in all, after a quick but careful consideration, people can decide whether a payday loan is the appropriate choice for their specific situation. It is always useful to know about the various existing loan possibilities, which may help in solving urgent financial problems. So those who need cash advance for the short term to cover urgent financial needs may take out a payday loan until they receive their next pay checks. Otherwise some hefty late-payment charges may apply.

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Christmas - For some the giving is IN The Visiting!
- Posted December 18, 2006 by Monty Loree
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I received this email from a close relative who is experiencing anxiety because of christmas and the cost of christmas presents.

Respect people at christmasComparatively, this relative and her spouse make a really good living, however, she is self employed and her income is never guaranteed.

She was also brought up in a church (Worldwide Church of God) that strongly denounced christmas and it's celebration.

She is surrounded by family members who strongly believe in christmas. She has agreed to visit the family at christmas time, for the sole purpose of visiting family and having that sharing, loving time.

BE ASSERTIVE WHEN EXPRESSING CHRISTMAS EXPECTATIONS
I love her assertiveness. She is firm in this letter and is good enough to let everybody know how she feels. In writing this letter she outlines her expectations of the family event, in her regards. If the family members have any respect for her, they will not treat her badly for not giving everyone gifts. As well, if they respect her wishes, they won't give her any gifts.

Knowing this person, she's very happy just to spend time with the family and visit.

I applaud her on her assertiveness regarding christmas and christmas spending.

RESPECT PEOPLE'S WISHES AT CHRISTMAS
The reason I thought I would take the time to write about this is that not everybody celebrates christmas, and not everybody wants to give and receive christmas gifts. Sometimes people just can't afford christmas gifts with their current job, debt, financial situation.

Certainly, Canada being a multicultural society, means that many of the cultures don't celebrate christmas. Jews, muslims, Jehovah's Witnesses, Buddhism are a few religions that DON'T celebrate christmas.

THE BOTTOM LINE:
For what ever reasons, be they financial, religious or what ever, christmas ( December 25th ) should be a time when people respect each others situations and love them anyway.

If a person is short of cash and having an anxiety attack regarding giving christmas presents, don't make a fuss out of it. Just appreciate the time you have to spend with them.. This makes it a less of a financial burden on those loved one.

See also:



Hi Everyone,

Well, I?ve been having mini-anxiety attacks about Christmas?again?
So I?ve made a decision?to let you know what?s going on with me.

I don?t like Christmas. Giving and receiving Christmas presents creates far too much anxiety.

This year these feelings are exacerbated because my business/ me are in debt. I?ve got no real in roads to solid income for 2007 as of yet. It makes no sense for me to go into debt even further in order to fulfill an obligation that gives me anxiety in the first place.

I?ve bought the kids and spouse presents. Beyond that I?ve decided not to buy anything else.

Please don?t give me presents. I don?t need or want anything (other than a publishing contract if you can magically make that appear). Spouse doesn?t want anything either.

I?m sorry to be so miserable about this but I can?t go on feeling this much anxiety around the holidays.

What I want for Christmas is some good food and family time. That?s it.

Love you all for understanding my circumstance.,

Close Relative


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Collection Agencies in BC - Beware!!
- Posted December 17, 2006 by Monty Loree
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Thanks to Warren DePaolo for the link to B.C. BUSINESS PRACTICES AND CONSUMER PROTECTION ACT on this post:Send them a signed letter not to call anymore

These are some pretty strong do's and don't for B.C. collection agencies. Keep in mind that any collection agency who resides outside of B.C., but is collecting in B.C. Canada must abide by these rulings.

If you've got proof that a B.C. collection agency is falling outside of these regulations contact consumer protection right away in writing and by phone.

It's a relief to know that collection agents just can't call your employer out of the blue. There has to be a substantiated reason that they've called. They first must prove that they've tried to contact you at home.

See also:

Disclosure to debtor
115 (1) A collector must not attempt to collect payment of a debt from a debtor until the collector has notified the debtor in writing or the collector has made a reasonable attempt to notify the debtor in writing of

(a) the name of the creditor with whom the debt was incurred,

(b) the amount of the debt, and

(c) the identity and authority of the collector to collect the debt from the debtor.

(2) A collector must not initiate verbal communication with a debtor with respect to the collection of a debt until 5 days after the collector has sent to the debtor the written notice referred to in subsection (1).

(3) If a debtor informs the collector that the debtor has not received the notice required under subsection (1), the collector must send that information to the debtor at the address provided by the debtor.
Communication with debtor

116 (1) A collector must not communicate or attempt to communicate with a debtor at the debtor's place of employment unless

(a) the collector does NOT have the home address or telephone number for the debtor and the collector contacts the debtor solely for the purpose of requesting the debtor's home address or telephone number or both,

(b) the collector has attempted to contact the debtor at the debtor's home address or telephone number, but the collector has not contacted the debtor in any of those attempts, or

(c) the collector has been authorized by the debtor to communicate with the debtor at the debtor's place of employment.

(2) The collector must not make more than one verbal attempt, under subsection (1) (b), to contact the debtor at the debtor's place of employment.

(3) At the time a collector communicates with a debtor, the collector must first indicate to the debtor

(a) the name of the creditor with whom the debt was incurred,

(b) the amount of the debt, and

(c) the identity and authority of the collector to collect the debt from the debtor.

(4) A collector must not continue to communicate with a debtor

(a) except in writing, if the debtor

(i) has notified the collector to communicate in writing only, and

(ii) has provided a mailing address at which the debtor may be contacted,

(b) except through the debtor's lawyer, if the debtor

(i) has notified the collector to communicate only with the debtor's lawyer, and

(ii) has provided an address for the lawyer, or

(c) if the debtor has notified the collector and the creditor that the debt is in dispute and that the debtor would like the creditor to take the matter to court.
Communication with persons other than debtor

117 (1) Except for the purpose of obtaining the debtor's home address or telephone number, a collector must not communicate or attempt to communicate with a member of the debtor's family or household, or a relative, neighbour, friend or acquaintance of the debtor unless

(a) the person contacted has guaranteed to pay the debt and is being contacted in respect of that guarantee, or

(b) the debtor has authorized the collector to discuss the debt with the person contacted.

(2) A collector must not communicate with a debtor's employer except

(a) for the purpose of confirming the debtor's employment, business title and business address, or

(b) for other purposes authorized in writing by the debtor.

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Keystone Traders Club Meeting & Christmas Party!
- Posted December 11, 2006 by Monty Loree
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Keystone Traders Club Meeting & Christmas Party!


Come prepared to learn (and to party!)

Date: Tuesday December 12, 2006

Time: 7:00pm Sharp

Place: Canad Inns Fort Garry
1824 Pembina Highway
North of Bishop Grandin Blvd
[map]

Topic: "New Features, Support & Resistance, Stop Losses"

Come and learn from the master trader.

Bring a notepad and your manual.

Feel free to bring a guest who wants to know what this stock trading software is all about.

RSVP because space is limited.

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Fort McMurray, Alberta = Fort McMoney?!!
- Posted December 11, 2006 by Monty Loree
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I just received this email from my brother in law who moved up to Fort McMurray, AB Alberta as he and my sister got good jobs there.

I guess if you want to live in a hot money making area, you've got to put up with some of the inconveniences that go along with it. Fort McMurray in Northern Alberta seems to draw people in from all over Canada.

The real estate is impossible to buy as it's way over priced. It's reported that people are making $15 / hour working at Tim Hortons and Burger King. They can't get enough people there.

I love the reference to Fort McMoney. Fort McMoney - mentioned in McLeans Magazine

I have, in the past, waxed philosophically about the city wife and I live in. Fort McMoney is a nasty place to live in folks.

We loose kids every weekend, car crashes, fights, drugs, liquor and in some cases plain stupidity. If you want a pick of groceries best shop Thursday before noon. There is at least one minesite on shift rotation very weekend and up here the weekend starts on Thursday. By Saturday noon the stores are trashed and I do mean trashed. Imagine, if you will, going to your favorite grocery store to pick up a steak for supper. In Ft. McMurray. you has better go on Thursday if you want a good steak because on Friday morning they set the PALLET OF STEAK on the floor in front of the cooler and it's first come first serve.

Different, nice way to get rid of the cheap cuts. Saturday morning finds empty shelves. snarly staff and a dirty store, they usually catch up about Thursday morning. Oh yeah, a 4 way stop here is a place were at least one vehicle must slow down or they all stop and stare at each other. No speed limit other than school zone and that they enforce vigorously.

As an aside people that have chosen an alternate life style here are referred to by the rednecks as statistics. Sister reports that the roads
on the minesites are terrible, icy, muddy and poorly maintained but the driving force is move the people, Sister had a job review and the only problem was that she wasn't wearing her uniform enough, They understood that she was coming from school but please try to wear it more....

Take care out there Love
Brother In Law


Other Fort McMurray references.

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Stock Investing - Smart Stock Market Investing Far East reaping the fruits - Business Times - M
- Posted December 10, 2006 by Monty Loree
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The beauty of stock investing is that there thousands of stocks all over the world. It's like a huge smorgasbord of things to invest in.

I thought I would bring some news about stock investing.

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Giving money to charities? My mothers story about helping out Kenya, Africa
- Posted December 10, 2006 by Monty Loree
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I was sitting watching the 1987 Chuck Berry tribute on Bravo TV. This tribute struck me as it had Eric Clapton, Keith Richards, George Harrison and a host of other fine musicians giving tribute to Chuck Berry on his 60th birthday.

During the commercials segmet, there was a commercial for Christian Children's Fund. Watching that commercial triggered my thinking about today's post.

Canadian Water and Wastewater AssociationGIVING MONEY TO CHARITIES - CHARITABLE GIVING
I was chatting with my mother, Lynn Loree, today. She's all excited about helping out the folks in Kenya. Along with giving money to charities, or non-profits, she is doing some more. My mother has taken on the personal challenge of learning about building water filtration systems.

She's going to Kenya, Africa in January to help build a water filtration system. See also WorldBank - Water Resource Management

Help the Aged (Canada)My mother first learned about helping the folks in Africa a few years ago from her sister, Jocelyn Rogers who lives in Australia. My aunt Jocelyn, along with her church has raised money to buy goats, cows, water wells, and more. They're pretty enthusiastic about it.

I asked my mother to jot down how's she has been helping these African people in an email. I will post that letter at the end of this post.

I thought I should take the time to talk about this as it relates to money, and how my mother is very excited to help out with her money and her time. After working all her life, she's decided to help other people in a non-profit sense during her retirement years. I think she is getting a great deal of fulfillment from this charitable activity.

There is alot to be said for helping out people, especially when there is nothing coming back in return except for a deep sense of fulfillment.

Want to know more about my mother going to Kenya, Africa and how you can help out. Leave your name and email address in the comments here. I will forward them on to her. She's leaving for Africa on January 16th.

My mother's email: (I added some links )


Hi Monty

Here are the different articles we talked about on the phone!

I have just recently completed my CAWST Course (Center for Affordable Water and Sanitation Technology Course) and am now a Project Implementer. This means that I am qualified to teach people in a country with poor water quality how to make, install and maintain BioSand Water Filters. This method uses local people using their own resources to make clean water for Schools, Medical Clinics and Community Centers and personal homes and so provide clean water where there was only very polluted water. In doing so I will have created a business which will continue on after I go home! So much disease and premature infant death is caused by bad water sources. (Cattle drink etc, and women wash their clothes, etc, in the same water they use to cook with and drink!) So the BioSand Water Filter is for the poorest and provides clean water to the thirsty! I believe this is a good work which provides jobs, health and abundance to villages.

We say we not only teach a person to fish but teach him how to build his own fishing pole!

I will be going to Kisumu, Kenya Jan 16th/07 and will be there for a month or longer. I intend to get one BioSand Filter Project off the ground, some filters made and the people who are willing to help others (in the name of Jesus) up and running! I also want to get a better idea of what needs to be done and how and who there is to get it done!

I have been praying for the strength and courage to make this trip and the 'know how to do what I set out to do' when I get there - that there will be people to get behind me and 'get the vision' and that it can be done!! There is such a huge need and such poverty but I know God is good and He will provide! I intend to step out in faith and do my best. I will be paying all my own expenses so any donations will go straight into Water and Training men, women or anyone young or old who will learn and has a heart to serve. I need your prayers! It would mean so much to me to think that I had people praying for me!!

If you would like to donate money for clean water in Kenya every cent donated will be used toward the water project! My email address is: schaeble@telusplanet.net. THANKS!

Lynn L.

Recently I donated $1000.00 to Samaritan's Purse. I used my 'Ralph Bucks' (Prosperity Bonus in Alberta) and my first Old Age Pension Cheque and added a little of my own money to make quite a nice donation!! It felt good and it helped a wide range of people from schools, medical clinics, farmers, children and games (soccar balls!) If you donate medical equipment or medicines the company donates 15 times what you put in. If you donate to school supplies it is increased X 10. This is good value for your donation dollar!

Calgary

My sister and I where looking at donations from Samaritans Purse and World Vision. She wanted to donate goats and said that they cost $150 from the World Vision Catalogue and I was amazed because I had just donated 5 goats on behalf of my sister who has cancer and they cost only $50. What is the difference? I don't know. A goat is a goat! (If you donate on behalf of a person they send that person a list of your donation which was done on their behalf).

We did a fairly thorough research between the World Vision Calender and the Samaritans Purse Calender and found that in many cases Samaritans Purse was quite a lot cheaper for the same article! My sister then wrote a letter with her findings to World Vision (where she had been donating) and changed over to Samaritans Purse!

Brenda

The Salvation Army, Canada is a well run and 'real' organization with a focus on helping those most in need. It seems they follow an unconditional receptiveness policy. I really admire their dedication but I guess this year even they had a shortage of staff and helpers and had to cut back on the 'Kettles' program which of course caused them to have less than usual money to work with during this busy time of year - Christmas and winter. I like donating to this organization! Every little bit helps!

Northwest

Inn from the Cold has really stepped up its work in Calgary with so many unable to find affordable housing! People who are working two jobs are not able to find or qualify for housing and must resort to living at homeless shelters and/or go begging for 'someplace to live'! I think that Calgary is nearly as expensive as Toronto to live now. The Mayor has said in the newspaper 'don't just come to Calgary looking for work if you don't already have a place to stay'!!! What is happening here?? All they talk about is bringing in people to help fill the job vacancies but don't come??

Calgary

Love Mom

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Money is best when it is patient - Patient Money
- Posted December 09, 2006 by Monty Loree
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CHRISTMAS TIME NEEDS PATIENT MONEY.
This time of year is best time for talking about patient money. What I mean by that talks about not making impulse buying decisions with gifts.

Christmas seems to be about the luxury of making impulse buying decisions. "Little Jimmy would love this gift", or "Cousin Martha would love these pair of mittens", etc. Most times you don't know about these gifts until you see them in the store.

Your logic in the store is, "I'm probably not going to be back at this store, so I better buy this gift right here, right now!" The retail stores love this logic. They're very excited when you don't think about your purchase. They prefer quick action than calm, unimpulsive, think it over type action.

I try to make it a habit to think things over before I spend money. I go to the store, walk around, come home if I'm not sure that it's the right decision. If after a day or so the purchase still feels right, I go ahead and buy the item.

Sometimes it's great to visit stores like http://www.walmart.com/ or http://www.canadiantire.ca to get a feel for what they've got before heading out to the store.

Being patient with your money may mean that you have to go back to the same store more than once. The upside is that you'll probably feel better about the purchases you made from a financial stand point, and will probably have made some better gift buying decisions.

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The Truth About 10 Credit Score Myths
- Posted December 08, 2006 by Monty Loree
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Credit scores are enormously important to both borrowers and mortgage lenders. In the same way that doing better in work, sports or at school produces real benefits, the same is true with credit scores.

With good credit you can borrow more and pay less. With a mortgage, a borrower with solid credit might pay the best available rate while someone with poor credit might pay an additional 1.5 percent. That doesn't sound like a big deal, but on a 300,000 mortgage you're looking at an additional annual cost of as much as 4,500.

There are a lot of questions concerning good credit and how to get it. Here are 10 basics that come up with great frequency.

1. I finished college a few years ago and did not pay a lot of bills. Now I want to buy a house. How can I improve my credit?

Negative items remain on credit reports for seven years (bankruptcies stay on for 10 years). However, mortgage lenders are particularly interested in your recent credit behavior, what you've done in the past two years or so.

To change your credit profile you need to make a point of paying every bill in full and on time. No exceptions. Your credit score will quickly improve.

2. Is it true you need a big income to get a good credit score?

No. Credit scores and credit reports do not show your income at all. This is why loan applications separately ask about income and assets. The issue with credit is not how much you earn, but whether you honor repayment obligations. It's perfectly possible for someone making 45,000 a year to have a vastly better credit rating than someone who makes 200,000.

3. Can I use a federal employer number instead of a social security number to get a better credit rating?

No. Using an employer ID instead of a social security number to get credit may be illegal, a crime called "credit substitution." It's also foolish. No lender is going to accept an employer ID number. If someone suggests using an employer ID to get a mortgage, go elsewhere for advice.

4. If I have a strong payment history should I borrow a lot?

No. You should borrow both no more than you need and as little as possible. Credit scores consider the amount you owe as well as the credit available to you. Hitting credit card limits is a black mark and will reduce credit scores.

5. Is it better to have lots of credit cards or just one or two?

If you reduce the number of cards you have by combining accounts and debts, you might actually get a lower score. There are two issues to consider:

First, you have to watch credit limits. The general ideas is that the more of your available credit that you use the lower your score. For instance, imagine that you have five credit cards with different limits and in each case you have used 50 percent of the amount available to you. You then combine all cards into one card with a big balance but now you're using a far-higher percent of your available credit line, say 90 percent. A better approach is to keep balances low and pay off credit cards as you can.

Second, while it makes sense to pay down credit card debts, it may not make sense to close accounts. The reason has to do with credit card history. The general rule is that the longer your history, the higher your score. The result is that you may actually want to keep older accounts open even if they're not used.

6. I'm good about paying off credit cards but not some other bills. Will this impact my credit?

Yes. First, many credit cards include a so-called "universal default" provision. This means if any bill is late or unpaid, the credit card issuer can raise your rate. Second, other bills in addition to credit cards show up on credit reports and negative items are reflected in credit scores.

7. My mortgage payment is due on the 1st of the month but I'm allowed to pay as late as the 15th without penalty. If I pay on the 14th will this show up on my credit report?

No -- but be careful here. A debt is considered "late" for credit reporting purposes only if it's at least 30 days overdue. However, some unscrupulous lenders charge excessive fees and may even raise interest rates if payments are even a day late. If you have such financing you should consider refinancing to get better terms.

As to that mortgage payment, lenders typically provide a payment grace period because checks may be delayed in the mail and payment days may fall on weekends or holidays. However, since the bill must be paid anyway, it's absolutely best to pay either early or on time.

You may find if you have a good payment record with mortgage lenders that they will be helpful if you run into problems. Example: Your mortgage payment is delayed in the mail and arrives after the grace period. A late fee is charged. You call the lender, they look at your payment history, conclude something is wrong and waive the fee. In other words, you get the benefit of the doubt because you're credible.

Does this happen? You bet.

8. How often should I check my credit?

Given the growing problem of identity theft -- the Federal Trade Commission says there were more than 250,000 complaints last year -- it makes sense to check credit reports regularly. The good news is that you can get three free credit reports per year, one from each of the major credit reporting agencies, without charge, by going to AnnualCreditReport.com.

In addition, the Federal Trade Commission says under federal law "you're entitled to a free report if a company takes adverse action against you such as denying your application for credit, insurance, or employment and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You're also entitled to one free report a year if you're unemployed and plan to look for a job within 60 days; if you're on welfare; or if your report is inaccurate because of fraud, including identity theft."

9. What should I do if I feel a payment will be late?

Many creditors such as mortgage lenders, credit card companies, auto finance organizations and utilities now have several options for quick payments. You may be able to pay online, pay over the phone or pay by overnight delivery..

However, it's wise to get quick payment information now, before it's needed. For instance, some creditors have one address for regular payments and another for overnight deliveries.

If you feel a payment will not be made or will be more than 30 days late, contact your lender immediately. It's often possible to work out an accommodation if you begin working with the lender as soon as possible.

10. Can I get a mortgage after a foreclosure or bankruptcy?

Foreclosure and bankruptcies are serious matters which are likely to make access to mortgage financing difficult if not impossible for several years. However, some borrowers are able to get mortgages again with some speed.

How? While foreclosures and bankruptcies are the worst credit events, they are not necessarily caused by consumer mismanagement or misdeeds. People have health emergencies. Companies close. Areas are devastated by natural disasters.

The bottom line is this: Mortgage underwriters want to know more about you and your situation. While loans may be approved automatically, declined loans are reviewed individually. Before looking for a home, speak with mortgage lenders if you have had a foreclosure or bankruptcy.

If you had a good credit record and encountered a financial catastrophe outside your control, lenders may be able to provide financing once credit has been re-established. Individual lenders can provide specific advice and information.

As the expression goes, it can't hurt to ask.

Peter G. Miller is a syndicated real estate and personal finance columnist who appears 70 newspapers. For more information about mortgages, please visit Mortgage Lenders Plus.com<

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balance transfer cards an introduction
- Posted December 08, 2006 by Monty Loree
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Balance Transfer Cards an Introduction



Majority of credit cards available in the market offer the balance transfer facility. Balance transfer is a system that allows outstanding balance of one or several credit cards to be moved to another credit card. Most credit card holders use this option to avail of lower interest rate offered by another credit card service provider. But before jumping to a new credit card to avail of the balance transfer facility, you must consider Q.U.A.I.L.

Check your QUALIFICATION if you can avail the promotional rate the new credit card is offering. Think of your UTILIZATION capability to the new card. If you qualify to avail the new card, you have to keep in mind that you must utilize the card to earn yourself more points and eventually build a satisfactory credit rating. ANNUAL FEE is another important reason to consider before transferring to a new one. Check if your old credit card credit card is waiving its annual fee that may offset any lower interest rate the new card is offering if it has a high annual fee. More importantly, you must consider the INTEREST RATE and compare if the new card is offering a lower rate. Having considered all the above suggestions and after having found that a balance transfer is best for you, consider choosing Capital One that allows you to LIVE the credit limit of your choice.



- Low introductory rates on credit cards last anywhere between 6-12 months. Most of the major credit card companies have zero percent rates on balance transfers. However, one late payment is all the invitation your credit card company needs to increase the interest rates.

- Some low-rate cards levy a transaction fee, to avail of the balance transfer facility. Run in the opposite direction (without the credit card being offered) when you hear of a transaction fee.

- Ensure that your old credit card company has sent you a billing statement which states that you have cleared your outstanding balance. Make sure this tallies with the billing statement issued by your new credit, which confirms all the balance has indeed been transferred. Only then should you close your old credit line.

- Keep making minimum payments on your old card, while availing of the balance transfer facility, which may take anywhere between 2-4 weeks. Do not make the mistake of not closing the credit line on your old card. You might succumb to the temptation of charging credit to your old card and will soon be left with 2 cards and very high debt.

- Ensure that the rock bottom rate being offered is applicable to you also. Offers may boast of rock bottom rates, which shoot up by a large margin after an introductory period. You could qualify for a 5 percent initial rate which increases to 20% after 6 months. Someone else might qualify for a 4 percent initial rate that increases to 15 percent after 8 months. Drive a hard bargain for the best rate.

Other Balance transfer card features include:



Inspite of the host of credit card related features on offer, the best protection against getting sucked into the whirlpool of credit card debt is to reform your spending habits. Make a keen distinction between needs and wants before your next purchase.

DISCLAIMER
"The interest rates, fees, rewards details, benefits and other details of the Capital One product(s) described in the article may have changed since the time of publication. Please consult the product information pages on the Capital One website for accurate product details. In the event of any conflict between the product details in this article and the Capital One website, the details on the Capital One website shall prevail."

Vishal Sampat

The author is an internet marketing consultant and offers a search engine marketing solutions to various corporates around the world.?



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Zero percent Balance Transfers can damage your Health
- Posted December 08, 2006 by Monty Loree
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What you are about to read may make you reassess your attitude to zero interest balance transfer offers. I will show how these balance transfer offers are pushing more and more people into serious financial difficulties and I will suggest a few ideas on how you can manage your debt better.

Credit card debt is rising at an alarming rate and many people are now getting into serious financial difficulties. One of the reasons is the promotion of no interest balance transfer offers and interest free initial periods.

Like most people, I've been tempted by the these offers to change my credit cards. I've taken them up on their offer and moved my credit card debt and, for a limited time, had no interest to pay. But "just in case of an emergency" I usually hang onto my old card.

Then something happens, an unexpected bill, or a wedding or birthday gift I've forgotten about. "Never mind" I tell myself "I can put it on the old card - there's plenty of credit on there so it's no problem."

A few months and a few unexpected bills later the interest free period runs out I have to pay interest on both my new card and the old card. Now I'm worse off than when I started but that's no problem as I can look for another card offering another interest free period and zero interest balance transfers.

It's so easy and the banks and credit card companies are so eager to lend the money that it becomes routine, until that is, something goes wrong. You could fall ill and be off work, or, you could lose some overtime and your wages fall, or maybe that big deal you were relying on falls through.

It may just be that the credit card companies decide you have too much outstanding on credit cards and you would have difficulty paying the repayments, or simply they spot that you are a regular churner of the debt and they don't want your business.

Whatever the reason the result is that you have all the interest to pay and you start to struggle with the minimum payments and miss one or two. Because you've missed payments it becomes even more difficult to find the next interest free balance transfer offer.

Now you have a real problem but it is one that can be avoided.

I could suggest that you don't use credit cards but I suspect that would not be acceptable, and I am not going to suggest you ignore the 0% offers - that would mean you paying interest when it is not needed.

