What are the Dangers of Using a Line of Credit or Bank Overdraft to Consolidate Debts? Using your line of credit for debt consolidation or your bank account overdraft are two of many ways to consolidate debt. They are revolving forms of credit, which means that you...
Using Home Equity to Consolidate Debts | Refinance Your Home or Get a Second Mortgage What does it Mean to Use the Equity in Your Home to Pay Off Your Debts? Very simply, home equity is what’s left when you subtract what you owe on your mortgage from what your home is...
How does a Debt Management Program Get You Out of Debt? A Debt Management Program consolidates your debts so that you can repay them with one monthly payment. However, rather than borrowing more money to pay your debts off, the repayment program is built around what...
Use a Debt Settlement to Become Debt Free How do Debt Settlements Consolidate Debt? A debt settlement is an arrangement with your creditors to accept a portion of what you owe as payment in full. The full amount owing on each debt is not repaid when you settle your...
Consolidate and Settle Debt by Filing a Consumer Proposal What Exactly is a Consumer Proposal? A Consumer Proposal is a legal process, that can be used to deal with your debts when you don't qualify for a debt consolidation loan, a debt management or debt repayment...
Helping Employees Who Are Struggling with Financial Difficulties Q: I have a small business and employ 12 people full time. One of my long-time employees briefly mentioned that he’s facing some financial difficulties. Other employees have been commenting on how moody...
Borrow Money From Family and Friends - Debt Consolidation What to do if friends and family are willing to help, is it even a good idea? You may be considering borrowing money from family and friends to consolidate debt. No one likes to see a friend or family member...
Debt Consolidation Company Reviews - Why Should You Trust the Credit Counselling Society? We at the Credit Counselling Society ( nomoredebts.org ), understand the importance of earning great credit counselling company reviews. 98% of our clients would recommend our...
Credit Counselling Society Opens New Office in Ottawa, Ontario | Canada | Review The Credit Counselling Society is pleased to announce the successful expansion of our services with a new credit counselling office in Ottawa, Ontario. Opening the office was Tom...
Credit Counselling Society Recognized as One of Canada’s Best Places to Work The Credit Counselling Society is pleased to announce that it has been recognized by the Great Place to Work® Institute Canada as one of the “Best Workplaces in Canada” for 2012. The list was...
5 Tricks to Keep Your Cash Safe from Yourself | How to Control Spending Q. Every time there’s a “special event,” my friends like to have a pub night. We each spend at least $100 every time, often more when you include taxi fares. St. Patrick’s Day is coming up and...
How to Give When Money's Tight Q: We value the work of charities and believe very strongly in giving to good causes. Our income is down this year and we wonder if you have any suggestions on how we can keep giving even though we have less income? A: Canadians...
How to Avoid Freedom 85 - Tips to Retire Debt Free by Julie Jaggernath High consumer debt levels, possible interest rate increases within about a year, historically low savings rates and talk of pension changes in Canada; the message is that Canadians need to change...
How to Turn New Year's Resolutions into Results Q: My friends and I all make resolutions on January 1st but most of us don’t end up sticking to them. I’ve made the resolution to get my finances in order but I’m afraid that I’ll end up like most people at this time of...
How to Keep Your Resolution to Shed Your Debt Weight & Get Out of Debt Q: My resolution to pay off my credit cards in 2011 only lasted until March when my car died and I had to use a credit card to cover the repair costs. It seems that there’s always something...
Christmas Budgeting: It's Not Too Late Q: It's hard to believe that Christmas is less than a month away. What can we do to keep our holiday expenses more manageable for our family this year? A: Even if you haven't been able to save money for the holidays, it's not too...
How to Get a Better Handle on How You Use Credit Q: Our daughter is in high school. She came home with an assignment to learn about credit and it got us thinking about how often we reach for a credit card. We don’t have a good budget and should probably do something...
How to Weather the Financial Storms of Life | Preparing for Financial Problems Q: A lot has happened this year to cause me to reflect about how unprepared my family and I are for a significant life event. We don’t want to end up in financial ruins, what can you...
Checklist for Snowbirds Heading South Many Snowbirds look forward to sunshine and warm temperatures in the winter months – it’s a big drawing card for those who have time to leave Canadian winters behind. However, as with any travel plans, you’re wise to consider the...
