The journey of life is an unexpected one at times. All it takes is one unforeseen emergency and you end up borrowing money to cover unexpected expenses.
When Canadian consumers are caught off guard with a sudden emergency, it can push their household expenses to a tipping point. A recent survey by the Canadian Payroll Association says 48 per cent of Canadians are living pay cheque to pay cheque and if their pay was delayed by even one week, they would have a difficult time paying their household bills.
The CPA poll highlights the obvious for many consumers – Canadians are stretched to their limits and there will come a time when some will be in over their head. If you are struggling to keep up with your bill payments and you feel like the walls around you are coming down and there’s nowhere to turn, it is time to contact a trained credit counsellor. A trained credit counsellor will discuss your whole financial picture and review what debt consolidation options are available to you. A credit counselling session will free your mind of stress and end the plague of debt.
If you do not know if you have a problem with debt management, here are some things to consider:
- When you receive your credit card bill, you can only afford to pay the minimum payment
- You are using your savings to pay your household bills
- All of your credit cards are maxed out and you are considering obtaining another credit card to manage with expenses
- You borrow money from family or friends to pay your bills
- On a monthly basis you choose which bills to pay every month
- Discussing household finances becomes a source of arguments
- You spend your pay cheque before you get paid
- Fifteen per cent or more of your income is spent on paying down on your debt
- You are stressed out and you cannot sleep at night
- When the phone rings, you avoid answering it for fear it is a bill collector
If you are overwhelmed by your debt and the above scenarios are speaking to your current lifestyle, it is time to stop fighting the obvious and get help to manage your debt. You can speak to a trained credit counsellor who will review how much you pay in bills as well as your lifestyle expenses. One credit counselling session will provide recommendations free of charge to help you manage. You can call Consolidated Credit Counseling Services of Canada to speak to a trained credit counsellor at this toll free number 1-888-696-9376
The mountain of debt is an ugly one. It looks nothing like the historic architecture in Quebec City – it is a plague that starts small and harmless, but grows into an unbearable burden for many Canadians.
If you are struggling to make ends meet and you can only afford to pay the minimum monthly payment on your credit card, this is an alarming wakeup call – to get help. Let’s face it, ignoring a problem will not make it any better, it will make it worse and in the case of debt management, if you ignore your debt it will grow. So do yourself a favour and attack your debt head on with the help of a trained credit counsellor.
There are various debt management options available to Canadians however not all are created equal. There are a few bad apples out there trying to make a fast buck. Do your homework and find a reputable agency for credit counselling.
When you are able to find a decent debt consolidation agency to help you manage your debt, they will get you on the right track with managing your debt. There are many different types of credit you can get help with:
- Credit cards
- Lines of credits
- Store cards
- Payday loans (depending on the agency)
- Unsecured loans
Debt management organizations are unable to help you with the following secured loans such as:
- Car loans
- Home equity loans
If your heavy burden of debt is becoming too heavy to carry anymore, know there are resources available to you to help you manage your debt so you can be debt free. While on a credit counselling program you will change your relationship with money. You will understand how to create a budget, save money for unexpected emergencies as well as how to live within your means. So get that monkey off your back and get help today. You can give a trained credit counsellor a call at this toll free number 1-888-696-9376.
When you are shopping around for a car, it is a no brainer to comparison shop for the best deals in town. You will also look at popular online forums to learn about the reviews of various car makes and models. In some cases, you may even look to rural cities or provinces for deals. However when you are about to get a car loan, how often do you look around for the best deal?
Many consumers do not consider shopping around for a car loan and this can have some financial implications.
Car loans are a big financial investment and it is important to shop around to find out what you can realistically afford. If you do not do your homework and shop around, you may end up pushing your bank account to extinction.
So when you go car shopping, consider the following tips to help you get a car loan you can afford:
Look at your whole financial picture
A car loan is more than monthly payments. You have to consider how long you will be paying your loan as well the interest attached to it. You can negotiate lower monthly payments and a longer term however in the long run, you’re paying more on interest.
Know your limits and stick to it
Create a realistic budget that incorporates the purchase of your car and your projected car loan payments. Your budget should include your household expenses too. Also tack on how much you intend to spend on gas on a weekly basis, your expected car insurance costs as well as overall vehicle maintenance (oil changes, tune ups, minor repairs etc.)
Before you sign the dotted line
When you have agreed with your lender the terms and conditions of your loan, make sure you read everything you sign. It is never a good idea to sign anything without understanding the terms and conditions.
Grab a life line and change your life
If you tried to negotiate a car loan for a car you are thinking of buying however you reviewed your budget and financially there is no way you can buy a car and keep up with your loan payments, it is time to seek the advice of a trained credit counsellor. Don’t worry, you are not alone, many consumers are in the same boat as you. It can be difficult to manage your debt on your own. You can call and speak to a credit counsellor who will help you manage your debt. If you want to put your mind and stress level at ease speak to a counsellor right away by calling 1-888-696-9376.
Shopping around for a car is fun and exciting especially when you have a specific make and model in mind. However if you are searching for a popular car like a Honda, Mazda or Ford etc. – you will need to have a little patience. How so? Some makes and models literally fly off the car lot as soon as it is listed. To have an upper hand while shopping around for a vehicle, some consumers prefer to have some money on hand to put a deposit down. However before you put your money down or pay for anything, make sure your mechanic gives your dream car the thumbs up first!
In a perfect world we would all have enough money to pay for our new car in cash, but that’s simply not reality and we turn to debt. Whether it’s a personal unsecured loan or a secured loan using the car as collateral, we need to make sure it fits within our budget. Too often the emotion of buying a car, one that we really have our hearts set on, clouds our financial judgement. Unless we plan ahead, and factor our budget into the purchase and ongoing expenses, we end up living beyond our means. If this scenario happened to you, don’t worry – you are not alone. Many Canadians across Canada are living paycheque to paycheque trying to make ends meet on a monthly basis. The good news there’s help available to get you on track without claiming bankruptcy.
Your five-step debt management plan:
- Gauge your financial health. How much of your paycheque is used to service your debt load? Is 50 per cent of your pay going towards your debt? You can get a better idea of your financial situation by calculating your debt-to-income ratio. Keep your debt-to-income ratio under 36 per cent to avoid drowning in debt.
- Create a plan. Create a budget to gain an understanding of where your money is going, and cut whatever isn’t absolutely necessary to free up cash. Whatever extra money you gain, you can apply it to managing your debt.
- Carry only cash everywhere you go. When you use only cash, you are able to spend within your means. Once your money is gone, it’s time to leave the store.
- Limit buying your meals outside of your home. Instead make your meals at home. You will save hundreds maybe even thousands of dollars a year. Economic meals start with smart shopping behavior! Create a healthy meal plan, buy in season, and shop for the week!
- Seek credit counselling. If you are feeling overwhelmed by incorporating the above tips in your lifestyle, seeking the guidance of a trained credit counsellor will help you to get back on track with your debt management. You do not have to do this alone, seek the appropriate help.
Get your financial house in order today and the best part, you can do this without leaving your home! You can pick up your phone to speak to a trained credit counsellor now at 11-888-696-9376. A trained credit counsellor will help you to create a budget and slay your debt in record time!