The simplest way to benefit from these balance transfer offers, but keep your card debt under control, is to cut up your old card when you switch to a new one.

That way you benefit from the 0% offer but minimize your exposure to higher debt.

Once you have cut your card up though, it is essential that you contact the card issuer and close the account. Until you close the account the card issuer will continue to tempt you with special offers to use your old card.

Another tip is to never pay just the minimum payment. Always pay the maximum monthly payment you can afford. Reducing your payments simply pushes back the time when you have to repay and in the long term increases your payments. Use the interest free period to reduce your debt to the minimum and if possible clear the balance.

Credit card companies don't offer an interest free balance transfer because they are feeling generous. They do it because, in the vast majority of cases, they will be able to charge you more in the longer term. Use interest free credit to benefit you not the credit card companies.

About the Author
John worked for many tears in insurance and finance and? now writes articles on a number of topics including debt management? Go to http://www.card-debt.net for more information on how to manage your credit cards.

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How to Avoid Bankruptcy and the New Bankruptcy Laws
- Posted December 08, 2006 by Monty Loree
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Now, how to avoid bankruptcy? Find out how millions of others are becoming DEBT FREE while avoiding BK. Here you'll find a brief summary of the worthwhile options on avoiding bankruptcy, saving your credit, and accomplishing financial freedom.

You already know that life after bankruptcy would be the same or worse than before filing for bankruptcy, so we've compiled everything you need to know on how to avoid bankruptcy altogether.

How to Avoid Bankruptcy - Your Top Choices:

1) Find a Debt Management Solution Enrolling in a solid debt management solution that is very successful can truly help you avoid bankruptcy. Although, there are only a few types. Bank sponsored programs like Debt Consolidation or Consumer Credit Counseling are no better than filing bankruptcy. Debt Negotiation or Debt Settlement should only be used to settle medical, utility, or other non banking type bills. Debt Termination or Debt Cancellation has recently become the #1 proven way to wipe out your unsecured bank loans or credit card debt.

2) Get a Debt Consolidation Loan Most American's choose this option to avoid BK first if they are still current on existing loans, or are just about to get behind. Most of the time the option is exhausted before anyone even considers alternatives to bankruptcy.

3) Limit Borrowing and Reduce Debt This is a great option to avoid bankruptcy. Of course it's easier said then done, and that's most likely why you're here.

4) Ask Friends & Family for Debt Help Borrowing at zero interest from friends or family if possible is one way to get debt help. Selling off your assets, or bartering something you have or can trade for debt relief to avoid bankruptcy is another option.

5) Get FREE Government Money While this seems to be a highly searched term on the web and sounds very patriotic, it is highly unlikely that Uncle Sam will be giving out Free Government Money that doesn't need to be repaid, and if he were, we probably wouldn't receive it in time to save ourselves in the moment.

6) You Can Get Out of Credit Card Debt The number one way how to avoid bankruptcy is to eliminate credit card debt and most other unsecured debt. We know it may sound easier said then done. It is now, in fact, easier to do than you could ever imagine.

How to Avoid Bankruptcy - Banks Do Not Lend Their Own Money

The truth is, banks and finance companies do not lend you any of their own, their depositor's, or investor's money.

Once you learn the truth, we know you will be astonished. And no matter what, you will learn how to avoid bankruptcy for the rest of your life, we're sure that's worth knowing.

Mark A. Cella, Founder of the Federal Debt Relief System. You must read this article today.?

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The Pros and Cons of Cashback Credit Cards
- Posted December 08, 2006 by Monty Loree
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Cashback is a popular incentive offered by many credit card companies. It means that for every dollar you spend, your card issuer will give you back a small percentage, usually in a single payment made once a year. The term cash rebate credit cards is also used to describe this.

The amount paid back is calculated as a percentage of your total spending. Percentages vary, but typically range from 0.5% to 2%. Some card issuers pay higher rates of up to 5% for purchases in some categories (e.g. gas or groceries) or made through certain retailers.

The big advantage of cashback credit cards is thus obvious: You can make a small saving on every item you buy. This might not seem much at the time, but in most cases all these rebates are added together and returned to you in a single annual payment. If you spend, say, 20,000 a year on your cashback credit card, you could collect up to 1,000 a year in rebates - a handy sum in anyone's language!

There is a potential pitfall to watch out for with cashback cards, though. In most cases these cards also offer attractive-looking balance transfer deals, offering low (or zero) interest rates on the transferred balance for up to 12 months. The aim is to tempt you into shifting long-term debts onto your credit card, as well as spending money on it to benefit from the cashback.

What's the problem with that? Well, the crucial fact is that your monthly repayments are automatically allocated to paying off cheap balance transfer debts first, leaving the high-interest debts from spending trapped on your card until all the cheap debt is repaid. In other words, you cannot simply pay off the costly debts first.

The best thing, therefore, is to use separate cards for cashback and balance transfers. If you do transfer a balance to your cashback credit card, ensure you pay off the entire balance in your next monthly repayment. In any event, with a cashback credit card ALWAYS pay off the balance by the due date every month - that way you will enjoy a nice little bonus from the cash rebate, and you won't lose any of this money on interest charges.

Finally, note that in recent months some card issuers have cut back on their cashback offers, reducing the rates paid or in some cases abolishing it altogether. If you want cashback, therefore, it's important to shop around, and not simply reply to the first offer that drops unsolicited into your mailbox. Credit card comparison websites such as http://www.finest-credit-cards.com make this easier by displaying all the best offers, updated daily, alongside independent advice on choosing and using a credit card.

Nick Davis is the owner of http://www.finest-credit-cards.com, which aims to match you up with the ideal credit card to suit your situation. With details of all the leading card offers updated daily, plus informative articles to guide you in your choice, you will never pick the wrong credit card again.?

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How to Succeed When You're in Massive Debt
- Posted December 08, 2006 by Monty Loree
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By Vicky Therese Davis, William R. Patterson, and D. Marques Patton

Whenever the topic of finance is discussed, it is important to note that everyone's situation is different and that financial advice should be tailored to an individual's particular circumstances with the help of a professional advisor.

Everyday our mailboxes are flooded with advertisements, catalogues, and "pre-approved" credit card offers hoping to deplete our savings and draw us deeper into debt. In the latest Survey of Consumer Finances conducted by the Federal Reserve, concern has been expressed that the rising level of debt may become "excessively burdensome to families." Similarly, the American Bankruptcy Institute reports personal bankruptcies are near an all-time high and in 2004, more than 1.5 million were declared.

Debt is a scary place to be; it is emotionally and financially threatening. It limits our ability to meet daily expenses, invest for the future, and creates a long chain of financial difficulties. The strains put on our relationships due to these financial pressures make it imperative that we find ways to effectively deal with debt. Like all problems, it will dangerously compound if we ignore it, so we must confront it head on to positively change the condition of our lives.

Permanently resolving our debt situation involves three things: gaining an awareness of the different types of debt, understanding the psychology and circumstances that led to the current situation, and devising an effective debt reduction, savings, and wealth acquisition plan.

Put simply, debt falls into two categories: investment debt and consumer debt
Investment debt is an obligation that one takes on in order free up funds, generate cash flow, and build wealth. It is the leverage of other people's money (OPM) to purchase assets that substantially increase in value or produce income. A few examples of investment debt include mortgages for rental properties, business loans, and stock margin loans. The best forms of investment debt produce positive cash flow. When debt produces positive cash flow, it generates more money to invest and does not reduce your existing income.

Consumer debt is a financial commitment used to purchase items that have no substantial resale value or depreciate after they are bought. Examples of consumer debt include: automobile loans, personal loans, personal lines of credit, credit card debt, and more. It can be wise to buy an item using consumer credit, if the after-tax return on your investments is greater than the interest rate on your debt. With this approach, you have more money available to invest at a higher rate of return. This is a riskier strategy and should only be employed by sophisticated investors. It is also important to note that one person's consumer debt is another's investment debt. The money one expends servicing debt goes to help another build their wealth. Over time, your goal should be to turn the tables.

The Psychology of Debt

To change your financial condition, you must understand the factors that have led you into debt and position yourself so that you will never return to similar circumstances. Common expenditures leading to excessive debt include automobile purchases, education expenses, vacations, gambling, medical expenses, unsuccessful business ventures, and the frequent purchases of consumer goods and services.

In general, we must become better planners and begin to stop thinking of debt as the first solution to our problems. If our debt situation stems from overspending, we must address the emotional state that drives us to live beyond our means. If it is due to unsuccessful business ventures, we must learn to move our enterprise forward through stock offerings, or creative means like partnerships and the bartering of services. If it is from necessary expenditures or emergencies then we must develop the discipline to create special savings accounts and cash reserves. Once we change the way we think about debt, we are prepared to implement life-changing solutions.

The most expedient way to deal with debt is through a two-tier approach of budgeting and investing.
Begin your financial turnaround by writing down the monthly payment, interest rate, and total amount owed for each of your debts. Once you know where you stand with each of your creditors, attempt to lower your interest rates. This involves calling your creditors and asking for lower rates, transferring balances to lower interest rate credit cards, or more aggressive tactics such as home refinancing, to turn liabilities into lower interest-bearing, tax-deductible debt.

Next, create a realistic budget and eliminate unnecessary expenses. Take any free cash flow and use it to pay more toward your highest interest, non-tax deductible debt. On all other debt, pay only the minimum. Do this every month until that particular high-rate debt is paid off. Once that account has a zero balance, use the money you normally would have expended on your monthly debt payment, plus any free cash flow, to pay toward your next highest interest rate debt. Continue this process until all your debt is paid off.

It is important to note that if you have savings, you should use it to pay down your highest interest rate non-tax deductible debt. It makes more sense to pay off debt at interest rates of 12-18%, than earn less than 2% interest in a money market or savings account. Also, remember the interest rate on your debt is equivalent to the after-tax return on an investment. So, if you are not outperforming on an after-tax basis the interest rate being charged on your debt, it is more advantageous to pay off your debt.

The second aspect of your debt transformation involves investing. In order to effectively manage and overcome your debt, make investments that have a return that outweighs the interest rate on your obligation or that generates cash flow in excess of your monthly debt payment. Because investing can be rather complicated and volatile, it is important that you have as much education as possible in this area. Your first thought may be, "I don't know much about investing, and I don't have the time to learn." Well, you must decide if you are willing to make the time, or choose to work the rest of your life to pay off your financial commitments. Budgeting alone is a much slower solution, so you would be wise to develop a mastery of investing or partner with people who possess such knowledge in order to expedite the process. Seeking the advice of competent professionals is a sound way to shorten your learning curve and prevent costly mistakes. If you encounter an emergency during this period, you may use your credit accounts as your cash reserve.

There are many strategies for investing your way out of debt. Some include starting or investing in businesses and buying assets that appreciate in value or generate cash flow. The issue becomes, how do you take advantage of opportunities with little cash and poor credit? The answer to most questions of lack is through partnerships. Though we may not view ourselves as entrepreneurs, we all have viable business ideas inside us. It is up to us to develop those ideas and approach enough people until we find partners who believe in us and are willing to finance or actively participate in our venture. For those who like the idea of owning their own business, but not the hard work it takes to develop one from scratch, there are a number of direct sales organizations that will provide you with business opportunities for low startup up costs and lots of guidance. All of these add up to ways of generating excess cash flow to help pay off your debts and build wealth.

The mentality that created your current financial situation will not suffice to solve your debt issues. For most, the financial difficulties we face have taken years to develop, so they will not be solved overnight. As much as we would like to believe, there are no incantations or magical formulas for ridding ourselves of financial obligations, only the disciplined strategies of sound money management and investing. We must remember to deal with the issues that drove us into debt before attempting to implement any strategy. If we do not start with our own thought process, any plan of action will not be effective in the long-run and may put us in a worse financial position. To transform our lives, we must change the way we think about finance and obligations. On the occasions that we do use debt, it should be for the purpose of buying assets, not consumer goods that depreciate or have no value.

Vicky Therese Davis, William R. Patterson, and D. Marques Patton are co-authors of the acclaimed business and personal finance National Bestseller, The Baron Son: Vade Mecum 7. Vicky Davis is Founder and Chief Executive Officer of Indulgence Jewelry Corp. William Patterson is Co-founder and Chief Executive Officer of the Warcoffer Capital Group, LLC. D. Marques Patton is Co-founder and President of The Warcoffer Capital group, LLC.

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Understanding Credit Scoring and Credit Repair
- Posted December 08, 2006 by Monty Loree
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By Jacob Davidson, Mortgage Planner
Great Oak Lending Partners

? Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.

The first step in the process is making sure that you have a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. Since entries can vary across bureaus, you?ll want to request a free report from each of the three companies. (Go to www.annualcreditreport.com)

It's also important to know just what a good credit score is. Most A-Paper scores generally begin around 680, although this number may differ slightly among lenders. Don't despair if you come up shy, there is always room for improvement. Increasing your score just 5 points can save a significant amount of money. For example, if your score is 698 and you increase it to 703, then you could save yourself thousands of dollars over time as a result of a slight improvement to your loan?s interest rate.

While credit repair is necessary for some, it's not the only way to increase your credit score. Even if you have stellar credit, you can enhance your score through these steps:

- Evenly distribute your credit card debt to change the ratio of debt to available credit. Let's say you have a credit score of 665. If you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move you closer, and possibly into, that ideal bracket.
- Keep your existing accounts open and active. The average consumer is usually anxious to close credit card accounts that have zero balances, but doing this can cause them to lose the benefits of a long-term credit history and increase their ratio of debt-to-available credit. The bottom line is don't close those old accounts!

- Keep credit inquiries to a minimum. Each inquiry into your credit history can impact your score anywhere from 2-50 points. When it comes to mortgage and auto loans, even though you're only looking for one loan, multiple lenders may request your credit report. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry, so try and stay within that time frame.

Remember, credit scores don't change overnight. Improving them requires time and diligent effort on your part, so it's a good idea to get the ball rolling at least three to six months prior to submitting your application for home financing.

If credit repair is what you need, you can either begin the process yourself or seek out a repair service. If you decide to make your own improvements, visit as many websites as possible to get information regarding credit laws and consumer rights. Diligently search through them and educate yourself to ensure that you don?t sustain any self-inflicted wounds. A good place to start would be the Federal Trade Commission's website, which contains a wealth of helpful literature.

If you?re facing severe or complicated credit issues, then you?ll probably want to enlist the assistance of a professional credit repair company. Before you do, be sure to familiarize yourself with the FTC's regulations on credit repair. With over 1100 credit repair companies to choose from, it's important to be certain you are dealing with a reputable firm. Examine the FTC's information on fraudulent practices to avoid falling prey to credit repair scams.

Addressing credit issues can be uncomfortable to say the least. But by taking these steps now, you?ll be that much closer to obtaining the home of your dreams.

Additional Resources:

To order your free credit report, go to:

www.annualcreditreport.com

To read the Fair Credit Reporting Act, go to:
www.ftc.gov/os/statutes/frca.htm

For the Federal Trade Commission's information on consumer credit, go to:
www.ftc.gov/bcp/conline/edcams/credit/index.html

[Jacob Davidson] is affiliated with [Great Oak Lending Partners], a Licensed Broker, [MD] Department of Real Estate. If you would like to obtain a free Consumer Credit Scoring Booklet, please contact [Jacob Davidson] at [800 544 8584].


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Planning Your Future and Staying Bankruptcy Free
- Posted December 08, 2006 by Monty Loree
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What exactly is bankruptcy? Bankruptcy is when your assets are tied up and you cannot pay your debts. There are a number of different bankruptcies that are open to individuals. These different bankruptcy options were created to help individuals and their special needs.

However, bankruptcy's effects can last for years, including difficulty finding a job, getting insurance, renting an apartment, buying a home and financing a car. Bankruptcy can stay on your credit record for up to 10 years. The rest of this article will deal with ways to try and avoid bankruptcy.

As mentioned in previous articles a good budget is one of the most valuable financial tools you can have. Every individual or family needs to develop a budget and follow it. Impulse buying is not only dangerous for large expensive items, it can also be costly for smaller purchases that add up, killing your budget and pushing you further into debt.

When going to buy a large or expensive item a good rule of thumb is to go and look and leave your checkbook, credit card, or financing information at home. When looking to buy these large items go and look around at more than one place. There is usually more than one store or dealer in the area that has comparable products to look at.

The more places you visit the better idea you get of what a fair price is. Take time to evaluate the merchandise you have seen. When you do this, you will eliminate impulse buying or buying on emotion. When you have done your research and determined that you really need the item, then you are prepared to go and purchase it.

Living within your means creates a future of financial stability. There are many things that can be done to live within our means. Some of these things include driving nice, dependable vehicles, not the latest and greatest; and purchasing a home that meets your needs, not a large home which carries an astronomical mortgage. Don't get caught up in trying to impress your neighbor by buying things you can't afford or don't need. There is only one person that can keep you from bankruptcy and that's you. Have some self control.

If you find that you are really in overwhelming debt, there are steps that can be taken. Evaluate your financial circumstances. If you have large credit card debts that you can't afford, contact the credit card company and try to work out a payment plan that works for you. If you have other large bills, try and contact these companies and see if they will work with you. Sit down and figure out what your debt to income ratio is.

This can be done by adding up how much take-home pay there is against how much there is in bills. If your debt ratio is close to or higher than your income, then you need to seriously evaluate your spending habits. Unavoidable medical expenses or disasters that cause major debt have to be dealt with on an individual basis and may require the advice of a competent financial planner. Day-to-day financial monitoring will help you improve your financial future.

If you need the help of a financial advisor, it will be worth your time to do your homework and find out who will be the best at helping you. There are a number of ways to go about finding a financial advisor. A good place to start is by asking friends and acquaintances if they know or have heard of anyone that is good. You can also check in the yellow pages.

However, be aware of billboards and radio/TV ads, and check with your local BBB. Once you have found a good potential advisor, ask them about their credentials and ask for references of satisfied customers. Ask how their work will help you and how it will effect your credit. Don't be afraid to ask questions to find out if this is the right person to help you.

Remember this individual is going to give you advice that is going to effect your financial future. There are financial services that charge large service fees, and those that are non-profit that are less expensive. It will depend on what you feel comfortable with and who you think will give you the most help.

Finally, if you own a lot of expensive items, you may think about trying to sell off items to raise money to pay off debt. Consider getting a second job to help to bring in extra income. Look at borrowing against any reserves you may have. (Do this only after consulting a good professional advisor.)

Avoiding bankruptcy requires vigilance and determination. Bankruptcy and its long-term effects should be considered very carefully. Working hard to overcome financial woes will give you an improved sense of self-worth and well-being.

? Simple Joe, Inc.
Lyle Evans is a software testing specialist for Simple Joe, Inc., makers of the popular Simple Joe's Income & Expenses PC software. Income & Expenses is a quick and simple way to keep track of your cash flow and stay within your budget. Income & Expenses is ideal for personal, business, home and club accounting.. This article may be freely distributed as long as the copyright, author's information and an active link (where possible) are included.

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Two Ways To Debt Relief
- Posted December 08, 2006 by Monty Loree
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By Terje Ellingsen

There are many debt relief programs out there both off line and online. Sometimes it can be difficult to chose one from the other. To make a reasonable choice, you need to know

- your specific debt problem for example student loan debt, credit card debt or several small loans with high interest rate, which in it's turn defines

- the requirements to the debt management program

If you know this, you can find the right program for you. There are roughly two main types of debt reduction programs; Debt consolidation and debt settlement. To be honest, it is not hard to find relief for your debt.

There are some really good companies online that can help you with debt reduction and get you out of a pressing and annoying situation. Before we take a closer look at this two types of debt reduction, just know that it is easier to accumulate debt than to eliminate it. Unfortunately, it's a pretty long way to go. But if you keep patient you'll get rid of your debt problems for ever.

1. Debt consolidation

called by some a debt management loan, is a means to consolidate your debt. Especially when you currently have several small loans, you take these, whether they are credit cards or student loans, and combine them into one loan. With only one loan you only have to make one monthly payment. This is much easier to manage than several payments on several loans. Usually with this solution, the interest rate will be lower as well and you'll save money compared with the previous situation.

2. Debt settlement

also called credit counseling or debt negotiations, are a little different form of debt reduction. The companies dealing with this kind of debt management is called debt counseling companies. Examples of such institutions can be companies like KimberlyCcredit, GoDebtFree and Lexington Law. They work with your creditors to modify and change your terms. Through such a company, you can get a lower interest rate and eliminating late fees. This might be the wisest thing to do, if you're really over your head in debt. With a debt settlement company you pay a lower total sum of money than you would otherwise.

All of these programs can be reasonable options. The difference is in the details of the programs. Your job of getting relief from your debt is first and foremost to find a debt relief program that is right for you.

EzineArticles Expert Author Terje Ellingsen

Terje Brooks Ellingsen is a writer and internet publisher. He runs the website 1st-In-Loan.net Terje gives advice and helps people with personal financial issues like how to get out of debt and loan consolidation


Article Source: http://EzineArticles.com/?expert=Terje_Ellingsen


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What is debt management?
- Posted December 08, 2006 by Monty Loree
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By Jay Moncliff

To start your debt management program and make a budget you will need to know all of your expenses and income for a set period of time. Most budgets are done on a monthly basis. You should record your monthly income and expenses on a sheet that will allow you to subtract your expenses from your income. You need to have a few sections for expenses because there are a few different types of expenses to consider in your debt management.

Fixed expenses- These are expenses, like rent, that are always the same amount or around the same amount each time they are due. These expenses are also ones that must be paid. Good debt management prioritizes expenses.

Variable expenses- This type of expense changes from month to month. They are also expenses that you can change the amount of if need be, like groceries.

Debt- Debt can be either fixed or variable, but is different because you do not pay the full amount each month. You can chose how much you want to pay or have a minimal amount you have to pay.

These three types of expenses should be noted on your budget as part of your debt management. Once you have drawn up your budget you need to balance it. Balancing your budget is also a necessary part of debt management and means that your expenses do not exceed your income. This is very important in any debt management program.

You may find that your budget is not balanced. If this is the case you will need to try to find ways to reduce your expenses. While fixed expenses are the same month to month and you have to pay them, there are still ways to reduce the amount. You should comparison shop to find the best price you can get. You can do this with utilities, especially extras like cable TV and phone service. Look at the companies that offer service in your area and find the one with the lowest price. Variable expenses are easy to manipulate and this is most likely where most of your budget cutting will happen. Reducing your expenses will not only balance your budget, but give you some more money to pay off debt quicker. Debt management will pay off with a little planning and self control.

Debt can hang around for quite some item. Most debt comes with interest charges that just keep adding up. You can try getting a lower interest rate. By calling the company you have a debt with you may find they have better payment plans or can offer you some savings. You should also always make a point to pay more than the minimum amount due, especially on credit card debt. The minimal amount due is usually mostly paying interest and not your actual debt. Be aware of creating new debt also. Pay your bills on time so you do not get extra charges applied. Debt management requires that you keep good records and stick to your budget so debt doesn't get out of control.

Debt management may seem like a difficult task, but if you keep records and stick to your budget it actually can be easy. Try to cut expenses and remember to always live within your means. Once you get a credit card paid off do not start charging again unless you can pay the balance off in full when the bill comes. That is the simplest way to stay out of debt. Start your own debt management program and not only get out of debt but stay out. Remember, for debt management to be effective you must stick to your plan.

About The Author
Jay Moncliff is the founder of http://www.debtmanagementcenter.info a website specialized on Debt Management, resources and articles. This site provides updated information on Debt Management. For more info on Debt Management visit:http://www.debtma?

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Debt Consolidation : Benefits and Options
- Posted December 06, 2006 by Monty Loree
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Debt consolidation, for many people, can bring a huge bring a massive sense of relief. By consolidating debt, you can eliminate or reduce collectors' calls and letters, as well as just being able to feel more secure.

Being responsible for one loan repayment rather than having many bills to pay can be easier to manage and reduce the risk of missing payments. With a debt consolidation loan, by clearing your existing liabilities with your creditors, it is even possible that you can improve your credit score.

A consolidation loan also offers you some flexibility in how you will handle the debt. If the loan is taken out at the right time, you could potentially benefit from having one month without a debt repayment. Effectively, you get the loan one month and use it straight away to pay off all of your creditors. As you may not have to start paying the loan until the following month, you could end up with a repayment holiday which will give you some time to build up a cushion in your bank account.

If you have not sourced a consolidation loan and opted instead to go with a credit counselling service and had them form a debt management plan with you, this can help you to keep your finances more under control, as well as providing you with just the one amount to repay.

Often the monthly sum that you pay is lower than the sum of the bills you paid previously, because the credit counselling service has managed to have your charges reduced in some way. With certain schemes such as Individual Voluntary Arrangements (IVA) creditors agree to stop charging interest while you are in the plan.

A debt management program may actually negatively affect your credit rating temporarily, but once all of your debts have been paid off, your credit score should go up.

You may find that subscribing to a formal debt management plan is advantageous for you as it will help you to develop better spending habits as you will not be able to use credit whilst the plan is in force. Credit counselling services usually should take the time to learn about you and your needs, so that they can help you form a good plan for getting out of debt.

Another advantage to dealing through a credit counselling service is that someone else negotiates with your creditors for you. Many people find the idea of calling their creditors intimidating, and it can be very daunting.

The main advantage to either form of debt consolidation, borrowing or using a service, is peace of mind. Debt can be very stressful, but knowing you have a plan and are following it can make your finances much easier to face and handle.

About the Author
Derek Rogers represents Trapped, a UK based debt management company helping people who are already caught in the debt trap.