How to Deal with Financial Infidelity Q: I suspected my wife of having secret debt, so I confronted her. She confessed that she’s been carrying debt on her own credit cards and has only been making minimum payments. The balances are now high enough that she can’t keep...
Is Your First Credit Card Getting Out of Control? Here’s How to Get Yourself Back on Track Q: I’m a first year university student and during campus orientation I signed up for my first credit card. I’ve activated it and have been using it to pay for various things....
How to Get Out of Debt Quickly – for Those Nearing Retirement Q: My husband and I are hoping to retire in about 10 years. After meeting with our financial advisor, it looks like our retirement plan needs some help as we still owe a fair bit on our mortgage and line of...
3 Steps to Get Out of Debt before Interest Rates Rise By all accounts it sounds like interest rates will likely remain low for up to another two years. But while we’ve gotten used to cheap money, a line of credit at 3% will quickly become a distant memory. Make...
What to Expect from Credit Counselling Q: I’ve been picking up mail at a friend’s house while they’re away and can’t help but notice how many bills they get. They’ve made a few comments in the past that made me wonder about their financial situation, and now with the...
What to Think About Before Buying a Vacation Home Q: Our neighbours came home with a unique holiday souvenir last week; a vacant lot close to where they had rented a cabin for the week. On top of all their regular household spending, they now plan to build a cabin on...
How to Help Friends Who Need Help with Their Financial Problems Q: We are friends with another couple in our neighbourhood. Despite having good jobs, they keep going deeper into debt on their line of credit and often times their parents help them out; they’re always...
Canadian Debt Settlement Bureau Is Not Real | Review The Canadian Debt Settlement Bureau Doesn't Really Exist We recently called a new debt settlement company to find out more about their service. We were surprised when this company's representative told us that the...
How to Plan a Vacation on a Budget Q: Our two weeks of summer vacation time are fast approaching and we haven’t planned a thing. While we can’t afford to spend a lot of money this year, we’d like to still do something special without blowing our budget. What can you...
The Cost of Living is Increasing – How to Protect Yourself from Inevitable Higher Costs of Living Q: We bought our first home a few years ago when interest rates were low. Both of us had good incomes so we spent as much as the bank would give us. Now I work part-time...
What a Reputable Debt Help Organization Looks Like If you are looking for help with your debts, you should choose an organization you can trust. We believe that a company or organization that helps people with their debts should meet the following criteria: Be an...
How to Repay Back Taxes, Pay the Bills & Get Your Finances Back on Track Q: I cashed out some of my RRSPs last year to pay down my credit cards. I thought the bank held back enough so that I wouldn’t owe extra income tax, however, I just got my assessment back and...
Should You Invest or Pay Off Debt? Try a Balanced Approach Q: I want to pay off my credit card bill this year but to do this I won't have any money left over to start investing in an RRSP. Is this a good strategy? A: While it always makes sense to pay off...
How to Decide if Bankruptcy is Your Best Option to Debt Problems Q: I have an employee who has been very stressed at work lately. I spoke with her in private about this and she told me she hasn’t been sleeping much lately as she has a lot of debt and is getting...
What a Teen Needs to Know Before Buying Their First Car Q: My son is 17 and has recently gotten his driver’s license. He works part-time while going to school and wants to buy a new car to impress his friends. Without killing his dream, how can I convince him that...
What is the Best Thing to do with Your Tax Refund Q: We’ve filed our income tax returns and for once the government owes us money. We’re getting back about $3,000 and I think we should use the money to pay down our mortgage. My wife thinks we should put it in savings....
Medical Debt - Turned Down for Debt Consolidation Loan | Can Your House Lend a Hand? Here's What You Need to Consider Q. I’m a stay at home mom and my husband’s been on short term disability for almost a year, recovering from an injury. We managed ok for a while but...
Save Money with a Family Budget - Staycation Ideas for Spring Break Q. Spring Break is looming once again. We try and get away somewhere warm most years but this year, we just can’t afford a big trip. Do you have any advice on how we can make Spring Break fun without...
Debt Settlement Companies - Attractive ads sound great. Why not go for it? Q: I keep hearing and seeing ads from companies that claim to be able to settle your debts for a lot less than what you owe. I’m up to date on my bills but if I can get out of debt for less...
Line of Credit Rates - Why Save When Borrowing is Cheap? Q: A friend of mine was giving me a hard time the other day. I wanted to delay my travel plans until I had saved up most of the money I needed, rather than use my line of credit to finance our vacation. His...
