Category Archives: Debt

They Said It Couldn’t Be Done: Student Loan Debt Freedom

It has taken a lifetime – or two – or several million – to witness the recent realization that the government in Newfoundland-Labrador has had in understanding the draconian nature of lending huge sums of money to poor people  to get a post-secondary education that’s necessary for finding a job – and doing something about it.

As reported by CBC news on August 3rd 2015, provincial student loans have now been replaced with non-repayable grants.

I’ve often wondered why the major political parties, federal and provincial, have methodically steered away from the issue of student loans for decades. The … Read More >

Also posted in Kids and Money, Saving Money | Comments closed

High Rents and Impossible Mortgages

Look out renters. The news is out. Rents are predicted to go up in Metro Vancouver.

An article in the Vancouver Sun today announced that low vacancy rates and unprecedented demand is pushing rents higher and higher. It appears that the high cost of home ownership (real estate) is kicking would be buyers down the food chain a couple of notches to expensive rental accommodation.

High rents have a tendency to keep people poor and out of the real estate market.

Once again a cry for affordable housing can be heard from an important part of the population – middle … Read More >

Posted in Debt | Comments closed

Starving Students Back in the News

Attention to the student debt crisis in Canada received a headline today in the Vancouver Sun under the title of Growing Number of Students rely on Food Banks.

This is a special category of debt that highlights the financial struggle of those without wealthy parents or shall we say the overwhelming majority of students. It reminds me of the origins of student loan funding in the 1960s.

The student loan program originated in Canada partly because of the wave of social justice that swept through governments and society seeking out fairness and equality for all in the 1960s. It … Read More >

Also posted in Blog | Comments closed

Abuse Against Seniors

Recently an article in the Vancouver Sun got my blood boiling.

It was a story about a man in St. Catherines Ontario who lost his home, his car and many of his possessions. A fraudster emptied his bank account, mortgaged his home and in total stole $200,00 leaving the senior with $20 to his name. Although they could not provide any details, the police called it the worst case of elder abuse they had ever seen.

It seems that the fraudster was someone the senior knew and trusted – an employee of the credit union where he banked.

Abuse generally … Read More >

Also posted in Blog, Retirement | Comments closed

Protecting Yourself from Fraud – And the Bank

In Canada, you are innocent until you’re proven guilty.  It would appear that our banking system has forgotten this simple fact.

Lyndsay Passmore (http://www.theprovince.com/Woman+issues+warning+after+thieves+ring+thousands+credit+cards+bank+says/11333047/story.html)  had 4 credit cards stolen.  When she noticed them missing, she contacted the appropriate banks.  In the interim between the cards being taken and her reporting them stolen, the thieves had taken approximately $15,000 in cash advances and charges.  Her bank, while absorbing some of the charges, tried to put Ms. Passmore on the hook for $4000, citing the fact that her Personal Identification Number (PIN) was inputted correctly the first time (which it … Read More >

Also posted in Blog, Personal Finance | Comments closed

Debt is Redder than Ever

Nothing like waking up on a Friday morning to find out that the Bank of Canada governor says house prices are overvalued by 30 %.  As reported in the Vancouver Sun, Stephen Poloz, the Bank of Canada Governor said, “The vulnerability associated with household indebtedness is edging higher and the overall risk to financial stability in Canada is slightly higher…..house prices overvalued 30%”

Yikes.

Hidden behind the carefully worded text is another warning. As reported, “The bank continues to expect a constructive evolution of imbalances in the household and housing sectors as the economy improves and interest rates begin to … Read More >

Also posted in Women and Money | Tagged , | Comments closed

Debt and Bank Fraud

Today there is good and bad news.

The good news came from a StatsCan report about all of the household debt in Canada that many  experts have been complaining about – how Canadians have been accused of being bad money managers but guess what? This report confirms that we are not broke and precariously dangling from a cliff of troublesome household debt, but quite the opposite. Canadians have significant assets to back all of the debt – and more. There is a net-worth surplus.

As published recently by the Vancouver Sun, a former chief economic analyst for Stats Can, Philip … Read More >

Also posted in Blog, Women and Money | Tagged , , | Comments closed

Debt is not forever

Debt is not forever! Here's some awesome free resources for getting out of debt

Are the credit card bills piling up from your holiday spending? If you won’t be able to pay them off for a while, you’re probably resigned to the fact that debt is just a part of life.

Debt comes, and it may go, but more will come. Debt will always be a part of your finances.

But you are wrong. Because debt does not need to be your close friend/enemy.… Read More >

Also posted in Personal Finance, Women and Money | Tagged | Comments closed

5 Reasons You Didn’t Reach Your Financial Goals Last Year

This is just what I needed! Can't wait to try these tips! - 5 reasons you didn't reach your financial goals last year and how to achieve them this year.

A fresh new year is a motivating time for change; you want to move closer to your financial goals, you want to gain new habits; you want things to be different this year. This is how most of us feel this time of year — it’s in our nature.