Article Source: http://www.therealarticles.com


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Debt Consolidation Agencies that Function Not for Profit
- Posted December 06, 2006 by Monty Loree
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By: Gibran Selman

The merger or combination of debts, whether they are credit card bills, medical bills, unsecured loans, or collection accounts, is known as debt consolidation. Consolidation of debts is done to simplify the task managing outstanding debt by making payments to a single creditor rather than several different ones. Various agencies, which have a special team of professionals, experts and advisors, provide debt consolidation services.

Persons looking to reduce their debt, secure a mortgage loan, avoid bankruptcy or simply free up extra cash may require these services. Numerous agencies help people consolidate their loan either through debt consolidation loans or credit card debt consolidation. People can pay off their high interest credit cards, consumer loans, etc.

with these loans, thus enabling them to consolidate their different debts into one easy, low interest monthly payment - i.e. simplification of various loans into one loan. Credit card debt consolidation is costly as it carries a high rate of interest. On the other hand, debt consolidation loans are preferable as they are cheaper and help increase a person's credit rating.

Due to the broadening of the financial market, the number of agencies and institutions offering these services has rapidly increased. However, there are some of them who work on a non-profit basis, offering free services or loan solutions, with some pre-conditions, enabling debtors to consolidate their obligations at no charge. They also offer some of the best deals for loans consolidation, with low interest rates, low finance charges, and zero or low late fees through their connections with various banks and other financial institutions.

These services and loans are offered to almost everybody, even to people with bad credit scores. The process for securing a loan starts with the calculation of the total amount of loan one needs to consolidate. Once this is done, the person can apply to various agencies that offer consolidating services. These organizations can be easily found on the Internet.

The value of the collateral offered will determine the amount of loan that can be provided. However, like any other loan, this loan can also be taken without collateral. These agencies process applications for debt management and quote the amount of loan to be offered, along with other terms and conditions. This is known as a 'debt consolidation quote.

Non-profit agencies offering this kind of services classify such services based on the need and purpose of the loan or according to the person's credit rating. These classifications include Bad Credit, Student Loan, Credit Card loan, and Bill Consolidation among others. The non-profit agencies also cater to student loan and bad credit debt consolidation.

Non-profit agencies work with the primary function of enabling debtors to achieve financial freedom by assisting them in getting debt consolidation loans. They help debtors resolve their financial obligations with integrity and simplicity, by restructuring their monthly payments and reducing or eliminating the interest rates and other related fees and costs.

Article Source: http://www.articlerich.com


For more Articles on Debt Consolidation go to: debtconsolidationcenter.net. Gibran Selman takes
care of debtconsolidationcenter.net a website dedicated to gather information, on and off the internet, about Debt Consolidation and other related subjects.


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When Do You Use A Credit Counseling Service
- Posted December 06, 2006 by Monty Loree
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By: Alvin Toh

If you are consistently paying your bills late, credit counseling services may be able to help you negotiate lower interests and payment plans with your creditors. A credit counselor determines your eligibility for a debt consolidation program or debt management plan. The main advantage is that you only need to make one payment per month to a credit counseling service, which then sends the payment to your creditors. You save by paying lower interest rates and avoiding late payments charges. It is also easier to manage a single debt as all your debt repayments are consolidated into a single monthly payment.

Credit counseling services' fees are usually paid by creditors to whom debt payments are distributed. This raises doubts on the objectivity of credit counseling services. Many believed that they are used by creditors to collect debts.

There are so many credit counseling services, so it is imperative to research them carefully before signing up for one. There are message boards and websites where you can ask people for their opinions and feedback on credit counseling services. A money based message board can be a good place to learn about people's experiences. You can check with a credit counseling service's local Better Business Bureau to see if there had been any complaint against it and with its local courthouse to see if it had been sued. Reviews of various credit counseling services and their debt consolidation programs can be found by searching on the internet. Beware of bogus credit counseling services that ask for high upfront fees and promise that you can pay off your debts for less than what you actually owe. Avoid credit counseling services with no accreditation.

Credit counseling is definitely not for you if you are able to pay your bills on time. Don't be fooled by credit counseling services that offer to negotiate lower interest rates for you. They may only end up hurting your credit score.

When do you need a credit counseling service? You may consider seeking the help of a credit counselor if you are constantly paying your bills late, chased by your creditors, unable to make minimum payments on your credit cards or fail to negotiate repayment plans with your creditors.

If you are heavily in debt, credit counseling services may not be able to help you negotiate payment plans. In this case, you may need to get a bank loan and consolidate existing debts by yourself. Your last option is to file for bankruptcy.

Article Source: http://www.articlerich.com


Do you find yourself struggling to pay your debts? More revealing tips and resources about credit card debt consolidation, debt consolidation companies and credit counseling services are available at www.debtconsolidation-secrets.com Seek help before your debts get out of control.

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When Do You Use A Credit Counseling Service
- Posted December 06, 2006 by Monty Loree
Post Back Link to Canadian Money Advisor

By: Alvin Toh

If you are consistently paying your bills late, credit counseling services may be able to help you negotiate lower interests and payment plans with your creditors. A credit counselor determines your eligibility for a debt consolidation program or debt management plan. The main advantage is that you only need to make one payment per month to a credit counseling service, which then sends the payment to your creditors. You save by paying lower interest rates and avoiding late payments charges. It is also easier to manage a single debt as all your debt repayments are consolidated into a single monthly payment.

Credit counseling services' fees are usually paid by creditors to whom debt payments are distributed. This raises doubts on the objectivity of credit counseling services. Many believed that they are used by creditors to collect debts.

There are so many credit counseling services, so it is imperative to research them carefully before signing up for one. There are message boards and websites where you can ask people for their opinions and feedback on credit counseling services. A money based message board can be a good place to learn about people's experiences. You can check with a credit counseling service's local Better Business Bureau to see if there had been any complaint against it and with its local courthouse to see if it had been sued. Reviews of various credit counseling services and their debt consolidation programs can be found by searching on the internet. Beware of bogus credit counseling services that ask for high upfront fees and promise that you can pay off your debts for less than what you actually owe. Avoid credit counseling services with no accreditation.

Credit counseling is definitely not for you if you are able to pay your bills on time. Don't be fooled by credit counseling services that offer to negotiate lower interest rates for you. They may only end up hurting your credit score.

When do you need a credit counseling service? You may consider seeking the help of a credit counselor if you are constantly paying your bills late, chased by your creditors, unable to make minimum payments on your credit cards or fail to negotiate repayment plans with your creditors.

If you are heavily in debt, credit counseling services may not be able to help you negotiate payment plans. In this case, you may need to get a bank loan and consolidate existing debts by yourself. Your last option is to file for bankruptcy.

Article Source: http://www.articlerich.com


Do you find yourself struggling to pay your debts? More revealing tips and resources about credit card debt consolidation, debt consolidation companies and credit counseling services are available at www.debtconsolidation-secrets.com Seek help before your debts get out of control.


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A guide to debt management
- Posted December 06, 2006 by Monty Loree
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By: Reethi Rai

When in deep debts, any wishful thinking that debts will disappear over time might prove to be more disastrous. People who emerge from debt are not just lucky; it is their determination to find a way out that has helped them become debt free. Taking assistance from a debt management company is one of the most effective means to deal with bad debts.

What is debt management?

Debt management primarily aims to manage all existing debts in a manner well suited to the debtor. It is extremely beneficial for individuals who are heavily indebted and face problems repaying debts. A debt management plan is put forth by the debt management company according to the needs of the debtor. This plan needs to be agreed on by a creditor as well, following which the debtor has to deal with just one affordable payment every month. Monthly payments and repayment terms are structured according to the debtor?s circumstances.

With timely repayments, the debtor will not only feel the reduction of the debt burden but he/she will also benefit with an increased credit score. Debt management plays a significant role in taking care of your debts. Debt-management.benidorm.co.uk will reduce debt burden to a great extent by providing a wide variety of options.

Benefits of Debt Management

? Reduces worry and stress associated with debt: With a debt management plan, the debtor is assured of reduced debt worries as a panel of specialist debt advisors will assess the debtor?s situation and offer solutions suited for a debtor?s needs and constraints

? Control your finances: Debt management ensures that a debtor?s finances are assessed to structure repayment plans on the basis of a debtor?s needs and constraints. This allows a debtor to control his/her finances better.

? Sound financial advice: When a debtor opts for a debt management plan, he/she is assured of sound financial advice from a debt advisor who will ensure that the debtor makes a wise informed choice after weighing the pros and cons of all the options.

? Consolidate your debts into one affordable monthly payment: Debtors can save money with lower monthly payments and reduced interest rates with a debt consolidation loan. It also speeds up paying time and reduces monthly bills to a great extent.
? Protects you from creditor harassment: When a debtor chooses debt management, debt advisors will deal with the debtor?s creditors in order to arrive at a debt solution which benefits both the debtor and the creditor. The debtor thus gets rid of threatening calls and mails from creditors.

Debt management will review debts, put forth debt solutions and help a debtor decide on the best solution suited to the debtor?s circumstances and constraints. Debt-management.benidorm.co.uk will help a debtor choose the best solution.

Log on to www.debt-management.benidorm.co.uk to find out how debt management can help you.

Article Source: http://www.articlerich.com


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Tackle your mounting debts-With cost effective debt consolidation!
- Posted December 06, 2006 by Monty Loree
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By: Kirthy S

Help is at hand to consolidate your debts despite all your bad credits. Don?t let your expenses go out of control, avoid making bulk purchases. Little do you know how close you are to the precipice of financial bankruptcy. People usually tend to realize that any purchase made using credit card is debt as it is not your money in the savings account you have used. You need to repay them at later point of time, failing which you end up in bad credits.

Lack of sound management of financial resources is another contributor to get indebted! It?s indispensable to consider wise financial planning and proper debt consolidation with the right company.

Take professional help from debt consolidation counselors to fight out your debts. Available online are free expert advice to bring you back to financial track. They will first analyze your debt, decide which type of debt reduction program serves you the best and negotiate with your creditors. Their expertise, profound industry experience and contacts in the finance industry help you in getting the best possible debt settlement plan.
Rely on the professionals and rest be assured of a debt-free life not just now but in future as well. If you follow the expert?s advice religiously you can get bailed out of financial crisis and reduce your debt burden.

Advantages of debt consolidation or debt management plan:

Pay off a small consolidated monthly bill
Manage a single account
Keep track of your finances
Pay less in terms of interest rates
Stop creditors? harassing calls or any court proceedings
No more have to handle multiple creditors
Improve credit scores in the long run

One can resort to debt help professionals and leave all their debt worries to them and relax. They take care of the rest. You no more make any direct payments to your harassing creditors. The lender with whom you have enrolled for debt consolidation will negotiate on your behalf and pay them. You just need to make one consolidated bill to your debt consolidation help and relax. The debt reduction program will directly take control over the creditors.

Reduce your debts and financial worries to half!

By simply enrolling into "debt reduction program", the debt settlement experts negotiate with your creditors and handle all future communications. All that you need to ensure is that you make no more purchases on credit cards.
Save yourself from the hassles of creditor harassment. And get debt relief by availing the expertise of the professional debt management companies. One such debt settlement expert can be sought at www.debt-relief.www-debt-management.co.uk

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Bankruptcy Information: A helping hand in trying times
- Posted December 06, 2006 by Monty Loree
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By: Reethi R

Bankruptcy is a phrase heard and used by many. Individuals tend to have pre-conceived notions about bankrupts that they are individuals who are totally broke. But bankruptcy information can be a real eye opener for debtors who are contemplating bankruptcy and individuals who are seeking information about bankruptcy. It helps debunk all the myths attached to bankruptcy.

1) What is bankruptcy?

Bankruptcy is a legal term to formally identify an individual as bankrupt. It refers to the inability of any debtor or organization to pay their creditors. In majority of the cases, bankruptcy is initiated by debtors or organization themselves. The main purpose of bankruptcy law is to provide any honest debtor a chance to start afresh and to help a debtor repay his/her creditor/s in an orderly manner to the best extent possible by the debtor. Debtors are discharged of most of their financial obligations after their non-exempt assets have been distributed. Creditors can no longer harass debtors or continue any lawsuits once the debtor has opted for bankruptcy.

2) Implications of bankruptcy:

Filing bankruptcy is one of the hardest financial decisions. Debtors must carefully examine the implications of bankruptcy and choose it as a last resort to deal with financial troubles. Following are the implications of bankruptcy:

? Lose control over your assets (except items/equipment required for work/household purposes)
? Cannot act as director of a company/practice as a lawyer/chartered accountant
? Negative publicity as a bankruptcy is advertised in ?London Gazette? and a local newspaper
? Bankruptcy remains on record with credit agencies, land registry and other organizations

3) Common terms to understand bankruptcy

? Bankruptcy petition: Individuals who opt for bankruptcy need to formally request protection of the federal bankruptcy laws. It involves filling of two important forms-The petition (Insolvency Rules 1986 form 6.27) and the statement of affairs (Insolvency Rules 1986 form 6.28).
? Chapter 7 bankruptcy: This chapter of the bankruptcy code provides for ?liquidation?. The debtor?s non-exempt property will be sold and the proceeds will be distributed among his/her creditors.
? Chapter 13 bankruptcy: This chapter of bankruptcy provides a reorganization plan for individuals with regular income. It allows a debtor to retain his/her property and pay back his/her debt within 3-5 years.

Debtors could also consider various alternatives to bankruptcy before filing for bankruptcy. IVA, debt consolidation loan, debt management etc are proven alternatives to bankruptcy which the debtor can consider before he/she files for bankruptcy.

For comprehensive bankruptcy information log on to www.bankruptcy-information.www-bankruptcy.co.uk.

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A silver line in the cloud of debts: Credit card debt consolidation
- Posted December 06, 2006 by Monty Loree
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By: Kirthy Shetty

Getting into debt is easy, but trying to break free from it, is quite a task. A borrower gets into a debt trap when he/she is unable to make repayments on time. There?s an urgent need to tackle debts rightly and in a cost-effective manner to gain a healthy financial balance in your life.

First and foremost learn wise budgeting, saving habits and healthy spending habits. Avoid instant gratification and control unnecessary spending. Get rid off multiple credit cards, and pay back any small balances and close the account immediately. For those credit cards which have heavy balances to be repaid there?s a solution.

The solution comes in the form of credit card debt management. Take control of your credit card debts, before they take control of your life!

Make use of various credit card debt management services such as Credit Card debt consolidation, credit card debt management plan, credit card debt counseling and budget planning.

Look at every purchase you make out of your credit card as a loan. As you need to repay it at some point of time. Realise this first. Have you ever compared your monthly income to your monthly credit card limit? Compare your monthly earnings with that of your expenses. Do not exceed your credit card limit. Always remember to keep your purchase receipts safely. It gives you an idea of what your unnecessary spending is like. Rectify any costly errors and have all your receipts in front of your eyes, so that you are reminded of your debts piling day by day.

Do not forget to repay your balance every month on time. So you are no more accountable to pay back the interests or late fees on loans. If you are finding it hard to pay back on time, it?s high time you consider credit card debt consolidation. Consolidate all your credit card debts and just make one monthly payment every month, reduce your monthly outgoings and bring your rate of interests to the minimum.

As the monthly installments paid are affordable now, you end up paying off your debt on time. If you are consistent with paying off your debt consolidation loan, over the next couple of years, your credit rating could well be back to normal.

Such a debt management program is offered against some security, be it your property, home or any other asset. This often gives you a longer term of repayment, which makes it an attractive option to consider.

Use your cards only when it?s an urgency and not on any purchases you make out of impulse buying. Get those cards with high interest rate cancelled. Make use of your debit card and use your bank savings rather than using your credit cards and getting into debt.

These are few steps that you can follow from your side. At the same time make use of Credit card debt consolidation UK services to get back on your financial track and restore your financial freedom.

Make a smart move of getting approval for credit card debt consolidation, for such services contact www.credit-card-debt.www-debt-management.co.uk

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Debt and Divorce
- Posted December 06, 2006 by Monty Loree
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By: S.Lieberman

Therefore, it is important to:

* Finding out what you owe
* Freeze your debt
* Discuss and allocate responsibility
* Living reasonably with your debt

Finding Out What You Owe

You may already know what is owed since most couples do. However, if your spouse has been secretive about financial affairs, or if your spouse is unable to resist spending money and taking on additional debts, you may be in dark with the exact amount of debt involved. And, one of the easiest ways to find out about outstanding debt is to get a copy of your credit report. Who knows, you and your spouse may have a shared credit history that you are unaware of and, getting your credit report from all three agencies is probably a good idea.

Divorce Debt Uncovered

Jenny thought she was just wasting time ordering credit reports. But what she soon discovered came as a shock to her. You see, her husband had signed her name to six different credit card agencies, running up more than $15,500 in credit card bills in her name.

Credit Report Errors

If your report has errors, each credit-reporting agency provides detailed and specific instructions on how to correct errors.

Bad Credit Warning

If your credit is damaged, don't fall victim to a company that promises to be able to repair your credit for you. Everyday, companies nationwide appeal to consumers with poor credit histories. They promise, for a fee, to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job. The truth is, they can't deliver. After you pay them hundreds or thousands of dollars in up-front fees, these companies do nothing to improve your credit report; many simply vanish with your money.

No one can legally remove accurate and timely negative information from a credit report. But the law does allow you to request a reinvestigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act:

* You are entitled to a free copy of your credit report if you've been denied credit, insurance, or employment within the last 60 days. If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureau's name, address, and telephone number.
* You can dispute mistakes or outdated items for free. Ask the credit reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation. Do not send them original documents.

Clearly identify each item in your report that you dispute, explain why you dispute the information, and request a reinvestigation. If a new investigation reveals an error, you may ask that a corrected version of the report be sent to anyone who received your previous report within the past six months. Job applicants can have corrected reports sent to anyone who received a report for employment purposes during the past two years.

When reinvestigation is complete, the credit bureau must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider.

You also should tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes. If the provider then reports the item to any credit bureau, it must include a notice of your dispute. In addition, if you are correct-that is, if the information is inaccurate-the information provider may not use it again.

If the reinvestigation does not resolve your dispute, have the credit bureau include your version of the dispute in your file and in future reports. Remember, there is no charge for a reinvestigation.

Freezing Debt

Once your debt is identified, your main goal is to keep it from getting worse and prohibit a barrage of new charges appearing on your statement.

An easy and quick way to do this is the time-honored adversarial divorce technique of cutting off the credit cards. But, prior to taking that step, it is important to inform your spouse The way to do it is to call the number on the back of the card. But, keep in mind; you probably won't be able to cut off your spouse without cutting off yourself.

If you and your are cooperating with each other (and remember, most spouses do), see if you can't agree on a card or two that will remain in effect for designated purposes subject to designated limits on spending.

Choices

You have two choices as you deal with the payment of your debts:

1) Agree to pay them off immediately or

2) Agree to be equally responsible for them.

Pay Off

If you have or if you have property that you can sell for cash, paying off your debts immediately is simpler, cleaner, and safer for both of you.

Equal Responsibility Through Debt Consolidation

If you both agree to be responsible for your debt, and you do not have property or assets to liquidate to satisfy the debt, an easier way would to be debt consolidation. The counselor will help you both identify the debts owed, devise a strategy for getting out from under them, negotiate, or eliminate your interest rate and perhaps be able to cut your payments by up to 70%. It's simple, sound, and reasonable! For more information visit our free debt consolidation quote area.

Living With Debt - Live More Simply

You really can do without some of those things that seemed so necessary a few months or years ago. Trade in your head-turning car for a nice sensible one, cancel the premium channels on your cable or see if they are offering other packages and bring your own salad from home instead of ordering lunch out. For realistic budget ideas visit our budget planning area.

Three Loan Pitfalls

"Risk-based pricing" Lender

This is all the rage now among lenders. They lure people in with promises of quick and easy loan approval, and they usually don?t deliver what they promise. The problem is that the interest rates attached to these quick and easy loans may be sky-high, sometimes in excess of 20 percent a year. And be cautious for penalties or increased interest rates if you're late with a payment.

Temporary "low-ball" Rate

Let's be realistic here -- does it really matter what your lender charges you for the first six months, when you're going to be paying on average for several years? You need to seriously think through the total cost over the life of the loan. If you don't know what this is, insist that your lender explain it to you before you sign on the dotted line. If a lender is advertising a very low or even zero rate as an introduction, be very suspicious because you may end up paying for it later.

Home Equity Loan

Home equity loans make a great deal of sense for many purposes. Because they're secured, you can usually get a lower interest rate on them, and the interest is often tax deductible. The problem with home equity loans flows from their advantage: they're secured.

If you fall behind on an unsecured credit card, your lender has to sue you to get the money, and you can reduce or eliminate the debt in bankruptcy. If you fall behind on a home equity loan, your lender can grab your house.

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The Secret to Negotiating with Creditors like A Pro
- Posted December 06, 2006 by Monty Loree
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By: Christopher Lee

So many businesses these days are saddled by overburden some debt, and when debts go unpaid negotiation with creditors becomes a necessary tool for a debt-laden business to survive. Whether you do it on your own or hire a professional, skilled debt negotiators save businesses real money. However, some business debt negotiation succeeds and some fails. Why?

The secret to succeeding in business debt negotiation is in understanding how to best position a debt-troubled company to negotiate a fair-minded settlement with creditors. The use of proper positioning will impress creditors and promote reasonable settlements. Failure to position a company properly will put it at a significant disadvantage with creditors, dooming it to a negotiating ?rut?.

In positioning a debt-troubled company, the primary types of variables that are relevant for effective debt negotiation with creditors are economic, credibility, legal, and collection history. Understanding how to use these variables correctly allows a company in serious debt to create a strategy to win the debtor/creditor ?negotiation game?. Sound interesting? Read about the variables below.

Economic Variables. Economic variables consist of effective communication and documentation with creditors regarding current cash flow, future earnings potential, assets, guarantees, outstanding business debt loans, security on any debts, liens, judgments, etc. A good negotiator needs to consider that some creditors are in deep need of their money, while others have deeper financial reserves. Proper use of the economic variables results in an informed and interested creditor who is most receptive to communications and offers. Negotiators also need to be prompt and honest. Negotiators who are not knowledgeable about the details of the business they are negotiating for are lost!

Credibility Variables. Having clear goals and adequate resources to settle debts are instrumental. But the best laid plan will be useless without creditor cooperation. This takes a credible negotiator. Open communication with creditors has to be correctly managed by negotiators. High quality information, current information, and frequent communications need to be exchanged and maintained in order to reach equitable debt settlements. Broken promises in the past, lack of clear goals or a clear reorganization plan, unanswered inquiries, etc. damage credibility and slow the process. Negotiators need to maintain creditor respect, and reestablish the credibility that has been lost by the debtor.

Legal Variables. Every creditor and collector has a wide range of legal options in trying to collect their money--everything from doing nothing to winning a judgment and seizing assets. A good negotiator knows each creditor?s exact position in the collection process. Negotiators know that creditors will be considering, among other things, whether or not the debt is in suit, if the debt is disputed, if the debt is secured, if bankruptcy has been filed or contemplated, if they are the original owner of the debt, the collectability of the debt, etc. Negotiators should always factor in the costs of legal action in their analysis.

Collection History Variables. The history of a debt account is important to the creditor's collection stance. Variables such as prior collection efforts, the number of prior collectors, the age of the debt, prior offers and demands, etc. help creditors decide how to proceed. Some collectors have set rules provided by creditors for collection, while others have more internal flexibility to fashion settlements and solutions. As a negotiator, try to gather information about the creditor?s limits, payout terms, willingness to settle, etc., while maximizing the use of the collection history data to turn the creditor towards a reasonable solution.

The above list of variables is not meant to be complete, and there are secondary variables (the discussion of which is beyond the scope of this article) that can come into play during negotiations.

The negotiator?s strategy is to use the above variables as a ?system? to provide creditors with lots of accurate information about the business? problems, so that the creditor will be most informed of how dire the cash flow is, how burdensome the debt load is, how repayment cannot be made, how operating expenses are not being met, etc. Typically, there will be two outcomes. Creditors will either agree to settle debts for less than is owed, or they will agree to extend the time in which they are paid. Either way, an efficient debt negotiator will allow a business to allocate more resources towards increasing revenue, as opposed to wasting resources on debt load it cannot pay.

Which option a creditor decides to take is dependent on each particular debt and each particular creditor. There is no steadfast rule as to what a creditor will do. Some debts are just recently delinquent, while others have been through litigation and have judgments entered. Some debts are unsecured, while others have an asset pledged against them in case of default. Some creditors are in deep need of the money, while others have deeper financial reserves. Good debt negotiators will balance creditor ?wants? with debtor ?needs?.

Mastering the debt negotiation process begins with understanding the "ins and outs" of these factors. Using the strategy mentioned above will certainly influence a creditor?s decision-making process, potentially saving a lot of money for debt-strapped businesses.

Article Source: http://www.articlerich.com


RESOURCE BOX:
This article was written by Christopher M. Lee, vice president of www.debtassociates.com?>Debt Management Associates, Inc. Mr. Lee has 18 years of debt negotiation experience. For more information, go to www.debtassociates.com

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How to fix bad credit using Bad Credit Repair!
- Posted December 06, 2006 by Monty Loree
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By: Mark Henry

It is possible to fix your bad credit, with time, patience and determination. The first step in repairing poor credit is fixing any problems you may have with money.

1) Get a credit reports on yourself and check out what is on them. To get yours free go to www.creditrepairsoft.com. You are allowed by U.S. law to get a free copy from each of the three major credit companies once every 12 months.

2) Once you have your credit reports, check them for accuracy. If there are any errors or things you disagree with, you are entiltled by the Fair Credit Reporting Act law to dispute anything in the report that is not accurate. Write to the credit reporting company and explain what the problems are. They will then investigate the matter and let you know what happens. If they find the information is not accurate, they will fix that on your credit report.