Valentine's & Holiday Debt Can Kill Those Lovin' Feelings: How to Make Valentine's Day Special Yet Affordable Q: My wife drops little hints about February 14 as soon as we see heart shaped candy in the grocery store. Don't get me wrong, I love my wife, but I have...
Saving Money - What Would Your Community do with an Extra Million Dollars? A major TV network is looking at producing a reality TV show that aims to help people get out of debt, save money, build a stronger community and liver their best life. We support initiative...
Financial Management & Planning for the Future | What Does a Groundhog Know About Money? By Julie Jaggernath Wouldn’t it be great to roll out of bed in the morning and know exactly what the day holds in store for you? Financially speaking, wouldn’t it be great to...
Car Debt - High Interest Rates | What to Watch Out for with New Car Ads Q: I'm thinking about replacing my car. Looking at the new car ads and financing options available, it seems like now is a great time to buy. What do I need to consider when looking at the ads? A:...
What do the New Mortgage Rules Mean—in plain English? At the beginning of this week, the federal finance minister announced some changes to Canadian mortgage rules, but you may still be wondering what all these changes really mean and how they may impact you. Here’s...
Are You Tired of Being the Family Bank & Lending Money to Relatives? Q: I'm one of three kids in our family and I seem to be the one who repeatedly lends money to my siblings, and occasionally to other family members. I am fortunate that I can afford to do so, but...
How to Tackle Credit Card Debt & Save Thousands of Dollars Q: Each year, I resolve to tackle my credit card debt and I never seem to get anywhere. What can I do to start the new year off right? A: While it might only have taken a short time for your debt to add...
How to resolve fighting over money: look below the surface Q: My partner and I fight about money all the time. She's a spender and I'm a saver. She says I'm too controlling about money and no fun, and I think she's too frivolous with money and doesn't care about our...
How to Manage Your Money the S.M.A.R.T. Way Q: I never have any money left over after paying my bills to even think about financial goals. I'm frustrated because I know I have to do more than just think about my future. Can you help? A: It's not how much you make, but...
Should you buy your next big screen TV in Canada? Q: My best friend and I have a bet going this year on who can get the best deal for a 50-inch, flat-screen TV. I bet him a large coffee that I could get my TV cheapest in the U.S., and he thinks that he'll get a better...
7 Steps to a Great Credit Score Have you ever wondered if only rich people have awesome credit scores? Wonder no longer. The truth is you don’t have to be rich to have an awesome credit score. You just have to learn to live within your means. The ironic thing is that...
Debt Settlement Companies: The Good, The Bad and The Ugly Q: I heard an ad for a company. They said that they can settle my debt for much less than what I owe and I can get out of debt faster. When I called them, they also said that after I’m done, I can easily...
What Debt Settlement Companies Don’t Tell You Last week we heard an American debt settlement company advertise on a Canadian radio station. In their radio ads, this company said it could help people who are struggling with debt, but they never mentioned the name of...
This made our day: people tell us how we've helped them with our non profit debt relief Like so many of you, all of us at the Credit Counselling Society work hard every day. The only difference is that we get to help people solve their debt problems, provide debt...
Don't let your worst financial fears become your reality Q: I am a mature woman and I've just got divorced for the second time. My children are on their own. Money was an issue during my first marriage, and I didn't realize how big an issue it was in my second...
How Blended Families Can Prevent Fighting About Money Q: My spouse and I are both in our second marriages and we share custody of our kids from our previous relationships. We're committed to making this work, but part of building our new life together is figuring out...
Could You Survive Missing a Paycheque? A new survey says 60% of Canadians couldn't Last week the Canadian Payroll Association released a survey which showed that 6 out of 10 Canadians would be unable to meet their financial obligations if they only missed one...
Spender vs. Saver: What to do when you and your partner don’t see eye to eye Q: My husband and I argue about money, but not because we don't have enough. We have average incomes and our only debt is a modest mortgage, but he wants to save and never spend an extra...
The Importance of a Good Credit Rating Q: I'm having a hard time getting my son to understand the importance of a good credit rating. He lives at home, works full time but struggles to keep on top of his bills. A: Your son, like a lot of young people today, has yet to...
