Learn effective strategies for managing and overcoming debt in Canada. Discover practical tips for creating a budget, prioritizing debts, and negotiating with creditors. Understand the importance of distinguishing between good and bad debt. Explore techniques for reducing expenses, increasing income, and avoiding common debt traps. Get information on how to read and understand your credit report, and learn about your rights when dealing with collection agencies. Discover the psychological impacts of debt and strategies for maintaining financial well-being. This section provides valuable insights and actionable advice to help you take control of your finances and work towards a debt-free future.
Struggling to manage your debt? Book a free consultation with Hoyes Michalos. Our Licensed Insolvency Trustees can provide expert advice on dealing with debt and help you develop a personalized action plan.
Buy Now, Pay Later services offer seemingly convenient payment plans but can quickly lead to financial difficulties. Learn how how BNPL debt accumulates, warns about the risks of combining BNPL with other forms of credit, and provides practical steps to manage BNPL debt or seek help through options like a consumer proposal if payments become unmanageable.
Understand your options for dealing with credit card debt in collections including how the process works, dealing with collection agencies, and exploring debt relief options like settlement, consumer proposals, and bankruptcy.
Loan deferrals let borrowers temporarily pause payments during financial difficulties, but come with significant long-term costs. We explain the pros and cons of applying for a loan deferral, credit score implications, when to ask for a loan deferral or when you should consider alternatives for managing debt.
Single parents are one of the most common groups to file for debt relief in Canada. This article explains your debt relief options, from budgeting strategies to government benefits to formal debt solutions. Learn practical steps you can take today to reduce your debt and create financial stability for your family.
Paying down debt doesn't have to take big chunks of money. Doug Hoyes explains how to pay down debt sooner using micropayments and how it improves your financial situation.
What strategy you should you use to pay off debt - small balances or high interest debts? We explore the pros and cons of 2 common repayment approaches - debt snowball vs debt avalance - and provide tips to help you pay off debt faster.
If you're struggling with car loan payments, learn what happens when you miss payments and understand your options. This guide explains your rights as a borrower, what lenders can legally do, and walks through all available solutions to deal with the situation and eliminate problem car loan debt.
We often hear from clients who cashed in their RRSP to keep up with debt payments. The problem is, that doesn't always help. We explore reasons not to use money from your RRSP to pay down debt and what you can do instead.
Find out who's responsible for credit cards, mortgages and other debts in a divorce or separation and what happens if one spouse files insolvency.
Managing multiple debt payments can feel overwhelming. If you’re struggling to keep track of various credit card bills, loans, and other unsecured debts, you might be wondering if debt consolidation is the answer. While consolidating... Read more »
There are financial responsibilities you should meet before you retire. Here is our retirement planning guide, where we explore how much to save, what to do with debt and how to effectively prepare for it.
Paying down credit card debt can be challenging if you carry large balances. We explain the benefits and potential drawbacks of using a personal loan to pay off credit card debt and provide other debt... Read more »
Dealing with credit card debt can be overwhelming, especially when you have multiple credit cards with high interest rates. That’s where credit card debt consolidation can help. In simple terms, it’s like organizing a messy... Read more »
Canadian homeowners are increasingly struggling to keep up with monthly mortgage payments. Rising interest rates have more than doubled mortgage payments for some homeowners, and the high cost of real estate has led to larger... Read more »
As a credit cardholder, one of your most important financial challenges revolves around credit card debt management. Your goals should be to keep outstanding balances low, avoid high interest rates, and pay your minimum payments... Read more »
For Canadian homeowners, the mortgage renewal process is a significant aspect of their homeownership journey. While the prospect of mortgage renewal brings the promise of negotiating better terms, it doesn’t always go smoothly. Around 3%... Read more »
If you own a business and had to borrow the Canada Emergency Business Account (CEBA) loan during the COVID-19 pandemic, but are now struggling to repay, what are your options? Doug Hoyes explains how CEBA loan forgiveness works in this post.
If you're in a cycle of debt, you know that inflation hasn't been helping your budget. In this post, we show you how to manage your monthly budget to successfully get out of debt. We also explain other way to achieve debt relief.
If you were hoping to pay down debt through a consolidation loan but were denied, fear not. In this post, we explain the common reasons why your lender may not have approved a debt consolidation and outline your debt relief alternatives.
One option for dealing with your debt is to talk to your bank first. In this post, we outline the ways in which your bank may help you get out of debt, tips for how to approach them when asking for help, and what you can do if your bank refuses to provide debt relief.
If you're overwhelmed with debt, this post will help you decide whether you should file a bankruptcy or deal with your debts via a debt management plan by reviewing key questions, as you would in a real debt assessment with a Licensed Insolvency Trustee. Learn which debt relief option is right for you.
Debt Relief Experts
