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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 >

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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