Keeping the Magic Alive: Get Out of the Relationship Rut, Plan a Date Together Q: My wife tells me that relationship experts say that going on regular "dates" with your partner is the key to a long-lasting relationship. I admit that I tend to take things for granted....
Avoid Technology's Traps: How to put the need for the latest gadgets into perspective Q: It's really expensive keeping up with technology these days. My kids say that my cellphone and laptop are lame compared with the new smart phones and mini netbooks available...
A new school year for your kids means buying new school supplies, backpacks, shoes, clothing, and more. Here’s how to maximize your back-to-school budget.
How to Cope with Living in Canada while Sending Money to Family Overseas Q: My husband and I immigrated to Canada almost 20 years ago to give our children a better life. We each work two jobs because we're also supporting family back home. We're behind on our mortgage...
3 Common Credit Problems & How to Fix Them People often ask how they can fix their credit. Depending on your situation and how much damage you’ve done, the answers vary. Here are answers to the 3 most common concerns: Problem 1: I have a late payment If you only...
When is the Best Time to Buy a House? Q: Mortgage rates are still low and house prices keep going up. Is now the time to buy? And is it better to buy as big as you can? A: It's best to determine how much house you can afford and if it fits your lifestyle before buying...
When Does Gambling Stop Being “Just for Fun” and Become Problem Gambling? Many people consider gambling as a form of casual entertainment while others are consumed by every thought of it, so when does gambling stop being “just for fun” and become problem gambling?...
Do You Ever Get Even with Revenge Spending? Q: After finding out that my partner spent over $1000 on toys for his car, I had a spa day and got something for me too. It seemed like a good idea at the time, but we got into a huge fight about money. What can we do to fix...
Credit Counselling Society Wins National Credit Counselling Canada Award The Credit Counselling Society was presented with the Credit Counselling Canada Agency Award at Credit Counselling Canada’s national conference last week. With the award, member agencies of...
How to Afford a Summer Vacation this Year According to a recent survey, more than half of Canadians say they can’t afford to take a vacation this summer. The poll indicates that Canadians are having trouble putting money aside for holidays. We would like to offer some...
Financial Help or Handout - When has helping family gone too far? Q: My parents keep borrowing against the equity in their home to bail my sister and her family out of debt. Mom and dad are getting older and I don't want to see them burdened by debt that they...
Average Canadian Bride Spends $20,000 on Her Wedding: 5 Ways to Make Your Wedding More Affordable Is there an expectation in your family that the next person to get married will have a big, expensive wedding? This may be true in a lot of families because a new survey...
Are Reward Credit Cards Worth It? When credit cards first came out with points that rewarded you for using your credit card, many people saw this as the ultimate way to get free stuff—just put everything you buy on your credit card and get free flights and merchandise...
Do Summer Vacations Leave You Broke? Here's an Idea Q: My family usually takes a summer vacation, away from home. And while we have a lot of fun, we usually come home broke, exhausted and not ready to go back to work. I’ve heard a little about “stay-cations” and that...
Should You Rent or Buy a Home? Is it better to rent or buy a home? Many people ask this question, but often only hear one answer. People in North America generally think that it is much better to buy a home rather than rent one—and they have good reason for thinking...
Are Canadians Reckless Spenders? A new study says we are A new study from the Certified General Accountants Association of Canada shows that Canadians “are among the most reckless spenders in the developed world.” Recently many Canadians have thought that Canada is...
Entitled to Live Beyond Your Means When we help people with their debts we always ask them what they think caused their debt problem. People provide us with many different reasons, but the most common reasons include things like excessive use of credit, living on...
How is Your Credit Score Calculated? Have you ever wondered how your credit score is calculated? Have you asked, but are always given vague answers? Wonder no more. We will tell you exactly how credit scores are determined for most people and then allow you to get a...
How do Parking Tickets Affect your Credit? Old, unpaid parking tickets can haunt you You may have forgotten about your old parking tickets, but have they forgotten about you? Some people think that if they don’t pay their parking tickets and just ignore them, they...
How do you protect your finances from emergencies, such as a natural disaster like the Iceland volcanic eruption? To learn more…
Does your credit score fall every time someone checks it? Has anyone ever told you that every time someone checks your credit, it lowers your credit score? While there is some truth to this claim, there are some exceptions. The most notable exception is that you can...
Rising Interest Rates could Double your Mortgage Payments For almost 30 years, interest rates have been declining in Canada. This has enabled more people than ever to buy homes, but it has also fueled a lot of spending. Record low interest rates have enabled...