But you’re not quite sure how to go about achieving your goals. You try to save money where you can, you try not to overspend, but you still can’t seem to get a good handle on your money and gain real progress towards your goals.

And at the back of your … Read More >

Also posted in Blog, Budgeting, Personal Finance, Saving Money, Women and Money | Comments closed

Why you Need to Stop Living Paycheck to Paycheck – and How

If you are living paycheck to paycheck you need to read this now! Why this lifestyle is dangerous and how to change it.

Are you one of the many people these days who are living paycheck to paycheck? What would happen if your paycheck was delayed by even one week? Would you be facing bounced payments, payday loans, and eating only what’s already in your pantry and fridge? If so you are at risk, find out why and what you can do to stop living paycheck to paycheck.… Read More >

Also posted in Blog, Budgeting | Comments closed

How to Make a Debt Repayment Plan

Find out how to master your debt by making your own debt repayment plan

At Women and Money Inc we love giving debt advice to women, because debt is such a private and unspoken topic that affects almost every family, and with devastating weight. Many women not only have their own debt, but also deal with their husbands debt as well. And we find it’s often like asking for directions, men may be too proud to ask for advice so women are often the ones to step up. Married or single, you can tackle the debt in a logical and effective way. So take control of that debt and read on for how to … Read More >

Also posted in Blog | Comments closed

Free Spending Tracker and Debt Tracker

Do you get to the end of the month and wonder where all your money went? Do you know how much debt you have and when it will be paid off?  We created our new free spending tracker and debt tracker spreadsheets so you can get organized, stay on budget and turn your debt payment plan into a mission.
Free spending tracker and free debt tracker printable pdf and excel worksheetRead More >

Also posted in Blog, Budgeting | Comments closed

Household Expenditures and Debt

By Margaret H Johnson

Wow this has been a colourful year already with so much public attention being given to personal finance and household debt. This week alone there have been articles about retirement incomes, seniors and lotteries, the rising costs of cell phones, and Statistics Canada’s annual report on household expenditures. In other words this affirms the overarching prominence of money issues for most individuals and families from middle and lower income groups in Canada. For many, household expenditures and debt go hand in hand, continually pulling at their pockets, but Statistics Canada fails to acknowledge and analyze the … Read More >

Also posted in Blog | Comments closed

Death and Taxes – and Debt

By Margaret H Johnson

The old joke about the sure things in life used to refer to death and taxes. I think we need to add consumer debt to this list. Certainly if one considers the irrefutable fact that Canadians have borrowed more and more money, each and every year – from $20 billion in the 1970s to the current outstanding consumer debt of $516 billion today. Debt is just as predictable as death and taxes.… Read More >

Also posted in Blog | Comments closed

Credit Reporting and Debt Collection

By Margaret H. Johnson

Last week I tried to talk about the various experts involved in debt collection and credit counselling. You know what? I forgot all about credit reporting agencies, otherwise known as Credit Bureaus.… Read More >

Also posted in Blog | Comments closed

Debt and the Dollar

By Margaret H. Johnson

This is going to be a very interesting year, indeed. Only ten days in and we see a story about debt. That’s different.

The story ran in the Globe and Mail about Canada’s excessive debt and how that has made the rest of the world wary about our dollar, our plunging dollar. The article suggests that our dollar has dropped to the 90 cent US range because foreign investors believe our economy is fuelled by unsustainable run-up debt.… Read More >

Also posted in Blog | Comments closed

Credit and Debt – The Good, The Bad and The Ugly

By Margaret H. Johnson

Yesterday the boiling hot news of the day was a 25% interest bearing car loan to a BC couple. The story involved the TD bank and a family that had gone bankrupt recently. It raises a number of troublesome questions.… Read More >

Also posted in Blog | Comments closed

Who’s Debt Free?

By Margaret H. Johnson

Lots of media attention to a Royal Bank poll that discovered that a quarter of Canadians appear to be debt free.

They reported that for those who do have personal debt the average debt load has jumped up to $15,920, a $2779 increase from a year ago.… Read More >

Also posted in Blog | Comments closed

Debt is not so Simple Stupid

By Margaret H. Johnson

Now let me clarify the title right away. It‘s a pun, my friends, a play on, “Keep it Simple Stupid”. Because, there is nothing simple about debt. People and governments keep underestimating its complexity.

For example, the recent amendments to the Statute of Limitations that reduce the period of time to collect a debt from 6 years to 2 years in British Columbia sounds progressive. Only give the creditor 2 years to catch the debtor or you’re out of luck. Right?

And, for many reasons, this legislation is progressive. 6 years is a long, long time. … Read More >

Also posted in Blog | Comments closed

If parents die in debt, do children inherit the bills?

By Luann Lasalle

In the event of death, can a child inherit parent debt along with assets?

{Click here to view the original article published in the Canadian Press on Jun 14, 2013. }

The death of a parent can sometimes mean financial turmoil for surviving relatives, but advisers say that lingering debts aren’t the responsibility of the adult children in the family.Read More >

Also posted in Blog | Comments closed