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

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

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By Julie Jaggernath Ever wonder what no one tells you about buying a house? Or maybe you’re house-hunting and wondering how much of a mortgage you can afford? The size of your mortgage, in addition to your down payment, will determine what...

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Q: I’m about 4 months behind on my credit card payments and now a collection agency is leaving messages on my cell phone every day. My problems started when my roommate left to move back in with his parents. The lease is in my name and isn’t up for another 6 months so I’m stuck paying rent I can’t afford. I called the collection agent back and he demanded payment in full. If I don’t come up with the money in 7 days he said they’d look at starting legal action. He also wanted a lot of other details from me which he said I am obligated to provide.

A few years ago my husband became quite ill right at tax time. Juggling his needs, taking care of our kids and still keeping up with work didn’t leave time to get our taxes filed on time. We had never filed late, but that year it couldn’t be helped.

I had someone do enough of our return to know that we wouldn’t owe any money, but then she put it aside until later in the year when I gave her the rest of the paperwork. If this had happened to us this year, or if you’re trying to decide if it’s worth filing your income taxes on time, let me assure you that it was a real eye-opener for

Emergencies often happen when you least expect it, and if you're not financially prepared when disaster strikes, the best thing you can do for yourself -- and your finances -- is to avoid payday loans, no matter how hard up for cash you are. 

Although payday loans are a convenient way to get fast cash, it's also a quick way to get into financial difficulty, if you aren't careful. If you're considering -- or have considered -- getting payday loans in Canada, take a moment to consider these reasons to avoid instant payday loans. 

Getting our finances in order is a common New Year's resolution, and one of the best things you can do to achieve this is to know how to set financial goals. Setting financial goals – whether they're short-term or long-term, big or small – puts you in charge of your money, and your life. If you've set financial goals in the past but didn't have much luck achieving them, it's time to try a SMART approach to goal setting. 

Financial freedom is something many of us hope to achieve, and although such a goal may seem unlikely when you’re in a tough financial spot, developing good personal finance habits now can make a world of difference down the road.

Financial security is more than just being debt free; it’s about having the freedom to make choices, financially or otherwise, based on what your heart desires instead of what your bank account dictates.

If you’ve often wondered how to achieve financial security, but aren’t sure how to get started, this article is for

Financial Literacy Month (FLM) is in its fifth year and I am happy to report that hundreds of events are taking place across the country helping people gain the knowledge, skills and confidence they need to make responsible financial decisions. As Financial Literacy Leader, I will be meeting individuals and different groups from coast to coast to see firsthand the great work that is being done to strengthen financial literacy in Canada.

FLM is also a great opportunity to talk about personal finances.

When you’re in a financial bind and in need of quick cash, taking a cash advance on your credit card may sound like a convenient way to get money; but there’s a price to pay for the convenience. The fees and higher interest usually mean that in the long run it is in your best interest to avoid a cash advance if possible.

Debt Management Program interest rates are lower than credit card interest rates and in some cases, they are completely removed. This is one advantage of working with a reputable non-profit credit counseling organization, like the Credit Counselling Society. Creditors will accept your DMP and allow you to make monthly payments to eliminate your debt. If you choose a for-profit credit counselling company, the same scenario may not happen.