What to do if you dread filing taxes Q: I always dread filing my taxes. I usually owe a few hundred dollars and struggle to find the money to pay the bill. What can you suggest? A: Tempting as it may be, procrastinating will only make it worse. Filing late might mean...
The 7 Smartest Things You Can Do for Your Finances Have you ever wondered what the best things are that you can do for your financial future? Here is our list of the smartest things that anyone can do for their finances. 1. Budget If you are spending more than you...
Rising Mortgage Rates will be Difficult for Many Canadians With Financial Institutions announcing increases in mortgage rates this week, more Canadians will find it challenging—if not impossible—to balance their household budget. If you are already committed to...
One of the Biggest Retirement Mistakes Most Canadians Don’t Know What Their Retirement Income Will Be According to one survey, 83 percent of Canadians don’t know how much income to expect when they stop working.* More and more Canadians seem to be waking up to what...
Should You Keep Financial Secrets? Q: I'm planning to propose to my girlfriend soon. I know she will say 'yes' but I'm worried about telling her that I've had some financial troubles in the past. How much should I say? A: Marriage can be a wonderful experience but it...
Don't turn your bad hair day into a budget holiday! by Julie Jaggernath What Does Having a Bad Hair Day Really Mean? We’ve all heard the expression of someone “having a bad hair day.” But what does it really mean? I think it’s safe to say that for most, it means more...
How to Get an Awesome Credit Score Have you ever wondered if only rich people have awesome credit scores? Wonder no longer. The truth is you don’t have to be rich to have an awesome credit score. You just have to learn to live within your means. The ironic thing is...
3 Ways People Destroy Their Credit (Part 3 of 3) 3. Not paying your debts or declaring bankruptcy The worst thing you can possibly do for your credit rating is to not pay your debts. If you don’t pay what you owe now, then who will want to lend you money in the...
3 Ways People Destroy Their Credit (Part 2 of 3) 2. Maxed out credit cards If you run your credit to the limit, it will ruin your credit rating. It is always surprising how many people think they have good credit because they pay all of their bills on time, yet their...
Lesson in Debt Management a Great Grad Gift Q: Our daughter is graduating from high school in June. How can we help her to understand that there is a limit on what we are able to spend on her graduation? A: High-school graduation can be an exciting and emotional time...
How to You Can Save 50% on Everything You Purchase If you are buying stuff, putting it on credit, and then not paying it off right away, you can probably save 50% on everything you buy. Many people believe that they can buy what ever they want now and pay for it...
You Don't Have to be in Debt to Build Credit Some people think that they always need to owe something on a credit card to build their credit. The truth is that you don’t have to owe anyone even a single penny to build your credit. The only thing that you need to do to...
How People Get Caught by Joint Debts Here is a common scenario: a couple splits up, gets a separation agreement and then one of them tries to apply for a loan. The lender says, "Sorry you don’t qualify because your credit bureau shows you have this other debt with...
Is Your Credit Score Worse Than You Think? Myth: "I've got excellent credit because I pay all my debts on time." Many factors can drastically lower your credit score even though you always pay on time. Just because you pay all of your debts on time doesn’t mean that...
Hurting Your Credit Score Myth: "I hear that every time someone checks your credit it lowers your credit score." Myth Buster: While there is some truth to this statement, there are some exceptions. Most notably is that you can check your own credit report whenever you...
The Easiest Way to Prevent Financial Problems: Get Organized People have financial problems for all sorts of reasons: overspending, not planning, losing a job, family problems, business failure, and the list goes on. While any one of these issues may seem to be the...
Bringing Home The Gold Q: Why does it feel like managing my money is so much work? It's hard to stay focused. What can I do? A: It takes work to manage your money, but sometimes all the motivation you need is a fresh perspective. Take the upcoming 2010 Winter Olympic...
Myth: “Credit card companies wouldn't send me applications in the mail if I couldn't afford another credit card.” Just because a credit card company knows your name and address does not mean that they know anything more about you than anyone else who sends you mail....
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With so many debt consolidation options out there, it can feel overwhelming to try and find the right one by yourself. One of our professional credit counsellors would be happy to guide you through this process by carefully reviewing your whole financial situation with you and answering any questions you have. Speaking with our certified counsellors is always free, confidential and without obligation.