Unfortunately you can?t remove anything negative that is accurate information about you. Only time can do that. But adding more good information does help.

3) If your credit needs repair, start work on it now. Start paying off old unpaid debts and loans, starting with the smallest ones.

4) Start paying more than the minimum payment on your current credit card payments.

5) Do not get into any new debt. This is essential. Make it a priority to get out of debt. Cut up (or lock up) the credit cards, if they are a problem for you. Make it a commitment to become debt free.

6) Live within your means. Make a budget and live by it.

7) Start saving money. If you have poor credit, it is much easier to buy a home or a car with a cash down payment, than without one.

Even the debts lowered may be subject to costly fees during the tax invasion season. If you are fortunate to find a debt consolidation program that will help you without charging outrageous fees, then by all means consolidate your debts with the program's help.

There are many sources of help available. Consumer Credit Counseling Service is one of the best for help repairing credit and getting debt under control. Their website is located at http://www.cccsintl.org. Consumer Credit Counseling Service provides budget counseling, educational programs, debt management assistance and housing counseling. There are also many local branches of this nonprofit organization, so check for one near your location.

There are many ?for profit? organizations that will help you with debt consolidation loans, but beware! They often are very expensive. You can get free reliable help that you can trust from a non-profit organization like Consumer Credit Counseling Service instead of paying hundreds of dollars to one of them. Or, you can educate yourself and do it for free.

Some other good places to go online for more credit and financial advice are listed on my website at www.creditrepairsoft.com

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Mark henry is the author related to Credit Repair Software, Bad Credit Repair Credit Repair Software Kit only at creditrepairsoft.com. Buy Credit Repair Software to repair your credit rating, to raise your credit score and to maintain an excellent credit score.



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Good Things To Know About Christian Money Loans
- Posted December 06, 2006 by Monty Loree
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By: Dalvin Rumsey

For those who urgently need cash money and have no friends or relatives they can ask from, there are many lending programs that provide quick personal funding through a fast money loan. Depending on whether the consumer is looking to receive money online or through other sources., the means of these programs can be both secured and unsecured. fast Christian money loans can help someone who has a financial problem, but every person looking to getting a loan must be very careful and analyze the many strings attached to any loan. This is an absolute must before taking action!

For individuals in need of quick cash, secure funding is often a popular form of funding. One form of a secured fast money loan includes cash advance or check cashing services. For this type of funding, consumers can write a check for the amount of money they desire plus the required fees. The individual will usually have two weeks to pay the amount to the lender before the check is submitted to their account for payment. Of course, if there are insufficient funds, the consumer will find they will not only be paying bank fees, but also service fees for the check advance service.

Another form of funding is the unsecured one, which can seem like a safer option, but also comes with strings attached. The consumer will qualify for the fast money loan on the basis of their monthly earnings and by having a checking account that is active and in good standing, usually for at least 90 days. Fast Christian money loans that do not require any credit check include payday loans or other cash advance options.

The hardest choice for all of us is deciding which lender or style to choose, as there are so many options available for consumers in need of financial assistance. Since everyone has very different personal and financial situations, they will have to choose from the fast Christian money loans that will best fit their lifestyle. Seeking assistance from a financial counselor or advisor can make this decision much easier. It will also offer the individual proper advice on how to handle their income and expenses from that time on.

So, from all these numerous options, each and every one of us must choose what he or she thinks is best for the financial problems one has. You can only hope for their ending!

Article Source: http://www.articlerich.com


Christian Money and wealth on bible principles and free debt management and money issues, there is hope. Christian Hope .




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Can You Get Out From Debt?
- Posted December 06, 2006 by Monty Loree
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By: Cornie Herring

The first principle towards settling your debt and moving towards a debt-free existence is in prioritizing your debt. What you must hold on for now to and what you must clear immediately is the first step towards debt management. A good debt management and prioritization of you loans settlement will get you out of debt. This article will give you some information guide on your debt management.

Which loans to prioritize?

Logically, the one with the highest rate of interest is the one that should be cleared quickly.

Two types of loans that should be cleared as soon as possible are personal loans and credit card loans.

The interest rate on these loans is the highest. On credit cards, it amounts to around 24% per annum (at 2% per month). A personal loan should be around 18% onwards. Even if you get the personal loan at a discount, it would be around 14% per annum.

Which loans can be serviced over time?

In your debt management process, there are loans which you need to prioritize to pay them off first, but there are loans which you could service them over time to reduce your loan repayment burdens. These loans can be serviced over time:

1. Loans with low or no interest rate

2. Loans with tax benefits

Home loans and education loan offer tax benefits and can be settled over time. Same for loans to family or friends, which are either interest-free or carry a low rate of interest.
The loans which you can close now

If you are in the bad debt situation, it is critical for you to close as much of loans as possible in the short period of time. Look at your asset list and see whether you have loan on these assets. For instance, you take a car loan for an asset - which is the car. In such a case, you can sell the car and close the loan.

If you are really struggling to pay your home loan, shifting to a smaller home or more economic location is solution for it.

Switch to Other Loans

As you know credit card interest rate is high and you might not able to clear it in short period of time; then, look for an alternative and switch it to a financier who will charge you a lower rate of interest.

For credit card, there is service call balance transfer. Say you are paying 2% or 2.25% per month on your card. You can go in for another credit card. They will pay back the bank and transfer your loan onto the new card. For the first six months, they will give you a lower interest rate. Say 1.5% or 1.75% per month. This lower rate of interest will help you pay back more.

For home loan, there are home loan packages which offer a very loan interest rate in the first 3 to 5 years; some even offer 0% interest rates in first 1-2 years. Take up these benefits by refinancing your home loan.

Summary

Almost all people have debt in somehow or rather and debt is the worst poverty. Being in debt is bad enough and not managing it well is worse. Know your debt and manage it property and you will get out from debt one day.

Article Source: http://www.articlerich.com


Cornie Herring is the Author from StudyKiosk.com. "StudyKiosk-Credit Basics" is an informational website on credit basics and debt consolidation. Visit "StudyKiosk-Credit Basics" to get more information on how to Get Out From Debt.

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The Growing Individual Voluntary Arrangement Market
- Posted December 06, 2006 by Monty Loree
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By: Adrian Hudson

Introduction

Individual Voluntary Arrangements (IVAs) were introduced in 1986 as an alternative to Bankruptcy. Their use has grown rapidly in recent years as household debts have soared and because of wider awareness that they exist.. This article discusses whether they are a genuine alternative to bankruptcy, discusses the advertising and promotion regime and talks about the market players and what the industry and regulators are saying about the IVA market.

An Easier Escape Route from Debt

Recently there has been a huge push in the advertisement of IVAs saying things like "Saddled with debt? Why not write off up to 80% of your debt and completely clear it in three to five years?" These types of advertisement have certainly enticed people. The UK currently has its largest ever debt problem and, at the time of writing, the UK is said to account for one third of all unsecured debt in Europe. Including mortgages, consumer debt has jumped to ?1.2 trillion and the popularity of IVAs is soaring as people struggle to cope with debt.

The number of organisations dealing in IVAs has soared dramatically and there are now said to be 100 operating in the UK. The largest companies range from AIM listed providers such as Debt Free Direct, Accuma and Debtmatters to smaller organisations such as Freeman Jones, Blair Endersby and Haines Watts. In the year 2002 it is reported that only 5000 IVAs were processed in the UK. The figure is expected to reach 40,000 this year and within the next four years Credit Suisse has predicted it will reach 100,000. Many organisations dealing in Secured Loans, which are typically aimed at people with financial problems, are now creating new divisions specialising in IVAS. The idea being that if a Customer is unable to get a Secured Loan because they have an extremely poor credit record, they can then be pushed down the route of taking out an IVA.

The shares in the companies listed on AIM have soared in recent times and the demand for IVAs has reached such epidemic proportions the Consumer Credit Counselling Service (CCCS), a charity funded by the finance industry, is said to be contemplating offering IVAs to compete with the commercial industry. The hope is they will cut out the fees paid to third parties and return more money directly to creditors.

Finance Market Reaction to IVAs

The Banks have become publicly critical of IVA companies, which in most cases receive as big amount of money as the actual creditors when the debts are paid off. It is rumoured that the IVA group First Advice delayed their listing on AIM as a direct consequence of the criticism from the Banks. While IVAs do offer a number of advantages if someone is facing the likelihood of bankruptcy the advertisements for them have been criticised for being misleading.

With the attractive marketing and advertisements people get enticed into dealing with the IVA companies, whereas they should first seek independent free advice from one of the charities like the Citizens Advice Bureau (CAB), Payplan or the CCCS. They will all arrange a repayment plan and help consumers deal with their creditors for free.

Industry Critics have accused the IVA market of failing to tell consumers about the pitfalls of IVAs and of only concentrating on the advantages. The most flagrant malpractice is when insolvency practitioners (who are licensed to deal in IVAs) encourage people on very low incomes to consider an IVA when declaring personal bankruptcy would be more appropriate. Another criticism from the Banks is that the IVA company takes most of their fees in the first year leaving the actual people owed money (the creditors) to get there repayments in later years. The problem is that if the IVA plan fails the insolvency practitioner keeps their fee but the client is back to square one still owing the whole amount to the creditors.

Whilst still in the early stages, watchdog groups and the Insolvency Practitioners Council (IPC) are set to improve the market in the coming months. The biggest companies are set to adopt a new code (some of it voluntary), which will require companies to adopt a code of practice to give consumers more accurate advice and also make provisions for clients' funds in case of their own insolvency.

One of the inherent problems of the IVA market is that the providers have much more financial incentive to sell someone an IVA instead of encouraging them to declare themselves bankrupt or take part in a debt management plan. On top of a fee of about ?2,000 for writing up the IVA contract on behalf of the debtor, the IVA groups receive a fee of between ?5,000 and ?10,000. This is deducted directly from the assets paid by the debtor for the full duration of the IVA, which is usually around five years. Insolvency practitioners only receive a flat fee for handling a bankruptcy. In contrast the creditors, who were owed the money in the first place, receives between 25% and 50% of their money back from the IVA providers. In response to this some banks are increasing the minimum amount by way of repayment. One bank recently increased its acceptable percentage from thirty five to forty five per cent.

The banks are also reacting in other ways and two of the main High Street Banks HSBC and HBOS have recently joined an Insolvency exchange service called TIX. This is a central Hub where data is collected from Creditors about applications for an IVA. The TIX software, run by a Group called TDX, analyses various pieces of information and decides whether the IVA application should be accepted.

Industry sources estimate that around 10% of IVAs now approved by lenders ought to have been rejected and with the two large banks signed up it is estimated that 2,400 proposals could be thrown out each year.

The way the exchange basically works is by adhering to the rule that 75% of creditors, by value of debts, have to agree to an IVA, so the more financial institutes sign up to TIX, the more applications will be thrown out.

The banks have been criticising 'rogue' insolvency practitioners for pushing people into IVAs, so that they can claim fees of up to ?7,000. With the rise in the number of people taking out IVAs ultimately reducing the Banks profits, this is probably going to be the first in a long line of industry defences against them.

Article Source: http://www.articlerich.com


For the last 20 years Adrian has mixed his knowledge of I.T. and finance and worked on specialist projects primarily for the I.T. sector. Adrian has built a reputation for being an expert on corporate finance and currently works for the secured loans business We Introduce You.

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Know Your Alternatives To Get Out From Debt
- Posted December 06, 2006 by Monty Loree
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By: Cornie Herring

If you monthly repayments for all your debts excluding mortgage or rent are exceed 30% of your monthly income. Then, you are at an uncomfortable zone for your personal financial condition; actions are needed to reposition your debts condition to avoid moving to a bad debt situation.

This article will outline a few alternatives for getting out of debt.

DIY (Do It Yourself)

You may contact all your creditors and initial the negotiation sessions with them and let them your current debt status. Creditors sometimes are willing to negotiate lower payments or interest rates, or waive late charges and other fees, because they realize that it's better to receive some of the money owed than none of it.

While swiping the credit card is a very effective way to pay for your expenses, it may cause you into a debt trap. Thus, cutting up your credit cards (you may keep one or two credit card for emergencies usages) definitely be your wise decision. Always paying off debts with the highest interest rates first, you may need to get a second job to increase your monthly income to bear for the repayment.

But, many people lack the self-discipline to follow this approach. To successfully get out of debt using this approach, a good self-discipline is very important to keep it up.

Debt consolidation

In a typical debt consolidation, you consolidate your existing debts and mortgage payment into one, larger mortgage payment, sometimes at a lower interest rate. You take out a loan, often using your home as collateral, the lender sends you a check and you pay off your creditors. This approach may cause you to lose your home if you miss your monthly repayment, so don't fall behind!

But, if you are a kind of person who have a habit of buying on credit and carrying large balances on your credit cards, debt consolidation won't fix your underlying spending problem.

Credit Counseling If you are not a good negotiator, a credit counseling service is able to conduct the negotiations for you and provide additional guidance as part of a debt management program. You send a single payment each month to that organization, which then pays all of your creditors on your behalf.

In addition to establishing a structured payment plan based on your debt, a credit counseling agency may also be able to negotiate benefits for you, like lowered interest rates and waived late and over-the-limit fees. They can also respond to collection calls on your behalf, saving your from harassment.

Bankruptcy

Bankruptcy should only be you very last resort solution when you really can't find other solutions. Bankruptcy has many undesirable consequences that will follow you for many years, it will remain on your credit report for 10 years; almost no lender will even consider you as a borrower for at least 2 years.

Although bankruptcy may fix your short-term problems, because it stays on your credit report for so long it should only be used in extreme situations. Many people who file bankruptcy make the mistake of doing so without fully exploring their options, and never realize they have other, more viable choices that will allow them to preserve their credit standing.

Summary

Bottom line: Know that you have options for getting out of debt, and explore them fully. The key is finding the right solution for you.

Article Source: http://www.articlerich.com


Cornie Herring is the Author from StudyKiosk.com. "StudyKiosk-Credit Basics" is an informational website on credit basics and debt consolidation. Find out with our Credit Card Debt Calculator on how long your payment will take to pay off your credit card balance.


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How to Choose a Credit Counseling Agency
- Posted December 06, 2006 by Monty Loree
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By: Cornie Herring

Are you barely making ends meet? Dodging debt collection calls? Unable to meet your monthly expenses much less save money for emergencies or retirement? If this sounds familiar, you may want to consider credit counseling. Credit Counseling can improve many aspects of your life. It can help you get out of debt faster and improve your credit, just to name a few. And there are many agencies out there that would love to quickly enroll you in their Debt Management Program. However, not all agencies are created equal and not all agencies are truly looking out for your best interest. As with most things in life, if it sounds too good to be true, it probably is.

This article will outline some guidelines in choosing a credit counseling agency, what questions you should ask and a few warning signs that you may not be dealing with an ethical practice.

Choosing a Credit Counseling Agency

Reputable credit counseling agencies advise you on how to realistically manage your money and your debts, help you develop a workable budget, and usually offer free educational materials and workshops.

Develop your own list on the potential credit counseling agencies and the best way to check the reputability of those short listed credit counseling agencies is to check them with the Better Business Bureau at www. bbb.org. From they you will know how many complaints have been filed against these credit counseling agencies and for what reasons.

Credit counselors should be certified and trained in the areas of consumer credit, money and debt management, and budgeting, and should discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems without pushing a debt management program. Erase them from your list for those credit counseling agencies that keep pushing you to enroll into their debt management program without understanding first on your financial condition.

The Cost

Although many credit counseling agencies are nonprofit, there might be some fee involve. Bottom line is whether they request "fees" or "contributions", they should be disclosed and should be reasonable. Anything over $50 for a consultation fee or monthly fee or contribution is NOT reasonable.

Make sure that the agency is not keeping the first month's payment as their fee! This is known as a bad practice in the industry and has been the source of state attorney general lawsuits as well as many individual actions against the agencies that do this.

What Questions To Ask? What services do you offer?

Look for a credit counseling agency that offers a variety of related services. Avoid agencies that push a debt management plan (DMP) as your only option before they spend a significant amount of time analyzing your financial situation.

What educational materials/information do you offer? Is it free?

Avoid credit counseling agencies that charge for educational materials or other written information.

What are your fees? Are there set-up and/or monthly fees, how are they broken down?

Get a specific price quote in writing and make sure you understand exactly what fees you'll be charged.

What if I can't afford to pay your fees or make contributions?

Under the terms of the Pension Protection Act of 2006, non-profit credit counseling agencies must provide services for free if a consumer is unable to pay.

What are the qualifications of your counselors? Are they accredited or certified by an outside organization?

Use an organization whose counselors are trained by a non-affiliated party and who have a background in debt management, consumer credit and budgeting/finance.

Once you satisfied with their answers given by the credit counseling agency and decide to take up their service, remember to get a copy of the contract and review it carefully before you sign it. Make sure the contract includes:

Disclosure of the amount of your fee or contribution

Description of the services to be provided

An estimate of the payoff schedule for the debts

Disclosure of the termination provisions of the agreement

Options for resolution of disputes

Warning Signs
Finally, you should be aware of a few warning signs on unethical practice. Get alert with these signs when you interviewing an agency:

Unrealistic Low Monthly Payments

Money Back Offers

Loan Programs

If the promises being made seem like they're too good to be true, they probably are. Beware.

Summary
You have made the first step towards reaching financial freedom. Now you must make the next big step and choose the Credit Counseling Agency that is best for you. Remember, you want to work with an agency whose goals are in line with yours, NOT theirs.

Article Source: http://www.articlerich.com


Cornie Herring is the Author from StudyKiosk.com. "StudyKiosk-Credit Basics" is an informational website on credit basics and debt consolidation. To see recommended, credible lenders and loan service companies, visit: Recommended Bad Credit Debt Consolidation Services and Lenders

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Bad Credit Report Repair-- Solving The Problem
- Posted December 06, 2006 by Monty Loree
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By: Mark Henry

It is possible to fix your bad credit, with time, patience and determination. The first step in repairing poor credit is fixing any problems you may have with money.

1) Get a credit reports on yourself and check out what is on them. To get yours free go to www.annualcreditreport.com. You are allowed by U.S. law to get a free copy from each of the three major credit companies once every 12 months.

2) Once you have your credit reports, check them for accuracy. If there are any errors or things you disagree with, you are entiltled by the Fair Credit Reporting Act law to dispute anything in the report that is not accurate. Write to the credit reporting company and explain what the problems are. They will then investigate the matter and let you know what happens. If they find the information is not accurate, they will fix that on your credit report.

Unfortunately you can?t remove anything negative that is accurate information about you. Only time can do that. But adding more good information does help.

3) If your credit needs repair, start work on it now. Start paying off old unpaid debts and loans, starting with the smallest ones.

4) Start paying more than the minimum payment on your current credit card payments.

5) Do not get into any new debt. This is essential. Make it a priority to get out of debt. Cut up (or lock up) the credit cards, if they are a problem for you. Make it a commitment to become debt free.

6) Live within your means. Make a budget and live by it.

7) Start saving money. If you have poor credit, it is much easier to buy a home or a car with a cash down payment, than without one.

There are many sources of help available. Consumer Credit Counseling Service is one of the best for help repairing credit and getting debt under control. Their website is located at http://www.creditrepairsoft.com. Consumer Credit Counseling Service provides budget counseling, educational programs, debt management assistance and housing counseling. There are also many local branches of this nonprofit organization, so check for one near your location.

There are many ?for profit? organizations that will help you with debt consolidation loans, but beware! They often are very expensive. You can get free reliable help that you can trust from a non-profit organization like Consumer Credit Counseling Service instead of paying hundreds of dollars to one of them. Or, you can educate yourself and do it for free.

Some other good places to go online for more credit and financial advice are listed on my website at http://i-can-buy.com/resources.html.

Article Source: http://www.articlerich.com


Mark Henry is the author related to Credit Repair Software, Bad Credit Repair Credit Repair Software Kit only at creditrepairsoft.com. Buy Credit Repair Software to repair your credit rating, to raise your credit score and to maintain an excellent credit score.




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How to Take Charge of Your Debts
- Posted December 06, 2006 by Monty Loree
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By: Alfred K.Drews

Do not let creditors turn over your situation to someone or an agency to do the collecting for them, as this means that they have given up on you. By accelerating the payment structure on your loan, the life of the loan is reduced:

In a normal 30 year fixed rate loan situation, your monthly payment is applied towards principle and interest. It is amortized over the course of 30 years.

Reduce debts today for a better life! A basic loan is the simplest form of debt. It consists of an agreement to lend a principal sum for a fixed period of time, to be repaid by a certain date. In commercial loans interest, calculated as a percentage of the principal sum per annum, will also have to be paid by that date.

On top of necessary expenses, many consumers dig their debt rut even deeper when they rely on credit cards to pay for necessary goods and services.

How to take charge of your debts

The rising cost of living and dying has made people more reliant on loans and credit that most people have been indebted to someone at some point in their lives. A debt is an obligation that should be paid and accounted for no matter how meager the amount. Being in debt is normal considering that no one has a monopoly of all the money in the world. People will always have the tendency to accumulate debts no matter how rich. In fact, rich people have more debts than poor people because they have more needs and they have more collateral or security.

Being indebted isn't something that you should be ashamed of provided you are a responsible debtor. This means the money was used for a very good cause or purpose and the debtor is religious in looking after his responsibility to pay his debts. Even a person who is savvy is financial management can get into debt for one reason or another. However, a person who is good in managing his finances should also be good in managing his debts. Managing debts would include the ability to know how much a person owes and from where he would get the money to pay such debts.

The ability to know the total indebtedness is a must in debt management because the person who is in debt is aware of the total amount he has to produce to pay off his debts. There are people who don't practice good debt management and they keep borrowing money without being able to monitor how much they already owe people or the financial institutions. Debt management means that at the time the loan was made, the borrower knows where he would source the payment for such debt. This makes the debt manageable because it would appear that the person has some source of income and he is just not liquid at the time he borrowed the money.

People who don't have a steady source of income should be discouraged from borrowing because there is a tendency for their debts to pile up without being paid at all. Unemployed people who resort to borrowing for their essential expenses like food and daily subsistence would borrow from another creditor to pay off a debt that is already due and demandable. The same thing happens to the second and the next loans after which it becomes a cycle.

The Consumer Credit Counselling Service (CCCS) reports that calls from people worried about debt have been increased by 50% compared with last year. There are numerous groups, individuals, or products on the market that are designed to help individuals dig their way out of and recover from debt. Although these products are available, there are still thousands of individuals that choose not to receive assistance. It is true that some individuals may be able to recover from debt on their own; however, it will likely take a large amount of time and stress. Start with a weekly budget plan and then work your way toward a monthly plan. Once you have a budget plan set up check the balance in each checking, saving or money marketing account regularly.

Some people have expressed skepticism that you can actually negotiate with creditors using our strategy or other creative methods of reducing debts. There are a number of different types of debt consolidation loans: home equity loan, line of credit, or second mortgage.

A person who is indebted to someone should take an inventory of his assets that can be used to pay off his debts. There is no problem if the debtor is looking at a possible income that hasn't yet been encashed or paid. Such unpaid income can be considered an asset which can be used to pay his debts.

Debts are easily made but they are difficult to pay. Thus, every person should be careful when borrowing money form others. Make sure that you have something to pay for the debt like an incoming income or check, or assets that can be sold to pay off the debt. Some people get indebted by virtue of loans which have varying interest rates. This means that aside from the principal amount borrowed, the debtors still have to pay for the interest rate. A person who borrowed $100 at ten percent interest rate per month will have to pay the principal plus the interest rate of $10 per month. Some interest rates are based on the actual balance like if the debtor has already paid $20 then the interest rates would only be pegged on the balance of $80. However, there are some interest rates pegged at the original amount borrowed.

While being in debt is a natural thing, every person should learn how to manage his debt and how to stay out of debt if possible. One of the major factors why most Americans are indebted today is the misuse of credit cards.

Credit cards are those plastic cards that can be used to pay for almost any purchase even if you don't have cash. People find it easier to spend when using their cards because they just swipe it and voila----it works like a genie granting their every wish!

However, most people who fail to use their credit cards wisely become indebted and are faced with legal actions for failing to pay their cards when they become due and demandable. Go ahead, borrow if you must but always take charge of your debts to make sure they don't lead you to declaring insolvency or bankruptcy. However you got into debt - unexpected financial difficulties, illness, loss of providing member of the family or overspending - you can turn to several organizations and charities for advice.

In a credit card debt consolidation, your average interest rate may be reduced. All your loans can also be transferred to one single card that has a lower interest rate than the ones you are currently paying.

Secured loans make your creditors feel more secure about loaning you money. When someone takes out a secured loan, that simply means there is collateral to back up the money they borrowed.

The first step toward taking control of your financial situation, is to do a realistic assessment of how much money you earn and how much money you spend. Start by listing your income from all sources. Then, list your "fixed" expenses ? those that are the same each month ? like mortgage payments or rent, car payments, and insurance premiums.

Article Source: http://www.articlerich.com


Learn more ways to reduce debts today.




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Avoiding Credit Repair Scams
- Posted December 06, 2006 by Monty Loree
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If you are one of those less fortunate souls with a bad credit, you have probably come across advertisements in newspapers, TV, radio and on the Internet, claiming efficient credit repair services, including removal of bankruptcies, creation of new identities and deletion of all records of bad credit.

But the truth of the matter is that these credit repair companies over claim but can not deliver. They simply cheat their clients and do the vanishing trick with their money. The only trustworthy way to repair bad credit is spending your won time, effort and working our a personal debt repair plan which you will follow.

There are some warning signs to check if a credit repair company is following legal norms or not. Firstly, they can not charge you any upfront fee before providing any service. You should be alarmed if the credit repair company dissuades you to contact the credit bureau directly or avoids answering any query you may have on your legal rights as a debtor.

