Category

Credit Counseling
Consumers spend too much on housing In our zeal to qualify for a mortgage, we strive to meet the debt service ratios used by all major mortgage lenders. The rule of thumb the lenders use is your mortgage payments, property taxes and heating bills should be less than 32% of your gross monthly household income....
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Proposal and bankruptcy consumers feel relief Over the past few months I have attended more than thirty insolvency counselling sessions with clients who have recently either declared bankruptcy or entered into consumer proposals. By law, anyone entering into one of these debt solutions MUST attend two credit counselling sessions over the next few months after...
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Managing first credit card Shannon wrote yesterday: “Dear Ross: As a parent of an otherwise wonderful and responsible 18 year old daughter, I am struggling how best to deal with the fact that she has already run up a $750 balance on her first credit card, and she has only had it six months. The interest rate...
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What is my credit history You should care very much about your credit history. I cannot overstate the importance of building and maintaining a strong credit history. Life will go so much smoother if your credit history is free of blemishes. A great credit score makes all the difference. Here is an article I wrote about the...
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7 secrets about credit 1)   Your credit score changes all the time You can check your own credit score at either Equifax or Trans Union’s website. The report will remain available to you online for a month – but remember, it is changing all the time, as new information is collected and sent to the reporting...
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Bankruptcy and mortgage refinance not the answer Recently I received an email from someone complaining she could not get out of debt.This perked my curiosity, but if you read on, you will also understand why. “Dear Ross I am a hard working immigrant living in my own home with my mother and my sister’s family....
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Couple spends more than they make Brian and Susan have down sized their home three times in the past two years. Brian used to be a self employed website designer, making close to $100,000 per year, but business dried up when the recession was in full force, and he finally accepted a job in an unrelated...
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Spouse wants to declare bankruptcy It’s not unusual for someone to get nervous when their spouse is contemplating a bankruptcy. They worry their credit history, banking relationships, even their employment maybe compromised in some way. Recently I received an email from Jocelyn, who asked these questions: “If my common-law husband were to declare bankruptcy, what...
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Eliminating your debts There are many ways to deal with the problem of too many debts. Your creditors don’t really care how you got to where you are – they care about how much of their money are they going to get back. If you simply stop making payments, your creditors may eventually take the...
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Include parking tickets in a consumer proposal Today’s question is from a young lady in Toronto who has managed to accumulate four thousand dollars worth of parking tickets, penalties, and interest charges over the past few years. She also has too many debts and we are about to enter her into a consumer proposal. She...
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