- SAMANTHA
Canadian bankruptcies are down, but does this mean the recession is over? Global National's Robin Gill turns to the Credit Counselling Society for some perspective.
"It's a bill that I didn't know I had," said Travis Krisher, a pilot with Air Canada Jazz. "If I had a bill I would pay for it. My [good] credit score proves my history."
"All it would have taken is one phone call," said his wife, Bonnie, a debt arbitrator. "One phone call, and it would have been paid."
The $210 calling-card bill dates back to 2004. The Krishers said the first they heard of it was last year, after a collection agency reported the debt to Equifax, on behalf of Telus. As a result, Travis Krisher's credit beacon score dropped by more than 100 points . . . (Read More)
The chickens are coming home to roost for a growing number of debt-ridden Manitobans.
There has been a 20 per cent increase in the first half of this year in the number of Manitobans seeking help from the Credit Counselling Society (CCS) -- a non-profit agency that helps Western Canadians find solutions to their financial and debt problems.
And it's a similar story at Community Financial Counselling Services (CFCS), another non-profit. It has seen a 12 per cent increase in the number of consumers seeking help, and that's on top of a 20 per cent increase in 2009.
"We have seen that debt problems have been rising in Manitoba, not only by the amount of people we help, but also by the amount of debt people have," said Christi Quinn, a credit counsellor in CCS's Winnipeg office. "That really flies against the notion that the recession is over."
Quinn said she's also noticed . . . (Read More)
There is something about our stock portfolios and homes being worth more that makes us want to spend.
“It’s called the wealth effect. If you feel you have more, you are more willing to spend more,” says David Onyett-Jeffries, an economist with Royal Bank of Canada.
“When people see their house value increase, they are more willing to spend because there is less requirement to save. They view these assets as . . . (Read More)
A staycation can be a great way to enjoy a vacation while saving money on transportation and accommodation. Whether you are travelling 5,000 kilometres or in and around your city, the key to having a memorable vacation is planning.
With staycations, you also need to create a holiday environment. Some people set up a tent in their back yard and sleep outdoors to set the right mood while others plan - outings and enjoy local festivals, attractions, parks and activities.
A staycation may sound interesting, but without some preparation it won't feel like a vacation. If you want . . . (Read More)
Question: Whoever came up with the expression "dirt cheap" wasn't a gardener. I'm planning my gardening projects, but I'm earning less money this year than I did last year. How can I still have a beautiful garden without breaking my budget?
Answer: Gardening is a relaxing hobby, but it can also be expensive if you aren't careful. Before starting any projects . . . (Read More)
The Accountants Association says the average Canadian household debt is nearly $42,000 a person, that's two and a half times greater than 20 years ago. Scott Hannah from the Canadian Credit Counselling Society is not shocked to hear that.
Hannah says his average client has piled up $10,000 to $15,000 more . . . (Read More)
Q: Our daughter is graduating from high school in June and plans to start university in the fall. What do we need to consider so that we can manage the costs of this next step in her education?
A: Planning how to fund postsecondary education is just as important as planning where to go and which courses to take. (Read More)
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