There are some disreputable credit repair companies who will advise you to start disputing all the credit information contained in your report. There are some who will advise you something illegal ? apply for a new Employer Identification Number instead of a Social Security Number to create a new identity. Since these are illegal and fraudulent activities, you stand a chance to be prosecuted. It is considered to be a federal crime if you submit false information when applying for credit, if you wrongly represent your Social Security Number or get a new Employer Identification Number from the IRS with false information.

While negative information is reported in your credit report for seven years, reports on bankruptcy is reported for ten years. Payment defaulters of US Government insured loans or student loans is reported for seven years.

While nobody can delete the correct information contained in your credit report, you can however request for a reassessment or reinvestigation of any credit, which you think is inaccurate or not complete in some way. The Fair Credit Reporting Act allows you to dispute any mistake or old items free of charge. All you have to do is to ask the credit reporting agency for a dispute filing form or submit your points of dispute in writing. Be clear in identifying the item or items which you wish to dispute, give reasons why you wish to dispute and request for a reinvestigation. Always remember to keep a copy of your points of dispute with you. If the investigation discovers an error, you may request that the corrected form be circulated to all who received your credit report in the past six months. You may also request the credit bureau to include your dispute reporting in all their future reports, if the reinvestigation does not solve your dispute and the problem continues.

Every state have their own laws which regulate the functioning of credit repairing companies. If you ever get taken for a ride by any fraudulent credit repair company, report the matter immediately to your local consumer affairs office or your attorney general?s office.

Article Source: http://www.articlerich.com


Tom Atkins is a staff writer at Finance Journal and is an occasional contributor to several other websites, including Debt Journal.



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How To Prevent Debt
- Posted December 06, 2006 by Monty Loree
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By: Alfred K.Drews

Some very important factors, such as a grace period and subsidies, will also be part of the benefit package your consolidator can negotiate for you.

So any money above and beyond your normal payment is applied solely towards the principle of the loan. Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You?re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming.

Credit card debts can mount up and get out of control quickly, you can reduce them today! If your objective is to reduce interest rates and lower your monthly payments, avoid bankruptcy, consolidate your bills and have one monthly payment, or simply get out of debt the fastest way possible, then a debt consolidation loan could provide the answer.

The Best Way to Get Help to be Free of Debts

There is a lot of negativity associated to a person once he suddenly finds himself in the sea of debts. For one, that person could feel frightened and helpless. But because there are now many companies that offer debt assistance, this shouldn't happen.

Yes, there are firms and organizations that are ready to help people be free of their debts. It is just a matter of choosing which one of them could help you best. Here are the most common strategies they use to help.

1. Debt counseling. This would involve a real person, a professional debt advisor to would show you all the ways and all the possible routes to take to be debt-free. The advisor should be able to guide you and help you understand each stated process. That way, you?ll be able to select the best one for you.

2. Debt Consolidation. Debt consolidation is the process of uniting all your debts into one. There are companies that are willing to optimize all your debts into one account; in consequence, you are going to pay only once a month, rather than every time each of your debts become due.

Considering filing bankruptcy? If your finances are in ruins and you're considering filing bankruptcy, there's a few things you should know.

Start with a weekly budget plan and then work your way toward a monthly plan. Once you have a budget plan set up check the balance in each checking, saving or money marketing account regularly.

The main reason for this risk is that in order to secure a lower interest rate (and thus a cheaper overall payment rate), you'll need to present some sort of collatoral to back the loan. Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

If you have an attorney, the debt collector must contact the attorney, rather than you. If you do not have an attorney, a collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases, the collector may not tell anyone other than you and your attorney that you owe money.

3. Loans for debt repayment. There are organizations that are willing to secure you a loan for you to be able repay all your outstanding debts and balances. Then you would need to pay back that company instead. This is in a form of a loan, and it doesn't necessarily mean it will be interest-free. But the interest, for sure, is relatively lower that than of your previous ones.

4. Debt monitoring. This is the process of observing your debt activities and how it came about. This also includes checking against fraudulent acts and unscrupulous identity theft instances.

5. Debt investigation. This entails deeper inquiry on each of your debt situations and looking further if there is anything in there that is worthy of being reported and sent back over to your creditor for further analysis. Here, you will be able to find out if all credit computations are accurately done.

These are the ways companies offer help to people that are up their necks in debts. One of these could be applicable to you. Or, the application of two or more of these processes will eventually lead you to the debt-free zone. The most important thing conveyed in here is to get assistance when you need it and where you need it the most.

Another alternative is a Personal Loan or Debt

Consolidation Loan. This is one large loan to pay off smaller loans or debts. With one large loan, you will normally have a lower percentage rate and a longer pay off period.

In a credit card debt consolidation, your average interest rate may be reduced. All your loans can also be transferred to one single card that has a lower interest rate than the ones you are currently paying.

Stop spending on things that aren't absolutely necessary. Each individual will have to define what "necessary" means, but it may mean taking a sack lunch to work, bringing your own coffee instead of stopping at Starbucks, and canceling that subscription to HBO.

Debt Elimination tips shows how Millions of Americans are living on the edge of financial disaster surviving only on the hope of next week's paycheck. The average American is dying under a load of debt, with little or nothing building in the bank or in investments.

Article Source: http://www.articlerich.com


Credit card debts can mount up and get out of control quickly, you can reduce them today!



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Best Solution to Manage Your Debts
- Posted December 06, 2006 by Monty Loree
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By: Alfred K.Drews

Do you have a hard time paying your credit card bills? Starting to get notices from waiting creditors to pay? Worried that you might lose your properties like your house because of credit debt? Chin up: Dealing with credit card debt is not as hard as you may think.

Many of these desperate consumers find themselves contemplating a bankruptcy filing, but bankruptcy can carry a legacy you will have to live with for years. A bankruptcy filing will stay on your record for a minimum of seven years, and you may find it difficult or impossible to obtain necessary credit in the interim.

A basic loan is the simplest form of debt. It consists of an agreement to lend a principal sum for a fixed period of time, to be repaid by a certain date. In commercial loans interest, calculated as a percentage of the principal sum per annum, will also have to be paid by that date. For many Americans debt is an overwhelming problem, a stressor that can quickly take hold of one?s life. When there are bills attached to house, boat, automobiles, college tuition, and daycare, it?s not hard to imagine that many folks can quickly be swept under the current of spending which can unexpectedly whirl into deep debt.

Managing Your Debts for Better Living Debts are a common thing. Many people acquire a loan for something important. Mortgage loans are also ordinary, as they enable people to be able to purchase their dream houses.

If you have debts and are looking for the best solution for it, here are good tips to follow so you can manage that debt and continue living life as you do.

1. Assess your debts. Check all the billing statements sent to you and the amount your creditor is asking in payments. If you see any conflicts or wrong entries, dispute them accordingly. You then make a substantial computation, including interests and other charges.

Debt is a hard thing to live with, reduce debts today! 2. Make a plan. Decide as to how long you intend to pay your debts. If you can do it in a year or earlier than that, you can choose that scheme because the scheduled interest to pay is relatively lower. But you?ve got to consider your everyday living expenses as well. It wouldn't be good to pay your debts alone and leave nothing for your personal needs.

For many who buy wisely, the equity could be substantial. A home equity loan can be used to pay off high dollar items, pay for college tuition, and be used to pay off those high-end credit card accounts.

Start with a weekly budget plan and then work your way toward a monthly plan. Once you have a budget plan set up check the balance in each checking, saving or money marketing account regularly.

The higher the score is the better looking your credit appears and visa versa. Many individuals or families with a large amount of debt have a low credit score; therefore, they are generally unable to receive loans or credit cards.

Your bank may be all too glad to lend you money to help you consolidate your debt. However, banks also charge application fees ranging from $50 to $200 or more per loan. In addition, banks make getting a debt consolidation loan difficult as approval for this type of loan is hard to get especially if your existing debt levels are high.

Find out how long it will take to become debt free and how much you'll pay in interest by making the minimum monthly payments.

3. Budget accordingly. Now that you have arrived at your total debt amount, you now have to budget your expenditures. Determine the exact amount you have to pay monthly, in accordance to the span of time you are supposed to have paid the entire debt. Then make the loan repayment amount the first priority in your budget.

4. Further reduce your spending. If you find out that your monthly income seems to be less than your projected monthly expenses, try to check which purchases you can put off or cut out entirely. Try to stick to your needs rather than the wants.

5. Maximize your savings. If you have some money in the bank, try to determine how you can use it best to pay off your debts. Check which of your savings accounts is the lowest interest earner. Maybe you can use that to compensate a loan with a much higher rate of interest.

6. Search for additional payment sources. You can get a part time job or set up a home business to further augment your financial obligations. There are also government funds that you can possibly get. These are all going to be helpful for you.

Follow these six tips and you are sure to be free of debt in no time. The main idea in managing debts effectively is setting proper priorities. Once you've mastered that, you are bound to be successful.

Having said that, many borrowers can benefit from consolidating their debts on better interest rate terms. Some credit cards cost up to 17.9 % (e.g. MBNA) and store cards can cost more. Consolidating your debt could cut interest payments by up to two thirds.

A debt consolidation loan is an option. But a debt consolidation loan might not be right for you. You might be able to consolidate debt, even credit card debt, with a remortgage. The average American household carries almost $10,000 in credit card debt. When this is added to the mortgage and auto loan found in the typical home, the debt can become overwhelming.

The first step toward taking control of your financial situation, is to do a realistic assessment of how much money you earn and how much money you spend. Start by listing your income from all sources. Then, list your "fixed" expenses ? those that are the same each month ? like mortgage payments or rent, car payments, and insurance premiums.

Article Source: http://www.articlerich.com


Reduce debts today for a better life!



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The Downsides to Debt Consolidation
- Posted December 06, 2006 by Monty Loree
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By: Michael D. Strauss

There's no doubt you'll have heard plenty about debt consolidation loans - our TV screens are full of adverts promising freedom from financial worry, and the internet is positively flooded with solicitations to lock in a low rate with a refinancing package.

If you're having difficulties keeping up with your bills and credit repayments, or even facing the prospect of recovery action on overdue installments, then the idea of debt consolidation can be very seductive. By combining all your current debts into one single loan, the theory goes, you'll be benefitting from both a reduction in your monthly repayment amount and a lifting of the stress caused by constantly having to juggle your finances.

But is debt consolidation really as simple as all that? Of course there are benefits to restructuring your financial life in this way, and the adverts aren't shy of pointing out the positive side, but before embarking on this course of action there are a few negative aspects you'd be well advised to consider. Only then can you make a fully informed decision on whether debt consolidation is right for you.

Firstly, in order to secure a lower monthly repayment you either have to get credit at a lower interest rate, or spread your payments over a longer period. Most consolidation packages rely on a combination of both, but it's almost certain that the deal will involve a lengthy loan term. This means that you'll be paying interest on your debt for longer, and the total amount of interest you'll be charged will in the long run be higher. You may feel that this is a price worth paying for reducing your monthly bills to a more manageable level, and you may indeed feel you have little other choice, but it's a point to bear in mind.

Another potential problem with consolidation is that, in a sense, you're giving yourself a fresh start financially. You're wiping out all those worrying debts and getting your finances back under control. This is of course a good thing - but you'll be left with all your old credit card accounts with a zero balance, and all the temptations to spend that that may provide. If you're not careful, you could end up in an even worse situation - having to pay back a large loan while running up new debts at the same time.

This pitfall can of course be avoided by cancelling your card accounts at the same time as you clear the balances, and it is strongly advisable that you do this.

The final problem to bear in mind is that by consolidating you will probably be shifting unsecured debt into a secured loan using your home as collateral. This means that if, in the future, you fall behind with your payments, you could risk losing your home as your creditor calls in the debt through foreclosure. This is a serious drawback, and if most of your current debt is unsecured then you might wish to explore every other possibility before tying it up to your home.

So, is debt consolidation an altogether bad option for sorting out your finances? Not at all. It can be a very effective strategy for dealing with problem debts, but it shouldn't be entered into blindly, no matter how attractive the advertisements may appear.

Article Source: http://www.articlerich.com


Michael has been writing on personal finance matters for several years, and is currently working for LoanTime.co.uk where you can compare personal loans, secured loans and bad credit loans.


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What Are Debt Expenses?
- Posted December 06, 2006 by Monty Loree
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By: Alfred K.Drews

Do not let creditors turn over your situation to someone or an agency to do the collecting for them, as this means that they have given up on you.

More and more consumers today find themselves in the uncomfortable situation of only being able to afford the minimum payments on their credit cards. Or, even worse, not being able to afford even the minimum payments. In today?s world, it is often easy to get in over your head and find yourself spending more than you make. It seems that everything is going up but wages, and it is all too easy to fall behind.

There are numerous types of debt, including basic loans, syndicated loans, bonds, and promissory notes. Debt, especially large sums of debt, can also be secured through a mortgage or other security interest over some of the debtor's property, in which case the creditor will have some rights over that property in the event that the debtor becomes unable to repay the debt and defaults on the loan.

For many Americans debt is an overwhelming problem, a stressor that can quickly take hold of one?s life. When there are bills attached to house, boat, automobiles, college tuition, and daycare, it?s not hard to imagine that many folks can quickly be swept under the current of spending which can unexpectedly whirl into deep debt. The importance of determining your expenses

Society is becoming so commercialized that no person is exempt from this world-wide phenomenon called spending and mounting expenses. The high cost of living has paved the way for an increase in the spending habits of people.

An expense refers to the disbursement or spending and it generally has something to do with money. Anyone who lives in the 20th century isn't exempt from having expenditures even just for day to day living. Expenses can either be essential or those expenses necessary for the survival of a person, or non-essential expenses, which refer to expenses that aren't really necessary or are considered as luxury expenses.

Debt is a hard thing to live with, reduce debts today! The most common and essential expense are those spent for food and for the daily subsistence of a person. A person couldn't survive without food and water so almost all people are forced to spend money on these items. Expenses for housing utilities like water and light are also considered essential expenses because any household couldn't operate efficiently without them. For people on the go, the cost of fuel or fare is also considered an essential expense because they couldn't go about their daily work without spending for these items.

Essential expenses are the expenditures that a person couldn't live without because these are necessary for the day to day subsistence of a person. Try scrimping on food expenses and any person will soon realize how essential food is in the daily household budget.

People work so they will earn money that will be used to pay for their essential expenses. A person who isn't lucky enough to get a good paying job will definitely have no choice but to lessen the budget even for his essential expenses. This means cutting back on his basic needs like food, water and power consumption and even his toiletries.

However, there are some people who earn less but still spend more for their household expenses. These people have failed to manage their finances and they will soon be deep in debt. The key to successful household management is to limit the expenses to the minimum.

Make a Budget. If you want to have a grab of your financial situation before you lose everything, making a budget is what you should do first. Assess how much do you get from your income or other means and your expenditures. For example, if getting that posh apartment means you have to limit your meals to once a day, then it is not a great and sound budgeting decision. Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

The Consumer Credit Counselling Service (CCCS) reports that calls from people worried about debt have been increased by 50% compared with last year.

You can stop a debt collector from contacting you by writing a letter to the collector telling them to stop. Once the collector receives your letter, they may not contact you again except to say there will be no further contact or to notify you that the debt collector or the creditor intends to take some specific action. Please note, however, that sending such a letter to a collector does not make the debt go away if you actually owe it.

You could still be sued by the debt collector or your original creditor. Bankruptcy is not your only option. Millions of people credit is devastated by bankruptcy every year. Though filing a Chapter 7 Bankruptcy will clear you of any obligation to creditors, it is devastating to your credit and will ride your credit report for ten years.

The expenses of every person differ and the money allotted for each type of expenses depends on the priorities of the person. While each person has a household expense, there are other expenses that are necessary to fulfill his various responsibilities in life.

A person who is engaged in business will definitely be familiar with business expenses. These are the necessary expenses to run a business and sometimes it is called overhead expenses. Any entrepreneur should keep his expenses at a minimum and it should be much less than the total sales of the business so that the business will be able to make a profit. An entrepreneur can have expenditures related to the promotion of the business, advertising, maintenance of the business establishment like expenses for power and water, salaries and wages for the employees and other expenses. A person who works at home can claim a certain percentage of the household expense as a business expense.

While business enterprises should cut back on their overhead expenses to get a decent margin of profit, a homeowner should keep his household expenses to the minimum to achieve a reasonable savings. Savings advocates however argue that savings shouldn't be the remaining cash after the expenses are deducted from the total income. They say savings should be deducted from the total income first and the remaining cash should be the basis of the monthly budget of the person. Every person who wants to profit and to achieve savings should be a wise spender. Each person can keep the expenses at a minimum by availing of grocery sales, promotions, and free coupons. A person can choose to buy a cheaper product with the same functions and quality as another known product which is more expensive.

It is always wise to become a critical spender so manage your finances wisely and keep the expenses low by availing of different strategies like buying from the bakeshop when it is near closing time as most shops discount their bread products by as much as fifty percent during this time. There are a thousand and one ways to save money and keep expenses low; it is however up to you to achieve these goals.

Debt Consolidation- Debt Consolidation is an easy and timely alternative. A Debt Consolidation Counselor will evaluate your current situation and past debt and develop a budget for you.

Interest rates for credit card debt consolidation loans through traditional lenders may be based on your credit score. If high, you are likely to get a credit card debt consolidation loan at a lower interest rate.

The prospects of managing financial obligations have just gotten worse, as Congress has passed legislation that will make bankruptcy filings more difficult than ever.

Debt is a hard thing to live with, but we all have it and deal with it everyday. Sometimes it is manageable, sometimes you feel like you can barely keep your head above water and unfortunately many times you feel like you are drowning in it!

Article Source: http://www.articlerich.com


Credit card debts can mount up and get out of control quickly, you can reduce them today!



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Tips on Selecting Debt Consolidation Services
- Posted December 06, 2006 by Monty Loree
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By: Alfred K.Drews

Dealing with credit card debt is not as hard as you may think. If there's any consolation, you're not the only one facing such situation. At some point, many people like you face financial crises with credit card debt.

Many of these desperate consumers find themselves contemplating a bankruptcy filing, but bankruptcy can carry a legacy you will have to live with for years. A bankruptcy filing will stay on your record for a minimum of seven years, and you may find it difficult or impossible to obtain necessary credit in the interim.

In national accounting debts are added according to those who are indebted. Household debt is the debt held by households. "National" or Public debt is the debt held by the various governmental institutions (federal government, states, cities ...). Business debt is the debt held by businesses.

Debt consolidation allows a consumer to present their financial case to a lender who may be willing to take on the burden of paying off debts in exchange for one monthly payment made to the lender.

Tips on Selecting Debt Consolidation Services

So you?ve finally decided to use the services of a debt consolidation company. Good for you! There?s no shame in admitting that you need help. But then what? Well, the next thing you should concentrate on is finding out how a debt consolidation company can help you best.

Types of Debt Consolidation Services

There are many ways a debt consolidation company can help you solve your financial obligations. The first and general step taken by debt consolidation companies is to merge or consolidate your loan. To what purpose that would serve depends on your present situation; you may either choose one, a combination of several methods, or all of the services they?re offering. Take out all your pending bills and study them one by one. Identify the problem areas and see which of the following alternatives would aid you the most.

Lower Interest Rates ? Perhaps, the root of all your problems is the misfortune of being saddled with high interest rates. If so, a debt consolidation company will be able to assist you by negotiating with your creditors and asking them to lower the interest rate. Longer Payment Period ? Maybe you?re having those panic attacks simply because the due date is always just fifteen days away? If so, a debt consolidation company can once more step in to the rescue by asking the creditors nicely about extending the term for your debts.

If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a "debtor." If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a "debt collector."

There are numerous groups, individuals, or products on the market that are designed to help individuals dig their way out of and recover from debt. Although these products are available, there are still thousands of individuals that choose not to receive assistance. It is true that some individuals may be able to recover from debt on their own; however, it will likely take a large amount of time and stress.

Your bank may be all too glad to lend you money to help you consolidate your debt. However, banks also charge application fees ranging from $50 to $200 or more per loan. In addition, banks make getting a debt consolidation loan difficult as approval for this type of loan is hard to get especially if your existing debt levels are high.

Debt is a hard thing to live with, reduce debts today! After you have contacted each creditor, you can start setting up a budget plan that will help guide you through the process of eliminating your debts. Start with a weekly budget plan and then work your way toward a monthly plan. You should know that in either situation, the Fair Debt Collection Practices Act requires that debt collectors treat you fairly and prohibits certain methods of debt collection. Of course, the law does not erase any legitimate debt you owe.

Considering filing bankruptcy? If your finances are in ruins and you're considering filing bankruptcy, there's a few things you should know.

Credit Counseling ? No clues at all about how to pay off your debts? Not to worry, because debt consolidation companies are pretty much experts when it comes to those things. They?ll give you valuable advice not only on paying off debts but also on saving money.

Eliminating Calls from Creditors ? Have a hard time handling those nasty, high-pressured calls from your creditors? If so, let your debt management company do all the listening. With them to support you, you?ll almost feel like there?s no pressure to pay off your debts. But there is, mind you, and it won?t do you good to forget that.

Other Kinds of Debt Consolidation Services

Lastly, when you?ve paid off your debt, a debt consolidation company may also offer other services that you could be interested in and will help prevent you from falling for the same trap in the future. Improving Credit ? Your credit rating has certainly taken a beating with the amount of debt you?ve run up. With the help of a debt consolidation company, however, you can slowly but surely build your credit rating, and maybe make it even better than before.

Money Management ? With them, you?ll learn how to spend right and save more.

Another alternative is a Personal Loan or Debt

Consolidation Loan. This is one large loan to pay off smaller loans or debts. With one large loan, you will normally have a lower percentage rate and a longer pay off period.

In a credit card debt consolidation, your average interest rate may be reduced. All your loans can also be transferred to one single card that has a lower interest rate than the ones you are currently paying. In addition, the major credit card companies, at the urging of the Federal government, have recently doubled their minimum monthly payment to about 4% of the outstanding balance.

Reduce debts today for a better life! The first step toward taking control of your financial situation, is to do a realistic assessment of how much money you earn and how much money you spend. Start by listing your income from all sources. Then, list your "fixed" expenses ? those that are the same each month ? like mortgage payments or rent, car payments, and insurance premiums.

Article Source: http://www.articlerich.com


Reduce debts today for a better life!



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What Are The Bad Credit Debt Relief Options?
- Posted December 06, 2006 by Monty Loree
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By: Cornie Herring

If you are a bad credit rating, we have less option to resolve your debt issues. And if you are at the disparate condition to pull yourself out from debt and get rids of all the harassing phone calls from your creditors, there are a few options of debt relief for bad creditors.

Consumer Credit Counseling

There are many Consumer Credit Counseling service (CCCS) around to help you to solve your debt problems. You can enroll into their CCC program to get counseling on personal finance and follow their plan to resolve your debt problem. Normally CCCS is a non-profit community action organization whose staff members have the training and experience to help you help yourself. In many cases, CCCS assists consumers by contacting their creditors and arranging lower monthly payments. Some services are provided free to consumers. CCCS was founded by creditors to aid their financially distressed customers totally free of charge.

A CCC program will not lower your credit score, but it will be noted on your credit report and hurt your ability to get and the interest rates you pay on a home loan, a refinance, or a car purchase. Once again, be careful when selecting a CCC company as there are good ones and bad ones out there. Search online for any negative information that may be out there and use the Better Business Bureau to see a company's record there.

Debt Settlement or Debt Negotiation

Debt settlementis an aggressive approach to debt reduction, which is appropriate for debtors with a serious amount of debt or who are considering bankruptcy. Debt Settlement offers you a chance to reach a negotiated settlement with your creditors, paying back far less than you currently own.

Debt Settlement is a way to get out of debt in the shortest amount of time, and with the least amount of money without filing for bankruptcy. There are some drawbacks though. Debt Settlement will hurt your credit rating in the short term, because you must choose to go delinquent on your bills. However, because it will get you out of debt more rapidly than any other option aside from Bankruptcy, you can start to rebuild your credit rating sooner.

Bankruptcy

Bankruptcy can be the best choice for you, but it should be an option of last resort. It will hurt your credit rating severely and is not a pleasant process to undertake and your bad credit record will remain on your credit report for 7-10 years.

Bankruptcy will free you from overwhelming debts so you can make a fresh start, subject to some restrictions. If none other options available to you, declare a bankruptcy can be your best choice. After filling the bankruptcy, you can start to rebuild your credit and improve your credit rating by open up a new credit card from banks like Orchard Bank (Orchard bank has credit card plan designed specially to help people rebuild their credit after bankruptcy). Use this new credit card responsibly and make the monthly payment timely to rebuild you good credit record.

Summary

Although less option available for bad credit debtors, debt relief options are still available. No one option fit everyone, review all the options available to you and choose the one best fit your financial condition.

Article Source: http://www.articlerich.com


Cornie Herring is the Author from StudyKiosk.com. "StudyKiosk-Credit Basics" is an informational website on credit basics and debt consolidation. To see recommended, credible lenders and loan service companies, visit: Recommended Bad Credit Debt Consolidation Services and Lenders



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The Costs of Filing Bankruptcy
- Posted December 05, 2006 by Monty Loree
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Loans And Credit Cards. Bankruptcy On The Up
- Posted December 05, 2006 by Monty Loree
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New figures have been released showing that in 2005, 67,800 people were declared bankrupt. In the second quarter of 2006 alone, around 26,000 people became insolvent in England and Wales, a rise of 66% on last year. The way it?s going, it looks like the number of personal insolvencies in 2006 will top the 100,000 mark.

