Category

Credit Counseling
Mortgage refinance eliminated $240,000 debts Last month I met a middle aged couple who had accumulated more than $240,000 of unsecured debts via thirteen different credit cards and lines of credit. Their minimum monthly payments on this staggering debt load was well over $5,000– which is about how much their combined take home pay is each...
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Three Ways to Take Equity Out of Your Home One of the benefits of our bullish real estate market is many of you have accumulated substantial equity in your homes. Some are content to think of this as a core part of their retirement plan, while others are itching to put this equity to good...
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Can  a student line of credit be included in a proposal or bankruptcy I met a long term client today who has returned to school to upgrade his skills, and has accumulated a fair amount of debt, including a $40,000 student line of credit from a major chartered bank. He needs relief from all his...
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Never give up If you have never had to count your pennies (literally) to live day to day, you may not be able to empathize with today’s featured clients. But believe you me, when times are desperate, it can feel like there is no way out – and people give up. Where do you think...
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This student is really good with money James is the same age as Josh, and entered university five years ago with a similar dream. His family had always been desperately poor – he knew right from the get go there would be no financial support from his parents. His parents always lived within their means...
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This student  cannot handle credit Josh was entering first year university when I first met him six years ago. His parents had recently applied for bankruptcy, and money was very tight in the family. They had still not adapted to a life without easy access to credit, and they prevailed upon their son to borrow...
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Buy first home or repay student loans? Today’s question came from Alison in Mississauga: “Hi Ross I currently have a $50, 000 CAD student loan which I must now start paying off. I have a short term work contract, making a $70,000 a year salary. I have about $10,000 in savings, but am unsure about how...
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First home or student loans? This is part two of the response to a question from Alison, who wanted to know if she should first pay off her student loans before saving for a house. You can read part one here. Hi Alison, I like the idea of power saving for the foreseeable future –...
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Regular people want to borrow money Earlier this year, I advertised my credit counseling services in Toronto’s major newspapers. The phone rang off the hook. Interestingly, very few people call hoping to enter into a consumer proposal or even bankruptcy. Most want to borrow MORE MONEY, as a way to solve their financial problems. No...
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