So why has bankruptcy become such big business? The main reason is because so many people live beyond their means. Dubbed the ?spend it like Beckham culture? ? getting credit is far easier than it used to be, and many people take out a mortgage, loans and credit cards ? using them to fund a lifestyle they can?t realistically afford. When they get behind with the repayments, many people bury their head in the sand rather than face up to their problems, and finish up by having their home repossessed and by being made bankrupt.

Some financial experts also think that the rise is partly due to insolvency becoming an easy option. ?Bankruptcy? is no longer a dirty word, and recent changes in legislation mean that many bankrupts could find themselves discharged within a year, whereas it used to be two or three years. Also, it is no longer a requirement for bankrupts to have to sell their homes, possibly helped by the upturn in the housing market, which has enabled some bankrupts to be in positive equity despite their inability to pay back their debts.

The Government?s Insolvency Service stresses that bankruptcy is not an easy ride, and they would be putting pressure on bankrupts to discharge their debts. In particular, bankrupts deemed to have ?recklessly? gotten into debt would be pursued for the losses, with the help of Bankruptcy Restriction Orders (BROs). BROs ensure that bankrupts under the restriction order would not be able to get credit without disclosing their status, start trading under a new name, or hold a company directorship, up to a maximum time period of 15 years. The Insolvency Service estimated that around 10% of bankrupts would also have a BRO to contend with.

The Liberal Democrats believe that the debt problems in the UK could be helped if people knew where to look for help when they need it. For example, there are a number of free and confidential Debt advice lines that can provide excellent advice. They also suggest that the problem could be attacked at source, for example, lenders should be more transparent about the costs and implications of taking out a credit card and making only the minimum repayments. They also suggest that money management skills should be taught at school.

The problem is not going away for the meantime, that?s for certain. High street banks recently announced that their bad debts are already soaring - Lloyds TSB and Egg have both made announcements - and the total British unsecured debt is estimated to be ?191 billion. That equates to ?3,250 per person in the UK.

By educating people about debt ? knowing when to stop buying, and when to start worrying ? bankruptcies could be tackled effectively. But for now, they?re not going away ? bankruptcy is a culture that for the time being, is here to stay.

Call the National Debtline on 0808 808 4000 or visit their website at www.nationaldebtline.co.uk for free and impartial advice on managing your money.

About The Author
Michael Challiner has worked in financial srrvices for over 15 years at Director level. He also writes articles for a number of UK based financial web sites. Loan locomotive - great uk based loans articles http://www.loan-locomotive.co.uk


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New Bankruptcy Laws
- Posted December 05, 2006 by Monty Loree
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Although it was a little bit frightening at first, the new bankruptcy law was not that much of a hassle. I was expecting a lion, and what I found was a lamb.

I was already about 50% of the way through my Chapter 13 discharge, when my current business went belly up. Rather than go into the details of the business failure, I wish to relay to my readers my experiences in navigating the new bankruptcy legal issues and what was involved in filing a new Chapter 13 petition while still in the midst of one.

The new bankruptcy laws, require petitioners to undergo credit counseling. This was done via a Credit Counseling agency entirely over the phone, the entire process took less than 30 minutes. The entire process was fairly simple and involved the councilor reading several prepared statements and my acknowledgement of the information. Upon completion of this session, the agency will furnish the petitioner with a certificate of completion. It is this certificate which is needed in order to file a Chapter 7 or Chapter 13 petition. A second Counseling session is required before the bankruptcy can be completely discharged.

Once the petition was filed, everything proceeds basically the same way as with the pre-2006 filings. A ?meeting of the creditors? is held in front of the bankruptcy trustee. This is basically a simple recorded transcription to verify that you are who you say you are, and that the documents you have filed are correct to the best of your knowledge. This process takes about five minutes, however it usually takes some longer amount of time to be called up by the trustee, due to the large number of cases that are seen on any given day.

The final step in my specific situation was a motion for the court to extend the automatic stay. In most bankruptcy cases an automatic stay is issued by the court at the time of petition to protect the petitioner from lawsuits and property seizures while undergoing the re-organization. However if this is a re-filing or second filing, the automatic stay is only in effect for thirty days, and the petitioner must make a motion to the court in order to extend it.

This motion, was the first motion of this type that the presiding judge had to consider.

This consideration took less than 10 seconds and the entire process was completed.

I hope that this short article will help in easing the anxiety of anyone going down this same path.

More information can be found at:

http://www.chapter7answers.com

http://www/chapter13answers.com

About The Author
William Parker is a businessman residing in northeast Pennsylvania.

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Find Out What The Alternatives To Filing Bankruptcy Are
- Posted December 05, 2006 by Monty Loree
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Filing for bankruptcy is the very last resort for people overburdened by debts and unable to clear them. The decision to file bankruptcy is a grave one and it is recommended not to make such a decision in haste. Many people choose this option without finding out the available alternatives to bankruptcy.

Some of the alternatives to bankruptcy are:

1. Settle your debts: If there is the smallest possibility that the debt you owe is manageable and will not be absolutely detrimental to your finances, it is advisable to make a full settlement or meet your creditors and discuss alternate payment arrangements.

Another way to meet your debts is to borrow money to pay it off. But, even though this may even seem like a viable option at the time, it would be best to consider this option last, because if you are finding it difficult to pay off debts now, a new loan will only add to your problems.

2. Debt consolidation: A debt consolidation loan might be a good solution. How good it is, will depend on your situation. More often than not, debt consolidation loans are made using your home as collateral by placing a second mortgage on your house.

Again, there is a considerable amount of risk involved here. You must consider whether you will be able to pay your bills in a timely manner and be able to subsist on a monthly basis. If, and only if, this is possible, should you opt for a debt consolidation loan. It is also pertinent that you do your homework and choose a good loan consolidation company that provides loans at manageable interest rates.

3. Ignore your creditors: Although this is an option and a deferral tactic, it isn't the smartest decision to make. It does not matter how big or small your debt is, the creditor will not stop till he gets his money.

Often, in business, people ignore debts until they pile up to the point that it is very difficult for them to pay them off. If you ignore your creditors long enough, you may even end up with a lien on your home. So, it is best to try and solve the problem to begin with instead of ignoring it, which will only make matters worse.

4. Credit counseling: This is a much safer and a less mentally taxing option. Credit-counseling agencies can contact you creditors on a direct basis and can make new payment arrangements to suit your situation. They may also be able to get your interest rate lowered or have your interest payments ceased completely.

Credit counseling is often the best solution for avoiding bankruptcy, as many families have found out. It will also give you the chance to sort out your finances in peace as your creditors will stop hounding you for payments. Always do your research before selecting a credit-counseling agency. It is recommended by experts to go with a non-profit credit-counseling agency rather than a for profit credit-counseling agency.

Finally, if none of the above mentioned options are viable for you and you have used up all your resources, you may choose to file for bankruptcy as the only way out.

About The Author
Jon Arnold is an author and computer engineer who maintains various web sites to provide tips and information on a variety of topics. More info on this topic can be found at his Bankruptcy site at http://bankruptcy-data.com.


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Where To Find Online Bankruptcy Forms Processing Services
- Posted December 05, 2006 by Monty Loree
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There are lots of ways to file bankruptcy by yourself. But, one problem you will surely find is that there are forms for every sort of situation, and how can you tell which is the one you need? For just that purpose, there are online bankruptcy forms processing services. An important first thing to know, before you start your search, is that there are free forms available. You never have to pay for a form! If you find a site that wants to charge you for their forms, don't use it. Why pay for something you can get free?

An important thing when looking for the right form is location. Make sure it is for the state and whatever locality that you are in. State laws vary widely, so it is especially important to find the form for the state you live in. It is worthless if it's for the wrong state! Also, make sure that the form is official. Look for government seals, or compare it with the others, and it will be easy to see whether it is or not. Filing with an illegitimate form won't do you much good!

Now, on the website where you find the form you need, look for information on filling it out. Most of these sites will provide you with information regarding what information you will need to fill it out. There might be other relevant information as well. Fill out the form slowly and thoroughly, and no matter how fine the print is, read it all. Follow instructions carefully and make sure that you're doing it the right way. For example, make sure you are listing the right assets.

When all else fails, go to a lawyer. If the wording is vague, of if there is something you are not sure you clearly understand, talk to a professional who can answer your questions satisfactorily. You can definitely get the free form you need from an attorney, and they will help you fill them out. If you have specific questions about what assets to list and what to leave out, they can tell you exactly what you need. There are also two types: chapter 7 and chapter 13, and you must know which one is best for you. These are important things to understand clearly.

About The Author
Donald Harris is a publisher of Bankruptcy Legal Information. You can go to http://www.1st-bankruptcy-lawyer.com for more.


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Improve Your Credit Score With A Card After Bankruptcy
- Posted December 05, 2006 by Monty Loree
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In this article l will discuss how to increase your credit score using a bankruptcy credit card.

When you are building your credit score, you want to start small. Open one account and use it at least once a month to make a purchase. This can be a regular purchase that you have cash to pay for. The point is to use your credit and then repay it. Every time you make a payment, it will show up on your credit report.

Lenders will also look at how often you make payments. So using your card once a year and paying off the entire balance that month won?t do you much good. Your credit report covers three years? worth of payment history, and lenders want to see your payment pattern.

Don?t max out your card either. Only use a small portion of your credit to show lenders that you don?t get yourself into financial binds.

Credit card companies offer several different types of credit cards for consumers. You can find student programs that require no co-signer or income. This is a great offer for your first card, but these cards also have higher rates.

You can also find cards with cash back rewards or other incentives. The trade-off are higher rates though. However, you can find no frill cards with low interest rates if you plan to carry a balance. Whichever credit card program you choose, make sure it fits with your financial goals.

Regular payments are only one part of your credit score. You also want to keep your credit in good order. If you have dozens of accounts open, close the ones you don?t use. The less open credit you have, the more you will be eligible for, a bonus when buying a home or car.

Also be sure to take advantage of your annual free credit report. Look over it to make sure that your credit history is correct. If you find any discrepancies, resolve them with your lender.

These steps will help you to increase your credit score with a bad credit credit cards.Now how to find a good credit card after bankruptcy ? You can read the blog http://credit-card-after-bankruptcy.blogspot.com for more useful information and free resources ; but consider the following criterias before applying for a credit card after bankruptcy.

First thing is low application fee and zero or low processing fee is important..

I found some secured credit cards that have no application fees and one that had a-- are you ready for this?.....90$- $120 application fee! Sadly, many people have paid it!

I alaways advice to go for a secured credit card for the people with bankruptcy.

The second thing is low interest rate.

If you are in bankruptcy then you are a high risk customer.Some banks or lending companies will give you credit or credit card but at an increased rate.

I ran across one with an interest rate of 23.99% and another with an interest rate of only 9.25%.

So find out one with the lowest rate.

About The Author
Satyajit Das is a computer sc. graduate and Mba (Finance) and he is a regular contributor to leading Article directories on Internet.Visit his blog http://credit-card-after-bankruptcy.blogspot.com

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Bankruptcy ? The Facts
- Posted December 05, 2006 by Monty Loree
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People suffering from debts and in financial difficulties can take recourse to bankruptcy. Each country has its own definition for bankruptcy. In US, the Bankruptcy Code offers protection to people who are bankrupt.

Under this code people who have undergone divorce proceedings, loss of jobs, theft of identity, mounting medical bills or disability can get relief. Normally, unexpected situations combined with some other disasters in personal life create the financial woes. Credit card debts, which were earlier found to be easily manageable suddenly, become very difficult to manage when combined with the loss of a job.

When all hope is lost, a new beginning can be created with the help of a good lawyer specializing in bankruptcy, by making use of the provision of the Bankruptcy Code.

A petition to stop creditor harassment filed under the relevant clauses will result in an ?automatic stay? order from the court.

With the automatic stay, the creditors are prohibited from further action to collect their debts forcing them to stop calling often or sending reminders. Foreclosure of home or repossession of car is not going to be a big concern or worry.

A procedure to set right the financial management is also possible with the filing of a bankruptcy petition.

Automatic stay of nonpayment of debts does not include most of the taxes, support for children, student loans or any injury caused while under the influence of alcohol or drugs.

There are various provisions and options available when a bankruptcy petition is filed.

Depending upon the law of the state of domicile, some personal items can be retained while control of all assets and property is entrusted to a trustee. Property with some value will be disposed of by the trustee and the cash proceeds will be used to pay money to the creditors.

Under a different provision, property can be detained by the debtor if he/she is earning regular wages or getting regular income from various sources. An agreement stating that part of the income or wages will be used for part payment to the debtors under the approval of the court. A trustee will receive the payments from the debtor and arrange to pay the same to the creditor and will ensure the debtor honours the terms and conditions of the repayment plan.

Bankruptcy by businesses is covered under a special arrangement, which permits the business to continue the operations subject to the approval of the repayment plan by the court and the creditors. Usually a trustee is not appointed if the judge feels it is not necessary. If a trustee is appointed then the property and business comes under the trustee?s control.

About The Author
Lucy Bartlett is a proud contributing author. Find more articles at http://consumerresourcesportal.info/ Find more info at http://onlinebankruptcyresource.info/ or http://onlinebankruptcyresource.info/bankruptcy-lawyers.html

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Refinance Your Mortgage Loan After Bankruptcy
- Posted December 05, 2006 by Monty Loree
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How Can I refinance my loan?
Though it may seem impossible, refinancing your home loan after going through bankruptcy is feasible as long as you can meet certain requirements. Finding the right lender is however, a challenging task.

How Refinancing After Bankruptcy is Possible

Refinancing a home mortgage is probably one of the few financial transactions that someone who has gone through bankruptcy can achieve within a small period of time after the bankruptcy has been discharged. Since a mortgage loan is secured by an asset, the usually extremely low credit score bared by someone with a bankruptcy in his credit report isn?t that detrimental.

Raising your Credit Score

Moreover, refinancing a home loan is an excellent opportunity to raise your credit score and improve credit history. The monthly payments you make will be recorded into your credit report and this will contribute to a continuous increment on your credit rank. How Can I refinance my loan?

However, since you won?t be able to apply for a refinance home loan till six months after your bankruptcy has been discharged. You need to work hard during this period in order to build a good credit history so as to make sure you get approved for your refinance home loan.

How can I Get Ready for Applying

In order to do so, you need to make all your payments on time including your current home loan installments. This is essential since any late payments or missed payments may be an obstacle between you and your refinance home loan.

If you haven?t done so yet, open a bank account, either a checking or savings account and get a credit card. If you can?t get approved for an unsecured credit card, don?t hesitate, apply for a secured credit card and start using it and making regular payments. All this will help you build a healthy credit history and will ensure you get approved for a refinance loan.

Search for a Lender and ask for Loan Quotes

The search for a suitable lender is the main task you need to complete. You can refinance with the same lender that is currently handling your home loan, but don?t stick to the first offer you receive. Request loan quotes with every lender you run into and even request online quotes as you?ll be able to get much better deals this way.

Pay attention to interest Rates and other fees

You need to pay special attention not only to the interest rate and fees charged by the lender that will refinance your home loan, but also to any punitive fees that your current mortgage loan lender may charge for pre-cancellation of your loan. These fees and costs may turn refinance too onerous to even consider the possibility.

How can I do this?

You may have to pay a slightly higher interest rate since you?ve got a bankruptcy on your credit report, however, don?t let lenders take advantage of this situation. This kind of loan is secured by collateral so there is no reason to charge high interest rates, no matter how low your credit score is. your credit card

About The Author
Bryan Quinn is a financial advisor with more than thirty years of experience in the field of finance who aids people undergoing financial problems and helps them obtain personal loans, home loans, student loans and grants, consolidation loans, car loans and many other financial products regardless of their credit situation. For more smart tips on Bankruptcy and Mortgage Loans you can visit http://www.badcreditloanservices.com and also learn more about other financial options.

How Can I refinance my loan?

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How to Rebuild Your Credit After Bankruptcy, Or Getting Your Finances Back Together Again
- Posted December 05, 2006 by Monty Loree
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If you are worried about rebuilding credit after bankruptcy, this article will help you with some general advice about how to find your way back to the top.

What filing bankruptcy is all about

Bankruptcy is a process whereby a person in debt can crawl out from under it and start again. The idea is to help out those who are in dire financial straits, and are in debt over their heads. The result is that you do not have to pay back most of your debts, you are debt free and can move on. The drawback is that it leaves a nasty stain on your credit report for the next ten years, making it hard to reestablish yourself and recover.

Do I really have to wait another ten years before I can get a loan again?

No. As a matter of fact it is possible to get credit again. However, it will be a bit more difficult. One possibility is to get a protected or pre-paid credit card which can be used by depositing money into it, like a bank debit card. This can help you rebuild your credit again, and establish yourself. After a while it can help you start to get loans and credit again before the ten years is up.

What about my debts?

One good thing about filing is that it gets rid of the creditors once and for all. They won't be bothering you anymore. Once all the paperwork is in and processed, it is illegal for them to keep harassing you. You have the law on your side!

Will everybody know that I filed?

No. Very few will actually know about it. However, since the file is accessible to the public it will be visible on your credit rating, and will be kept on file for ten years.

What are the changes I've been hearing about?

The original laws were passed in 1978, and were revised in 2005. The general idea of the new legislation is to make people who CAN pay some of their debts pay. The laws were being abused by those who could have paid. Here are the major changes that went into effect last year:

-You have to meet certain requirements in order to be able to file bankruptcy. Your family income will be checked to ensure that it is below the state average. They also want to make sure that your family is able to make the regular payments.

-You are required to submit your last year's tax return, in addition to all the other paperwork.

-They also require that you have lived in the state in which you file for at least two years. The reason for this is that some states have more or less lenient laws.

-Child support and alimony and are the debts that have to be paid first.

About The Author
Donald Harris is a publisher of Bankruptcy Legal Information. You can go to http://www.1st-bankruptcy-lawyer.com for more.

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Bankruptcy ? Last Resort
- Posted December 05, 2006 by Monty Loree
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Regardless of the short and long term consequences related to filling bankruptcy, this particular population filling for bankruptcy is rapidly growing.

Statistics show that 5.4 people out of 1000 filled for bankruptcy on 2005 and this trend is increasing by 7%. Governments and financial organizations are concerned with the incredible easiness with which people opt for bankruptcy.

Let us define the meaning of bankruptcy; the word bankruptcy literally means ?broken bench?. In the past, when a debtor could not pay off his debts, his workbench was broken in two pieces as a warning to future debtors. Nowadays, it is defined as a legal term to help an individual or a business in a financial hardship and ease down the burden of the debts.

The legal term ?bankruptcy? is defined as an individual that cannot, within reason, pay off all of his debts and agrees to let the government take over his finances in order to ease off his debts.

Bankruptcy laws were created to protect both debtor and creditor. Laws maintain the balance and permit equal conditions in order to satisfy all people involved in the process. The main function of bankruptcy can be shown in two ways:

- Giving a debtor a new start by relieving him of the majority of his debt

- Creditors do not lose their money completely

Several studies show that the main cause for filing for bankruptcy is the increased levels of consumer debt which is normally tied up with an unexpected event, like losing your job, a medical emergency or the loss of a relative. According to economists, the average person that files for bankruptcy is a middle class worker, with no superior studies, just high school graduate and usually the head of a family that has a heavy usage of credit.

There are different types of bankruptcy around the world, which are defined by specific laws for certain purposes. Each bankruptcy is different from the every other, especially within countries. For instance, in the United Kingdom, bankruptcy can only legally be filled by individuals and partnerships, whereas in the United States and Canada, bankruptcy can be filed by businesses, as well.

In the US, there are two ways for filing for personal bankruptcy. One is known as Chapter 7 and the other as Chapter 13. Chapter 7 plan demands debtor to liquidate all assets, with no exception, and to distribute them equally among all creditors. In Chapter 13, the debtor does not need to liquidate: The debtor agrees to a payment arrangement, which pays for a portion of his unsecured debt and the rest of the balance is forgiven. The majority of people opt to file for Chapter 7.

When you apply for bankruptcy, you are required the services of a lawyer, especially a lawyer that deals with bankruptcies and that has experience with these kind of issues. After filling for the bankruptcy, court will designate someone to arrange the payments for you to make to your creditors and to define how much of your income will be used to repay your debts. Court will let the person make payments, or withhold some money of this individual?s paycheck toward this goal. One of the secondary effects of this process is that your credit options will be very limited, as a result of the legal action and the unwillingness of creditors to issue credit lines to those who have filed for bankruptcy. Once the money designated by court and has been paid off, bankruptcy will be cleared from your credit history and you will be able to start rebuilding your credit ?status? once again; this could take years to regain creditors trust again, but it is worth it.

Due to the remaining effects off filing bankruptcy, it is advisable to take bankruptcy as a last resort. Loop up for another alternatives or consult a lawyer to see if there are any other alternatives to consider before declaring yourself or your business in bankruptcy.

- Sell some material goods to pay-off your bills, especially when your financial situation starts to decline.
- Minimize expenses and cut down on all unnecessary expenses.
- Let a specialist review your case or consult an accountant. They could help you make a plan to progressively pay off your debts without filing for bankruptcy. Also, saving could pull you out of a financial breakdown in no time.
- Refinancing some assets and using the surplus to pay off your debts

If nothing else works, consider bankruptcy as your last option. This way you will stop the situation from becoming worse. Remember, bankruptcy should be applied to as last resort.

Check these links to learn more about the topic:

http://www.personal-bankruptcy-avoidance.com/Bankruptcy/FL-Florida/Bankruptcy-FL-Florida.shtml
http://www.personal-bankruptcy-avoidance.com/Bankruptcy/TX-Texas/Bankruptcy-TX-Texas.shtml
http://www.personal-bankruptcy-avoidance.com/Bankruptcy/CA-California/Bankruptcy-CA-California.shtml

About The Author
Martin Rogers is a contributing writer to http://www.personal-bankruptcy-avoidance.com and is currently writing some special articles to orient business on how to manage debt and avoid bankruptcy.

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Just Say NO To Filing Bankruptcy
- Posted December 05, 2006 by Monty Loree
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Many people are facing the possibility of filing for bankruptcy. Sadly, many people who are in this position have been given bad or poorly explained credit advice and are wondering if there are any other alternatives to going down the bankruptcy road. There are options available to keep your good name and pay your debts.

Should I avoid Bankruptcy?

To begin with, filing for bankruptcy is a personal decision and one that can only be made by the individual in debt. Although only the individual can make this decision, there are people or companies out there that will discuss options and help debtors come to an educated decision whether to file for bankruptcy or to avoid it. A non-profit organization is the best avenue. Beware of companies charging outrageous fees for their services, as often they are only interested in making money from those in dire financial straits.

Often creditors harass those who are facing financial ruin to make their payments, this is because that is the only weapon they have. These threats can further add to a debtor?s confusion and stress. There are some simple things to keep in mind about debtors and who you should be paying first and who can wait. Make a priority list of the debts you should be concentrating on. Depending on your situation, if you want to keep your home and main vehicle, than you should concentrate on these two debts over your credit card or medical bills.

There is a good reason for choosing to pay other bills over medical and credit card debts. In order to take property from a debtor in the form of assets or possessions, these creditors must first take a debtor to court before they can take their property or possessions. Debts such as fines, alimony, child support, income taxes and student loans on the other hand don?t need to go through this process. By filing for bankruptcy it is likely these debts will still remain.

Trying to get creditors to give you a break should not be the deciding factor in choosing to go down the bankruptcy road. Even though this approach may bring temporary relief from lawsuits and arguments with creditors, bankruptcy is only a short tem solution. Once bankruptcy has been filed the person will be no better off than they were before. In hindsight, by avoiding bankruptcy, a person can sort out their affairs and come out a little better off than if they had chosen to file for bankruptcy.

Debt Management, How can I avoid Bankruptcy?

One of the first methods that should be used when trying to manage debt is to contact the people that you owe money to, for instance, financial institutions and credit card departments. Explain your current situation to them and see if an arrangement can be made to reduce your payments or waive late fees until you have caught up on payments.

If this fails, don?t be afraid to use the power of a good threat. Write letters to all of the creditors that money is owed to and tell them that you are likely to have to file for bankruptcy. Often the companies will try to work something out with their debtors or take less money than go to the trouble of taking debtors to court or having the debt completely wiped out during bankruptcy.

Is A Consumer Credit Counseling Service The Answer For You?

Another way to avoid bankruptcy and work on better debt management is to find a good Consumer Credit Counseling Service. This service will usually be a non-profit organization that will work with you and your creditors to find a solution or a better payment plan that will suit your finances.

Keep in mind the CCC is good for quieting your creditors, removing late fees, and lowering interest payments. If you have an old debt that hasn't been collected on for a while, you might want to contact an aggressive debt consolidation company. They maybe able to negotiate as much as 60% off your original debt.

By consolidating your debts into one loan you can reduce the number of creditors and fees that you will be responsible for. Be aware of the consolidation loan policies on transferring money from other sources to the loan, as this can sometimes be costly. Often it is possible to borrow against your home to pay debts in this manner, although this can be risky at times as you may face loosing your home if you can?t make the payments.

The other option that you may be able to exercise is to sell off your assets that have value and pay that amount off on your debts. This may seem like a difficult option, although, if you are filing for bankruptcy, it is likely you could loose all of your assets anyway.

Bankruptcy is a process that is best avoided. If a debtor does decide to file for bankruptcy, it should be because they are left with no other option. The debtor should also be aware of the debts that cannot be wiped out by the bankruptcy process, even then a debtor seeks the help of a Credit Counseling Service before proceeding.

Copyright notice: Badcreditresources.com 2006,

http://Badcreditresources.com is a directory of banks and financial institutions that will provide credit cards and loans to people with bad credit . We also provide useful information & resources to people trying to repair their credit.Looking for bad credit loans? click here.

About The Author
Shelly Evans is a credit analyst for Bad Credit Resources for seven years. Before this, Ms. Evans served as communications manager, acting marketing manager, and editor of TU Account?s newsletter.

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After Bankruptcy, Rebuild Your Credit Before Buying Real Estate
- Posted December 05, 2006 by Monty Loree
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You have gone through bankruptcy and you do not owe anyone. Now is the perfect time to purchase that home you have always wanted ? right? Wrong! Yes, you can probably locate a real estate mortgage lender, since you cannot declare chapter 7 bankruptcy again for at least 6 years. The problem is that you will pay the highest finance charges for the privilege of obtaining that real estate mortgage, charges that will extend over the life of the real estate loan.

Before even looking at real estate, get your credit straightened up first. The bankruptcy will appear on all three of your credit reports from seven-to-ten years, which will make you a higher risk to real estate lenders. You cannot do anything about this; however, you can show real estate lenders that you are handling credit much better now by rebuilding it. This can lower your risk factor, when obtaining a real estate mortgage. Using the following improvement steps, you actually can rebuild your credit in a relatively short time.

First, get copies of your credit report from the credit agencies, and clean them up. You have the right to one free report from all three agencies annually, which can be obtained through www.annualcreditreport.com.

Ensure that creditors, who were listed in your bankruptcy, have cleared their information from your credit reports. Otherwise, it will appear as if you still owe them money and are not paying.

Ensure any creditors not listed in your bankruptcy and you are paying regularly have been reporting your good credit record to all three agencies. Contact any not reporting this and ask them to do so. This will increase your chances of getting a loan for your real estate.

If there was a specific event or cause for your bankruptcy, you can add up to a 100-word explanation to your credit report at each agency. The real estate lender will get this explanation as part of your credit report.

It will look especially good to real estate lenders if you have received credit counseling, and the counseling will help you in several ways. A good credit counseling agency will help you create a budget and counsel you in how to use and stick to it. They offer counseling on using credit in your future, as well as how to re-establish your credit. They can help you move toward your goal of buying real estate. Once you have successfully completed credit counseling, ask them for something in writing to that effect. It can help when applying for your real estate loan

The problem is finding a reputable agency. Some are downright questionable. Here are a few ideas to assist you in locating a reputable agency:

? They should be a member of either the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies. Both are national trade associations.

? Agencies approved by the U.S. Trustee?s office (part of the Department of Justice) are good agencies. You can see those for your area at: http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm.

? Interview the agencies, asking what they offer and the cost for each service. Good agencies should meet with you for 60-to-90 minutes, reviewing your financial situation and offering budgeting advice ? before doing any credit repair.

? Ask for costs in writing from the agency you choose. They should charge around $50 or less, with budget counseling sessions for less than $20 each.

? Steer clear of those who push their debt management program, where they want you to pay all your remaining creditors through them.

? Check http://www.ftc.gov/bcp/conline/pubs/credit/fiscal.htm for more ideas from the Federal Trade Commission.

Use the credit counseling agencies to help you rebuild your credit the right way. It can take less than a year to achieve; yet, it will make a big difference when you obtain that real estate mortgage.

About The Author
John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more on San Diego Homes for Sale visit http://www.twtrealestate.com



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Mortgage After Bankruptcy: These Steps Could Help
- Posted December 05, 2006 by Monty Loree
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If you want to increase your chances of qualifying for a mortgage after bankruptcy, here are some steps you can take:

First, if you plan to apply for a mortgage after bankruptcy, you will want to have any inaccurate or obsolete negative information on your credit reports corrected or removed. This can help increase your credit score.

Also, you will want to establish some new accounts, and pay them in a timely manner over time. If you've paid the accounts on time for about 18-24 months since your bankruptcy, this should help rebuild your credit - which can be a plus when applying for a mortgage after bankruptcy.

Next, you will want to work with an experienced mortgage broker. Why? Because buying a home is probably going to be one of the biggest investments you'll make. You will want to have an experienced professional guiding you through the lending process - especially when it comes to applying for a mortgage after bankruptcy.

A mortgage broker typically has access to dozens of lenders and will probably have a good idea of which ones will (and will not) approve you for a mortgage after bankruptcy. In addition, they will be able to tell you what to expect in terms of the financing process.

So how do you find a mortgage broker? One way is to to ask friends or real estate agents for a referral. Once you have a few names, set up an appointment to interview each mortgage broker.

Among other questions, you will want to know if they have successfully been able to get other individuals a mortgage after bankruptcy. You also want to make sure they are licensed.

Another question you will want to ask is what type mortgage loan (A, B, C, or D) the mortgage broker thinks you can qualify for. Why? The lower the grade of the loan, the higher the interest rate. This is an important consideration when applying for a mortgage after bankruptcy.

In addition, there are other important questions you will want to ask a potential mortgage brokers - ones that could help you save money and/or increase your chances of qualifying for a mortgage after bankruptcy. While there isn't enough room to cover them here, I go into detail on them in After Bankruptcy Credit Solutions.

Also make a point to bring your financial information with you when you meet with a mortgage broker. For example, you should have your income and expenses available as this will help the broker determine the loan amount you may be able to qualify for when it comes to a mortgage after bankruptcy.

Generally speaking, most lenders will allow you to get a home loan with a payment of up to 28% of your gross income. So if you make $4,000 per month, that would be $1,120. But keep in mind that this just an example. Again, a good mortgage broker can explain the criteria that each lender has.

If you have copies of your credit reports from each of the major credit reporting agencies (Experian, Equifax, and Trans Union) this will help also. Your credit report will play a major role when it comes to qualifying for mortgage after bankruptcy.

On that note, if you want to increase your chances of qualifying for a mortgage after bankruptcy, make sure that any inaccurate or obsolete negative information is removed from your credit report. This is important for two reasons: (1) It can mean the difference between qualifying or not qualifying for a mortgage after bankruptcy, and (2) if you end up qualifying for mortgage after bankruptcy, any inaccurate or obsolete negative information on your credit report could cost you up to $1,000s or even $10,000s in additional interest.

How do remove any inaccurate or negative information from your credit report, so you can improve your chances of qualifying for a mortgage after bankruptcy? There are specific steps you need to take. While I cover them in After Bankruptcy Credit Solutions, there is not enough room to go into detail here. Just remember that ideally you want rebuild your credit history before applying for a mortgage after bankruptcy.

By the way if you think that removing inaccurate or negative information from your credit reports takes a long time, I have good news. There is a way to have it removed in as little as 72 hours - the service is typically not available directly to consumers. In After Bankruptcy Credit Solutions I show you how to find this type service if you are trying to qualify for a mortgage after bankruptcy.

In this article we touched on two important steps you can take if you plan on applying for a mortgage after bankruptcy: Correcting or removing any inaccurate or obsolete negative information from your credit reports, and finding a mortgage broker to guide you through the lending process.

Copyright ? 2006 Innovative Solutions Publishing, Inc. All rights reserved.

The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

About The Author
R. Lawrence Anderson is the author of After Bankruptcy Credit Solutions which shows individuals how to qualify for credit & loans after bankruptcy. For more information visit: http://www.bankruptcy-credit-solutions.com.



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Is It Possible to Recover Quickly After Declaring Bankruptcy
- Posted December 05, 2006 by Monty Loree
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If you have ever had to declare bankruptcy, then you are also wondering if there ever will be a way to recover from having to undergo such a process. Quite possibly, it has already been a couple of years since the declaration, and you currently see no end in sight. Here are some things that you can do to help achieve, with some time, the financial freedom that you want - again.

One great thing that you have on your side to help you recover is the fact that there is a lot of competition out there to give loans. This means that a banker knows that if he does not give you a loan, then someone else will - and they get the profit, hopefully. So, the bottom line here is that just because you declared bankruptcy yesterday, it does not mean that you are not eligible for a loan today.

Another feature that you do not want to forget, if you are trying to buy a house, is that the house will increase in value due to the equity that is built up. A lender always knows that if you can't pay, at least can still get their money out of it - in most cases.

The Cause Of Your Bankruptcy

Depending on what caused your bankruptcy, and some other details, it may also serve as a justification for your being able to get the loan you want. This would be especially true if some major illness brought on the great debt, or an accident, or another unforeseeable event. If this is the case, and if you can relate these details to a listening lender, then you may be headed for a loan.

Your Present Situation

This is probably the greatest asset you have that will enable you to get the financing you want. A possible lender wants simply to be able to see that you have a current ability to pay off your present bills. They may take a little harder look at your finances - but the good news is that they are willing to look. Quite possibly, the one thing that will matter the most that will demonstrate your ability to pay, could be the fact that you have been employed at the same place for more than a couple of years.

Start Small

If you are looking to rebuild your credit rating as fast as possible, and want to wait a little on the big loans, then here is a way to do it. While it is possible to get a loan for something like a house, you will still have to pay a rather high interest on the loan. The fact that you declared bankruptcy earlier will remain on your credit rating for 10 full years, and every potential lender will know about it. By waiting a little, and building your credit rating, you could become eligible once again for a more attractive loan with a lower interest rate.

An easy way to build your credit up again is by getting a secure credit card. By making all your payments on time, and in full each month, your credit rating will get better before long. Having a second credit card that is wisely used can even speed up the process a little more. Then add a small loan that you are sure to be able to pay off in a short period of time.

About The Author
Joe Kenny writes for the UK Loans Store offering loans for UK residents and offer more information on secured loans UK and other loan topics available on site.

Visit Today: http://www.ukpersonalloanstore.co.uk



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How Long Does it Take to Recover from Personal Bankruptcy
- Posted December 05, 2006 by Monty Loree
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You're bankrupt. You're doing all the right things to improve your credit and recover from your bankruptcy (i.e., managing your money and credit well, increasing your credit scores, paying your bills early or on time, and re-establishing credit).

So when does the dark cloud that's been over you since you filed bankruptcy leave?

The answer is, "it depends."

With some lenders, as long as your bankruptcy remains on your credit reports you will be denied credit.

The good news is, there are many "normal" lenders who are willing to work with you after bankruptcy. You just need to know where to find them.

It's NOT about working with lenders that are convenient for you. It's about finding lenders that will work with you without taking advantage of your situation.

Each lender sets their own "credit guidelines." What are credit guidelines? They are simply the minimum requirements you must have in order to qualify for credit with that lender.

The three common credit guidelines for most lenders who work with people after bankruptcy are: (1) the amount of time you have since your discharge; (2) how you pay your bills after discharge; and (3) your FICO? credit scores.

Time will heal.

The maximum amount of time the dark cloud of bankruptcy follows you is up to 10 years. Remember, this dark cloud is only for a season in your life, not forever. Bottom line: the more time you have after your bankruptcy is discharged the more opportunities you'll have to get credit.

But lenders also need to know you've recovered. Late payments after a discharged bankruptcy are bad news. Lenders need to see an early or on-time payment history to feel comfortable with you after bankruptcy.

There is no escaping a lender who will judge us on our credit scores. This is why it is so important to increase your scores by deleting inaccurate, outdated, and unverifiable information from your credit reports. Your FICO scores are just too important to ignore. You need to make it a priority to keep your FICO credit scores as high as they can be. High credit scores are the key to unlocking opportunities that have been hidden from you.

Let's look at how lenders use credit scores so you can understand what I mean.

GETTING A MORTGAGE

Mortgage companies are pretty forgiving when it comes to lending money to someone who's filed bankruptcy. In fact, after bankruptcy, it's actually easier to get a mortgage on a new home than get approved for an unsecured credit card.

As long as your middle FICO credit score is 580 or above you will qualify for mortgage financing with no money down...just maybe not at the interest rate and terms you want. (This assumes you haven't had a foreclosure in the last 24 months and you have a good payment history since your discharge.)

To get better terms and a lower interest rate, you need a higher middle credit score. A middle score of 600 will give you a lower interest rate and better terms. (This assumes you haven't had a foreclosure in the last 12 months.) A middle score of 620 or above opens up even better options once you have two years after discharge.

PURCHASING A NEW CAR

A FICO credit score over 700 on the credit reporting agency the manufacturer uses will open up the floodgates for you. A score between 600 and 620 seems to be the bare minimum you need to qualify with most lenders for a good interest rate. Slimy lenders (the kind that wear lots of gold chains, polyester suits, and broadcast a hairy chest to the world) will help you if you have a lower score.

Remember, many car dealers use only one FICO score to make their lending decisions. So, you're always better off going to a dealer who uses the credit reporting agency where you have your highest FICO score.

UNSECURED CREDIT CARDS

Some lenders just don't want to do business with a bankrupt person.

Interviewing lenders BEFORE you apply for credit is so important. You need to determine their credit guidelines before you apply. (Read that sentence again!) Many unsecured credit card providers are 100% FICO credit score-based. That's how they can offer you an answer so quickly if you apply by telephone or over the internet.

The only thing they look at to make their credit decision is one of your FICO scores. A FICO score over 700 seems to be what they're looking for.

BANK LOANS

Don't expect too much from your banker until four years have passed and your FICO scores are above 680. However, all bankers are different. Find out what the possibilities are with your banker. Do they have any authority to make credit decisions?

After my bankruptcy I felt lucky to have a bank checking account, savings account, debit card (now they're called Visa/MasterCard check cards), a secured Visa credit card, and a few secured bank loan.

A CREDIT LIMIT INCREASE

You need to be on a constant hunt for higher credit limits. Even if you don't think you need them. It's good for your scores, especially when your spending patterns remain the same.

You "earn" a higher credit limit by paying your bills early or on time. Your next step is requesting a credit limit increase every six months. Credit limit increases are usually based on how long you've been a customer; your payment habits; how long from the last time your credit limit was increased; and your FICO scores.

Again, anything over 700 opens the floodgates of options from most lenders. One key point to remember, when YOU request a credit limit increase the credit inquiry lowers your credit scores. When your lender does it in their normal course of doing business it does NOT lower your credit scores.

If you ask for credit limit increases from banks or credit unions, (I repeat, only banks or credit unions) apply for them all within a 14-day window. All credit inquiries from these sources during the 14-day period will only count as one credit inquiry.

If there was a magic FICO score to aim for (and there really isn't) it would be 720. This score won't open all the credit doors for you...but it will certainly open enough doors at normal interest rates to accomplish your goals.

About The Author
Stephen Snyder is the founder and president of the After Bankruptcy Foundation (http://www.AfterBankruptcy.org), a non-profit organization that provides free resources for helping people recover from bankruptcy. Stephen also writes a free weekly newsletter on bankruptcy recovery (http://www.LifeAfterBankruptcy.com).


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UK Bankruptcy Myths Exploded
- Posted December 05, 2006 by Monty Loree
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When you go bankrupt you end up in jail, lose your house and your car and you are thrown onto the streets to fend for yourself for at least 5 years and also if you own a company then forget it mate will lose the lot!

What did you feel when you read that statement?

'Yeah I thought it was something like that' is the most common thought or reply I come across. I state categorically that all the above may be, and usually is, wrong depending on your circumstances.

Surprised?

Let me tell you some more about UK bankruptcy. The British government went to find out why small enterprise was booming over the pond but not so much in the UK. When the report came back looking in depth on many areas the British government concluded, amongst other factors, that the USA is so enterprising because they had made it easier for individuals to go bankrupt and start again having learnt from their mistakes.

This was the precursor to the changes in the Enterprise Act which impacted the way personal bankruptcy is handled amongst many other areas of finance in the UK today.

At the time of writing, bankruptcy in the UK usually lasts for no more than 12 months. In fact many people are discharged in less than 12 months depending on the circumstances around their bankruptcy. That's one year or less in most cases! Previously the usually time for an individual to be in bankruptcy was 3 years.

All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself bankrupt. Your membership in some societies and associations may also be lost.

What can't you do during bankruptcy

Well you didn't think it was all a breeze did you? There are a number of things you need to be aware of:

1) You can't ask for more than ?500 of credit without first informing the lender that you are bankrupt. That's usually the point at which they start sprinting away from you in their rush to not get their fingers burnt. Remember a lender doesn't just mean a bank, it can mean friends and family. Even if you agree to buy a car off a friend and they say here take it now and pay me the money next week then you are in a credit agreement probably worth more then ?500 and so you have to legally tell them about your bankruptcy.

2) You cannot be a director of a limited company whilst your are bankrupt. If you area one-man band or a sole trader, this doesn't mean you cannot trade as a sole trader. Yes, you get to keep your business assuming you haven't traded fraudulently but you do lose your limited company status in this instance.

3) You will lose certain positions of authority. Think councillor or accountant or high-ranking police officer. There are many more roles that are affected. Do check with a professional that your job is not affected if you do decide to go bankrupt. Some companies actually have a 'no bankrupts' policy in their employment contracts. It's time to read your contract again.

Other stuff to consider

There is an impact on your credit file for 6 years. This means there is a record of your bankruptcy on your credit file that can be seen by lenders and anyone with access to your history.

Your name will appear in the local newspapers under the bankruptcy notices section and the London Gazette.

On the day of your bankruptcy all your bank accounts are frozen by the Official Receiver (the person appointed by the courts to administer your bankruptcy). If you owe that bank money on the day of your bankruptcy then it is unlikely they will reopen your account. Any accounts in credit will see that money going to the Official Receiver to go towards repaying costs and debts associated with the bankrutpcy.

The really nasty bit that your friend down the pub forgets to tell you

One of the Official Receiver's roles in administering your bankruptcy is to look at your assets and disposable income and determine your ability to repay your debts. If you have disposable income available then you may end up paying a proportion of that to the Official Receiver over the course of 3 years under an income payment order or income payment agreement. This is a commonly overlooked fact by many a 'lay person' giving debt advice down the pub to a friend. It's can also be a costly bit of overlooked advice.

What about your house and car?

Well this needs to be understood and talked through with a professional but the general rule of thumb is this:

If you own a house then the Official Receiver will take an interest in that property even if it is in negative equity. You may even lose your house in some circumstances even if you have a wife and child at home. The Official Receiver will also be looking to realise funds from the car, caravan or any other valuable asset (anything of value really, start thinking about pensions funds with a cash in value, windfalls, endowment policies, valuable artwork, intellectual property rights, websites....etc.). And this is not just in the run up to bankruptcy. If you have a windfall during your bankruptcy period then that is liable to be made available to the Official Receiver administering your case and paid towards their fees and the losses of your creditors.

What about HP agreements?

HP agreements usually have a clause that if you become bankrupt then the asset (usually a car) must be returned to your HP company. As the car legally belongs to the HP company it cannot be sold off by the Official Receiver. If you are meeting your regular payments to the HP company and the Official Receiver deems that the payments are reasonable for your needs then a conversation with the HP company would be prudent at the earliest opportunity.

If you are going bankrupt for a second time.

The other changes to the Enterprise Act means that people going bankrupt for a second time will likely be made bankrupt for at least 5 years and possibly up to 15 years before being discharged.

Be aware and get proper advice.

Do get good advice from somebody that will guide you through the whole process and not just send you off in the direction of the local courts. Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to go bankrupt. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.

Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses. Ed can be contacted on 0845 123 4000 or in confidence on 07970 659266.

http://www.debtDr.co.uk 'prescribing life without debt'

This article does not constitute regulated advice. Please remember that any action regarding financial advice should always be taken only after considering the specifics of your own situation.

About The Author
Ed Pearson is a Debt Dr. Debt Dr offer real debt help and advice throughout the UK, not debt management or debt consolidation. Just 6 solutions that really work.

Whilst you may love the stuff he writes, you should only ever take action once you have considered your own set of financial circumstances with a professional. This article does not constitute financial advice.

To find out more about Ed try here: http://www.ecademy.com/account.php?id=41788



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Can a Personal Bankruptcy Prevent You From Getting a Job?
- Posted December 05, 2006 by Monty Loree
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Personal bankruptcy? Kiss your dream job good bye...

For quite some time, it's been standard for financial, gaming and government employees to have their credit reports checked by their employers. After all, we don't want criminals working in the government (insert your favorite joke here).

But now, the "Credit Police" are infiltrating other industries as well.

And what really irks me is, they don't have the guts to just come out and say "We don't want people with bad credit working for us."

No, instead they're using September 11th (911) and an increase in workplace violence as an excuse to check our credit reports. That's pretty low.

Recently, pre-employment screening agencies have noticed a surge in requests for full background checks, which can investigate credit reports as well as criminal records, driving records, and employment and education history.

Alert Staffing reports that about 50 to 70 percent of all companies currently review credit reports, which not only reveal bankruptcies but also liens, judgments, and loan and credit card payment history.

Many companies simply believe that trustworthiness and creditworthiness go hand in hand. Personally, I think that's a crock! I know lots of rich people with high credit scores, who I wouldn't trust to watch Sparky, my pet goldfish, not to mention my money. On the other hand, I can list hundreds of people who've filed bankruptcy and have poor credit scores, who I'd trust my life with. However, most business owners believe how we handle things in our personal lives is a sign of how we would manage a company's assets.

Employers want to know whether a potential employee will be a security risk, subject to bribery, and willing to give unauthorized individuals access to company information. In fact, a friend of mine who used to work at one of the national credit reporting agencies tells me they were always investigating their employees, because of the fear employees might take money to change credit reports. He tells me it was common to see people escorted out of the building by security after they were busted.

The bottom line is that some employers believe that bad credit shows little responsibility and little regard for secrets. But, believe it or not, there's some good news in all this. First of all, the bankruptcy code (even after the recent changes to the law) prohibits employers from discriminating against applicants solely because of the bankruptcy. Also, job applicants and employees up for promotion are not obligated to tell a potential or current employer about their bankruptcy.

So, what should you do when you apply for a new job after you've filed bankruptcy? I usually recommend two strategies: For jobs where you know your credit will be reviewed, be upfront and honest about your bankruptcy, and the circumstances that caused it. Honesty is a powerful tool for getting what you want after bankruptcy.If you're applying for a job that you aren't sure whether or not they will review your credit, make them love you first...then during the second or third interview explain what happened. Let's call this strategy "delayed candor." :-) We all know that bankruptcies aren't always caused by financial irresponsibility. Don't underestimate your potential employer's ability to understand your situation.

In such a credit-conscious climate, one of your best weapons is to know your rights. While employers can legally terminate or deny a job or promotion to those with bad credit, Section 525 of the U.S. Bankruptcy Code prohibits discrimination based solely on bankruptcy.

Furthermore, Sections 604, 606, and 615 of the Fair Credit Reporting Act require employers to follow a very specific set of rules in order to review your credit reports.

First, they must notify you in writing that your credit may be used in the job evaluation and obtain your written authorization before pulling your credit reports. But remember, sometimes they'll "notify" you in the fine print! In other words, they'll "tell" you without really "telling" you?if you know what I mean. So make sure you always read the fine print on all those forms the human resources person hands you during the interview.

Second, if your employer or potential employer sees something on your credit reports that may cause them to not hire you or fire you, they must send you a "pre-adverse action disclosure." (That sounds worse than a subpoena?doesn't it?) But the pre-adverse action disclosure is actually your friend. It gives you time and an opportunity to fix incorrect information on your credit reports. However, the burden is on you to act fast.

If an employer fires you because of information on your credit reports, they must provide you with an "adverse action notice." The notice should contain contact information for the credit reporting agency supplying the report. It should also specify that you have the right to dispute the accuracy or completeness of any information the reporting agency furnished and request an additional free report within 60 days.

OK, how do you prove if you were discriminated against because of a bankruptcy on your credit reports?

Well, it ain't easy!

The chances for successful legal recourse are better if the only negative item on your credit report is bankruptcy. Otherwise, it will be difficult for you to prove you have been discriminated against because of your bankruptcy and not your bad credit.

The truth is, if an employer doesn't want to hire you because of the bankruptcy on your credit reports, then it's pretty easy for them to claim they didn't hire you for another reason. But if an employer offers you the job and then rescinds it, and the background check shows all high marks except the bankruptcy, your chances of mounting a successful case increase. Bottom line: If the ONLY negative item on your credit reports is a bankruptcy, you have a better chance of getting the job than you do if you have lots of other negative items on your credit reports.

This is why it's so important to make sure you get copies of all three of your credit reports. Review them carefully and if there are any inaccurate, incomplete, misleading, unverifiable, or outdated items on your reports, get them taken off. I suggest you use an attorney who specializes in credit law. It costs a few dollars?but I think the end results are worth it. The law firm I used was a life saver.

About The Author
Stephen Snyder is the founder and president of the After Bankruptcy Foundation (http://www.AfterBankruptcy.org), a non-profit organization that provides free resources for helping people recover from bankruptcy. Stephen also writes a free weekly newsletter on bankruptcy recovery (http://www.LifeAfterBankruptcy.com).




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Considerations Before Filing Bankruptcy
- Posted December 05, 2006 by Monty Loree
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Financial difficulties can occur in anyone?s life. When you think financial difficulties are more than you can handle, don?t let bankruptcy become your first thought. Bankruptcy should be considered as a last resort, not just the first thing that pops into your head when the going gets tough. Instead, consider these options.

One of the first steps in avoiding bankruptcy is to make budget. If you have laid out a plan for your incoming money, you will be less likely to spend it on unnecessary items. You will therefore make the money last longer and work harder for you. Setting up a budget is crucial to help regain control over your finances. If you already have a budget setup, review it ruthlessly and start cutting wherever and whatever you can so you can return to profitability.

Another option to bankruptcy is to consider exactly what your debt is. Perhaps you have purchased a home that is more than you can afford or maybe you have too much vehicle debt. If either of these is true, you may need to consider downsizing. If you are paying out more than 40% of your income on a house loan, it is definitely time to consider selling your house and buying a less expensive one. The same applies to vehicles -- maybe this is not the time to be making payments on a Lexus when payments or paying off a late-model Toyota or Chevy makes more financial sense to keep more money in your pocket and your creditor's pockets each month.

Not only do you need to consider what type of debt you have, you also need to consider what items you can sell to increase your savings. Often, selling items you no longer use can help with the month to month struggles you might be experiencing. Maybe you have a lot of old books or CD?s laying around that you no longer use. Selling off a few unwanted items can help free you from some financial burdens.

We have all heard this time and time again. But, if you are having financial hardship, cut up your credit cards. Under no circumstances should you use a credit card, not even the one you have set aside for ?emergencies?. It is possible that you truly only use your credit card for emergencies. But in a time of financial difficulties, your view of what constitutes an emergency could change. Without access to a credit card, the need to fix the air conditioner on your car doesn?t seem so dire.

Even though you need to cut up your credit cards and not use them anymore, you still need to find a way to pay for them. Begin by moving all of your credit card debt to the card with the lowest interest rate. If all of your credit cards carry a high interest rate, try negotiating with the companies to see if they can lower your rate. Very frequently, credit card companies are willing to work with you by lowering your interest rate and even allowing you to skip a payment, because they know that if you do end up declaring bankruptcy, it is very likely that they will only see pennies on the dollar.

Another option to avoid bankruptcy is to increase your income. Although this may seem very obvious to some, it is often overlooked. Cutting back on your expenses may not be enough. Therefore, working overtime or getting a second job may be the only viable option. Try delivering pizzas, mowing lawns or painting houses. If you are good with computers, there is frequentlyh a need in most areas for someone who will fix computers or even do in-home teaching of computer basics to novices. Any extra money you can bring in each month can go straight towards your current debt.

When drowning in debt, bankruptcy doesn?t have to be your only alternative. There are many viable options that should be looked into. So, before filing bankruptcy, be sure to exhaust all other options. Remember, a bankruptcy filing stays on your credit report for 7 years and is as visible as a sore thumb when you apply for new credit, even when things return to a positive cash flow situation, so you definitely want to only consider bankruptcy as a LAST resort when all other options have not worked out.

About The Author
Jon is a computer engineer who maintains many websites to pass along his knowledge and findings. You can read more about Bankruptcy, Bankruptcy Law, Bankruptcy Attorneys, and Bankruptcy Alternatives at his web site at http://www.bankruptcy-data.com/.

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What Is The Cost Of Declaring Bankruptcy And Are There Any Other Options?
- Posted December 05, 2006 by Monty Loree
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A lot of people are running into financial difficulty these days - especially with a lot of major corporations going through layoffs and buyouts. What this means is that a lot of people find themselves suddenly unemployed and it may take some time to get another good paying job. When financial difficulties come, and they stay around for awhile, the thought of declaring bankruptcy will come into some people's minds - especially when the debt starts getting out of hand, with no light at the end of the tunnel. Here are some thoughts about bankruptcy that will help you to make that important decision of "Should I, or shouldn't I?"

What Declaring Bankruptcy Means

Declaring bankruptcy is basically an indication that you are not able to pay the debts that you have legally incurred. For this reason, and the legal examination of your bills and the way you handle your finances, as well as the humiliation involved, makes it a rather stressful process. It means that you will have to seek credit counseling, too.

Because so many people are attempting to get out of their debts, for one reason or another, Congress has passed an Act, which was signed by President Bush in 2005, to place certain limitations on declaring bankruptcy and who can do it. This Act, called the "Bankruptcy Abuse and Consumer Protection Act," seeks to make it more difficult to declare bankruptcy and to help the creditor to receive a higher degree of compensation. This Act called for higher bankruptcy filing fees, credit counseling, and making it more difficult to file under Chapter 7, making it necessary for more people to file under Chapter 13 bankruptcy. Many other details are also covered in the Act that place further limitations on bankruptcy.

Two Types of Bankruptcy

Filing under a Chapter 13 bankruptcy means that there is a "reorganization" of your finances, and it does mean that you do repay much of your existing debt. You are required to make a plan that enables you to pay back a lot of your existing debt in the next three to five years. This means the sale of some of your properties (or all of them) in order to satisfy the debt. It is the bankruptcy Trustee who will make the decision as to what needs to be sold - not you.

Filing under a Chapter 7 bankruptcy means, once again, that the various assets that you do currently possess will need to be listed, by requiring you to take a "means test," and then a decision will be made as to what you can keep and what you cannot. Everything will fall under an "exempt" or a "non-exempt clause." You keep the "exempt" items, and lose the rest. The "non-exempt" items will either be sold, or you will be required to pay them back. Some things that are not exempt are child support and education costs.

The cost for declaring bankruptcy can run up to about $1,500 for personal bankruptcy. This includes the filing charges, and the lawyer?s fees. The fees, however, are dependent upon how much of an income you have, and it will vary from one state to another. The process of obtaining a legal declaration of bankruptcy, assuming everything is in order, can take up to six months.

After The Declaration Of Bankruptcy

Once you have obtained a legal declaration of bankruptcy, all of your creditors know where they stand. For some, the debts are discharged, and others have received what will be paid to them, or they know what will soon be coming to them. However, it also means that your credit rates have been destroyed, and it will take years to fully repair it. The bankruptcy is placed on your credit rating and will remain there for the next ten years.

What Other Options Are There?

If you are now in a position where you need to consider bankruptcy, then there are some other options that may yet be available to you.

1. Get Credit Counseling

By this, it means work through a debt negotiation company who will take your case to the various creditors in an attempt to work out some kind of a deal. This could be a good step in the right direction because creditors know that if you declare bankruptcy, then they may not get anything. Oftentimes, they will work with you.

2. Renegotiate Your Loans

Once again, by talking with your creditors, you may be able to renegotiate for better loan terms. This could give you a greater leeway financially that could provide just enough of an edge to enable you to get through it with having to declare bankruptcy.

About The Author
Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk and also
http://www.cardguide.co.uk.

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Getting a Mortgage After Bankruptcy
- Posted December 05, 2006 by Monty Loree
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It is unfortunate that many bankruptcy attorneys do not give their clients more direction with regard to restoring themselves after their bankruptcy.

There are some simple steps that anyone who files a bankruptcy needs to take in order to restore themselves financially.

Using these steps below, you can restore your credit and prepare yourself to become a homeowner.

1. Get a copy of your credit report.

Many times (most times) the credit accounts that are absolved with your bankruptcy are not removed from your credit report immediately. You can contact each credit reporting agency (Equifax, Experian, and TransUnion) directly to get a copy.

2. Have derogatory credit items that were charged off in your bankruptcy removed from your credit report.

You will need to send a copy (not the original) of your bankruptcy discharge papers to all 3 of the credit bureaus asking them to remove these inaccuracies. This process can be done by mail for free, or online for a small charge by the agencies.

3. Pay all of your bills on time.

Bankruptcy is a means to financial recovery. It is intended to allow you to "start over" financially. After your bankruptcy, you need to make sure that all of your bills are paid on time. If you are having trouble with an upcoming bill, DO NOT IGNORE IT. This is where most people go wrong. Call your creditors before they call you and let them know what your challenges are. If you can't get a reasonable rep on the line, ask for a supervisor, but again, do this as early as possible, not the day the bill is due or after it is late. If you are having trouble with your bills, you may need to solicit some help.

4. Have a strong documented rental history.

This is critical as it is most likely the largest monthly expense that you have. Underwriters (the people that actually sign off on your loan's approval) will look very hard at how you have paid your rent as they are going to replace it with a mortgage payment of equal or greater size. It is very important to be able to document your rent payment history very specifically. If you rent from an apartment community, then all the bank will have to do is request a Verification of Rent (a.k.a. VOR). If you have a private landlord, then the BEST way to document this is with cancelled checks for the last 12 months rent. Banks can do VOR's for private landlords, but rarely do because they feel that a landlord may have a relationship with the borrower and say what the bank wants to hear to help them get a loan. If you pay with cash or money orders, please stop doing this immediately and start paying with checks. Simply put, this is hurting you because by filing a bankruptcy you have already shown some financial instability. Paying your rent with cash or money order shows further financial instability and will not give you the positive rent history that the underwriter is looking for to give them the confidence in approving your loan.

5. Apply for a secured credit card.

A secured credit card allows you to make a deposit into an account to secure a credit card and then borrow against it to establish a new positive payment history. As time progresses, the bank may increase your credit line to an amount greater than your deposit, and then eventually return your deposit to you. (They will also often pay you interest on your deposit.) Be very cautious of companies that charge excessive fees or interest rates for their secured cards.

6. Prepare "non traditional" trade references These are accounts that you pay on such as cell phones, car insurance, and store accounts which can be used to document a positive payment history, but would not be traditionally reported to a credit bureau. Ideally, if you can provide 3 of these accounts with a 12-month payment history, this will help your loan officer in convincing the banks underwriter that you are a good credit risk. The best way to document this is with a letter from the company stating that you have had a positive payment history with them for the past 12 months. Alternatively, you can provide 12 months of cancelled checks showing 12 months of timely payments.

7. Resist the urge (or encouragement) to buy a car.

Some may tell you that this is the best way to rebuild your credit. The problem is that your interest rate will be so high, that your payments will make your debt ratios higher than normal, making it harder to qualify for a mortgage. Do you remember the figure of 45-50% of your monthly income that the bank will allow you to use towards your debts? This will quickly be absorbed by a car payment.

Only buy a car if a) you NEED (not want) a car, and b) you have the income to cover the car payment, any of your current debts, and your proposed new car payment.

We have seen SEVERAL people that have cars rather than homes because they went out and bought a car that they could not sell and their debt ratios were too high to qualify for a mortgage. It would be a shame to have a nice car (that depreciates daily), as opposed to a more humble car along with a mortgage on a home that gives you a tax break, and increases in value over time.

I hope this is helpful and helps get you on your way to financial recovery and on to finding the home of your dreams.

About The Author
Anthony Kirlew is founder of BankruptcyLoans.info (http://www.bankruptcyloans.info), a company specialising in after bankruptcy mortgage services and the author of The Bankruptcy Mortgage Book (http://www.thebankruptcymortgagebook.com). He has been a featured mortgage columnist on several consumer and finance Web sites including All Experts and SideRoad. Anthony can be reached at http://www.AnthonyKirlew.com.

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Credit Card Traps, And How To Avoid Them
- Posted December 05, 2006 by Monty Loree
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"0% interest* for the first six months, no annual fees** and a low fixed*** rate of only 8.9%****!"

* Unless you count the deferred interest we will charge you if you don't pay off the full balance transfer amount when the promotional period ends.

** Except the ones we charge for "late payments****", going over your balance, cash advances, balance transfers, membership in "rewards" programs, etc., etc., etc.

*** Fixed for the first month, but after we may change it without notice for: late payments, going over your balance, changes in the prime rate, or just cause we want more of your money.

**** Rate depends on your credit score. (Which we already checked and intend to charge you 19.8% or we wouldn't bother sending you this great***** offer.)

***** A payment may be late if we just don't get around to processing it in time no matter when you actually mailed it to us.

****** May not be great in all states.

Yes, folks, "the devil is in the details" and the truth is in the fine print.

While this is obviously an exaggerated and fictitious example I have seen most of these "weasel" clauses in the 100s of credit card offers I receive each year.

Some of these tricks and traps are practiced by local and national merchants with their "store credit cards" and "discount cards".

I have seen stores and even car dealerships make "no interest for a year" type announcements and advertisements. But when you actually read the contract (and who does that - they count on you to not read the whole thing and you probably won't understand it without your attorney) you may find that instead of the regular payments you would expect to start at the end of the no interest period, you are required to pay the full purchase price.

If you want to make installment payments, you will be required to pay the payment plus the interest (look for the rate in the fine print) and you may also be required to pay the interest that accrued during your "interest free" period. Gotcha!

Or how about the "no annual fees" bit. Look out for the contract to say "no annual fees FOR THE FIRST YEAR". Or first two years or that a "membership" fee is required. How that differs from an "annual fee" is beyond me.

Also watch out for the "no annual fees" for the use of the card but "membership fee required" to participate the in frequent flyer miles or cash back points program (which was probably why you chose that card to begin with). Gotcha!

And how about the "fixed" rate? Read the fine print, it will actually say "subject to change without notice". Is it just me or do I misunderstand the meaning of the word "fixed"?

Also your "fixed" rate may be raised to the "maximum allowable by state law" if you go over your credit limit (including fees that may put you over your limit before you even know it), make a late payment, miss a payment or do not pay the full amount. Gotcha!

And then there is that low "teaser rate". Yes that's what it is called in the industry and it is appropriately descriptive. That rate is given out, they aren't lying about that. But it is only given to the people who have 700 or above credit scores, minimal debt, and a high paying job.

The majority of the people who are sent the ad will not get the lowest rate. But you won't know your rate until you apply for the card. But by the time they tell you what rate you will be at they have already signed you up and issued your card.

They count on the fact that most people will just accept the rate and go from there. Gotcha!

So how can you avoid these traps?

Rule #1, read ALL of the fine print. If you are not clear on something ask someone else what they think it means. Ask an attorney friend, CPA (certified public accountant), financial planner, banker or other person in the financial industry. Chances are they will have several questions about the fine print, too.

Rule #2, don't apply for a card unless or until they tell you what your actual rate will be. This is hard because most of them are not set up to tell you. Generally you will need to know your credit scores and have a copy of your credit report handy.

Even then you are unlikely to find someone through their telephone maze that will or can actually answer your question. Try to find a card that gives you a confirmed rate before you apply. A conscientious company will first request a copy of your credit report from one of the credit bureaus before quoting you a rate.

Look on http://www.bankrate.com for current rates offered by various credit card companies and banks. Often smaller banks and companies offer better deals and are not as strict or hard to deal with. Check with your local banks also. At least with a locally issued credit card "you know where they live".

Rule #3, always mail your payment at least 7 days before it is due. Or try paying through the Internet. Many companies now offer that payment method. It can also save you time and stamps.

Rule #4, check your statement each month to be sure you are still at the interest rate you signed up for. If your rate has been increased, look for a late payment fee, or some other reason for the increase. Call the company and ask them why they increased your rate.

If your rate was unjustly increased (they processed the payment late or credited it to your account late, but it was not received late) then ask them to change your rate back to what it should be.

Even if you did make a late payment, most companies will reduce your rate after six months of on-time payments. But if you don't ask, they will keep you at the higher rate as long as they can.

In the credit card business it is definitely "caveat emptor" or buyer beware!

? Simple Joe, Inc.
David Berky is president of Simple Joe, Inc. which sells the Simple Joe's Debt Eraser PC software. Debt Eraser can help anyone get out of debt quickly and inexpensively by creating a Rapid Debt Reduction Plan. This article may be freely distributed as long as the copyright, author's information and an active link (where possible) are included.

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1812 Rare Canadian Half Penny Coin Canada s Oldest Coin
- Posted December 02, 2006 by Monty Loree
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The discussion of Stephen Harpers government splitting up Canada and Quebec is still extremely hot. I thought I would take a moment to dig into my personal rare and old coin collection to find my oldest canadian coin - The 1812 Canadian Half Penny Coin .

The oldest one I found is the 1812 half penny token canadian oldest coin I'm not sure if this is Canada's Oldest Coin but it certainly has to be pretty close to it.

I found a better picture of the 1812 half penny token canadian coin on this site.


(I have a new respect for all of the www.ebay.ca marketers as they have to take a ton of photos of small objects such as Canadian coins).

This coin, as small as it is, and as worn as is, is steeped in Canadian history, and in Canadian money history. This coin date back to well before Canadian Confederation in 1867. The year Canada became a country.

This coin dates back to the Canadian Settlers, Canadian Fur Traders, coureur de bois, and the roots of Canadian culture. That's why I value them so much.

When I first purchased this coin, I was overwhelmed with the steep Canadian history that they represented.

This coin dates back 150 years before credit cards were introduced into Canadian culture. And on and on.

Here's what I know about history and culture: It takes hundreds of years to develop and grow. The relationships we have built amongst the peoples and provinces of Canada have taken more than 200 years to build.

Will breaking up Canada and Quebec take another 200 years to rebuild the culture and history? That's pretty expensive relative to the rich and wonderful Canadian history all of the provinces and Territories share and enjoy.

Dear Quebecois and Stephen Harper, let's stay together as a country.

FROM WIKIPEDIA
This coin dates back to Canadian Invasion of 1812 where according to wikipedia:

The War of 1812 was fought between the United States of America and Great Britain and its Canadian colonies from 1812 to 1815 on land and sea. The Americans declared war on Britain on June 18, 1812, for a combination of reasons--a psychological[citation needed] desire to assert full independence, the desire to expand into Canadian territory (later known as Manifest destiny), outrage at the impressment (seizure) of thousands of American sailors, frustration at British restraints on neutral trade while Britain warred with France, and anger at British support for Indian attacks on the frontier.

Tags: rare old canadian coins.

UPDATE: After writing this post, I decided to research a little about what is the oldest Canadian coin? I searched around, but I couldn't seem to find any older coins than the 1812 Half Penny.

If there are any coin collectors reading, I would appreciate feed back as to which are the rarist and oldest canadian coins in Canada.

1812 seems to take you back pretty far in Canadian history.
I found these dates that the provinces joined Confederation




Province or TerritoryJoined Confederation
Alberta1905
British Columbia1871
Manitoba1870
New Brunswick1867
Newfoundland1949
Northwest Territories1870
Nova Scotia 1867
Nunavut1999
Ontario1867
Prince Edward Island1873
Quebec1867
Saskatchewan1905
Yukon 1898


UPDATE: January 7, 2007
I was in a coin shop today and was asking about the earliest "Canadian Coins". The coin shop owner mentioned that the earliest Canadian coins that are considered "Canadian" were from 1858.

The word Canada has to appear on the coin for it to be considered Canadian.

This coin shown above was used as currency on the geography which is now called Canada, but it's not considered as a Canadian Coin.

I'm curious to know if anybody has pictures of other coins from Canada from 1858 or is the penny the only coin from that time period?

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Harper Divides Canada; Creates civil war within Canada.
- Posted December 01, 2006 by Monty Loree
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I found this article over at Harper Divides Canada - Google Groups

Where as I usually try to stick to financial / not political topics, post is heavily weighted financially.

The poster argues that Western Canada would save money by separating from Canada.

I love that kind of logic. Let's say that again just for fun... Western Canada would save money by separating from the rest of Canada"

WAIT PLEASE!.. WHAT A LUDICROUS IDEA.
I bet the same person who made this post on google groups has different sentiments for his family members. Canada is a family. Canada is a nation of families.

Would you say the same thing about your family. IE... I would have saved so much money if I didn't feed my children?!!

Would you say,

  • "My spouses hobbies cost too much and thus we can't do them."
  • The childrens schooling costs too much
  • Our family vacations cost too much.

No... you would never say those things about your spouse or your children. They are your family and the costs associated with such activities are just understood to be.

To say that Alberta would save money by separating from Canada is maybe true on a very narrow sense. Ultimately, in my opinion the family of Canadians would suffer as a whole by such divisions.

Where is the community that we once enjoyed in this nation. Where is the family spirit that our former generations enjoyed.

It must be nice to be a political armchair quarter back, while you sit back and watch TV or play on your computer.

Let's not short change Canada as a whole family. Let's fight to keep the marriage together.!

ML

Stephen Harper - Prime Minister of Canada

Actually, it is reality. Unlike Quebec, Alberta would immediately realize a
$16 billion dollar additional surplus from not having to make transfer
payments alone. Add in that GST and income tax would stay in the west and not get pork barrelled out by Ottawa to special interests. Alberta kicks far too much into Ottawa for absolutely nothing.

BC, take a look at the same thing. All that income tax/GST money going back east and we still don't have a decent highway through BC from east to west.

And the federal government brags about spending 5 million... for your
billions on a sign so you should be happy? Hardwood lumber problems no more, the US has interstate trade laws to prevent what happened and that business would take off. Employment would boom!

Both provinces would then have lower costs on automobiles, lower taxes for both individuals and companies, lower gas prices, lower cost fruits, fresher and lower cost vegetables, and can travel the US freely without worrying about border harassment for GST.

The Americans, you bet they would take Alberta and BC together. It bridges energy and natural resources from Alaska to Washington DC and the first thing they would do is put a real interstate highway north-south and east-west right throughout both provinces. Americans would be utterly disgusted at the quality of our national highways and fix it ASAP.

Politically, you can recall politicians that don't act in your interests.
You get to vote for three branches of government that all proactively
participate in the process. The US senate is active, unlike Ottawa it is
elected and isn't a pork barrel for your dollars.

It is a no brainer financially and politically. It is our brainwashed
culture and inability to change that prevents this. It is the freeloaders
getting Ottawa government cheques for doing nothing. This is the price we pay to remain in a colonial, archaic aristocratic parliamentary system.

Even if BC/Alberta didn't become states, much the same benefits could come
if these two provinces formed their own country called Western Canada.

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National Money Mart Class Action Lawsuit - UPDATE
- Posted December 01, 2006 by Monty Loree
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I just found these recent updates on this Money Mart Class Action Website which seems to be hosted by SUTTS, STROSBERG LLP law firm.


15. On October 12, 2006, the Supreme Court of Canada dismissed Dollar Financial's application for leave to appeal from the jurisdiction decision of the Court of Appeal for Ontario.

16. The Franchisees have undertaken and agreed to be bound, if the action is certified, by any declaration made by the court in relation to s. 347 of the Criminal Code.

17. The certification motion was argued on October 25, 26 and 27, 2006 before Madam Justice Alexandra Hoy. She reserved.

18. If you wish, you may hear an updated recorded message toll free at 800.229.5323 or you may contact a member of the class action team by calling 519.561.6296.

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Christmas with the Kranks - To save money?
- Posted December 01, 2006 by Monty Loree
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PEOPLE ARE STUCK SPENDING TOO MUCH MONEY ON CHRISTMAS?
I was watching Christmas with the Kranks starring Tim Allen and Jamie Lee Curtis (who quit acting October 9, 2006).

Don't spend money on ChristmasThe whole point of the show was to show how difficult it is for people to stop celebrating Christmas in today's culture. The peer pressure from family, friends, coworkers, and store merchants to buy gifts, and Christmas cards is so overwhelming that they caved in and probably spent more money than they should have. Mom and Pop Krank caved in when their daughter Blair Krank came home to visit with her new fianc?.

CHRISTMAS IS BAD FOR YOUR DEBT SITUATION!
If you looked at Christmas in purely a financial and credit /debt light it doesn't really make sense.

Let's ask the following questions to prove my point:

  • Can you buy Christmas gifts using only money in your current bank account? ie.. not take out any savings of any kind.
  • Do you spend the rest of the year (or longer) paying for Christmas gifts you've put on your credit card?
  • Did you suffer stress and anxiety worrying about those credit card debts?
  • Did you regret buying all of those gifts on credit since you knew you were going to pay for them mentally, emotionally and physically for a long time?!!


I was excited for the Kranks as they tried to buck the system and save half the money ($6,100) they spent the year before. They were going spend $3,000 on a cruise and $600 for charitable donations.

CHRISTMAS IS A RICH FAMILY TIME OF YEAR
What are the alternatives to spending money on Christmas gifts?

Faith Today website gives the following suggestions for saving money and alternatives to gift giving at Christmas presents.


From a recent news story:
Giving More by Giving Less
It takes only a bit of creative thinking to come up with alternatives to excessive consumerism. Some ideas:
  • Students at Trinity Western University [Langley, BC, Canada] set up a free store, bringing things they didn't need and trading with each other.
  • One family does a "make or bake" among siblings, exchanging names and producing one homemade gift each.
  • Some families now include sponsoring a child overseas or providing a goat or chickens for a micro-enterprise as a means of teaching their children to reach out to others. Or they help out at a soup kitchen or deliver Christmas hampers together.
  • Time is often a bigger gift than money. Creating coupons that offer free babysitting or housecleaning, a neck massage or a special treat can mean more than a stocking stuffer.
  • Offer to teach someone a skill you have.
  • Write a poem, tell a story, draw a picture or take a photograph and present it in a creative way.
  • Give fairly traded coffee, tea or chocolate, get beautiful items at garage sales or buy gifts from shops that support artisans in poorer countries.
  • Make your own cards from recycled paper.
  • Avoid commercial wrapping paper, ribbons, bows and tape, which are not recyclable, and opt for gift bags, tea towels or nice boxes, which are eco-friendly.

From an article by Debra Fieguth in Faith Today, Nov/Dec 2004.

Here are a few more websites that I found that share the joy of not running up debts on Christmas.


MY FINAL THOUGHT ON THE MATTER
If you can afford to buy Christmas gifts and it causes you no pain, have fun buying all the Christmas gifts you can. If you're going to put your Christmas gifts on your credit card, and know you'll be stressed out by the debt associated with purchasing Christmas gifts, don't do it. It's just that simple.

Christmas time is ultimately for sharing time with family and friends. That's where the richness lies.

Dealing with Money Problems? This site has FREE pod casts to listen with regards to helping you solve your money problems.

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2012-09-15 05:13:22
Freedom Prepaid Mastercard Debit Card For Canadians
Some honest advice... if you need a card to use online DON'T EVEN THINK of using this one. Terrible customer server that disconnects calls on you and
Comment By:
Honest Advice

2012-09-13 11:18:04
Car Repossessed Trouble With High Risk Car Loans
Our car loan was with wellsfargo to begin with then transfered to carfinco,. Have never had a problem with them yet and have less than 2 years left on
Comment By:
Darlene Fougere

2012-09-02 18:27:17
15 Blog Post Articles That Talk About Equifax
obviously like www.canadianmoneyadvisor.ca however you need to test the spelling on several of your posts. A number of them are rife with spelling p
Comment By:
promotion site

2012-08-31 11:32:19
Retail Theft Could Get You Sued
so i went in zellers and i baught bus tickets. then walked around playing with toys, and i was with a friend, we're both adults who like stupid toys.
Comment By:
Aj.



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