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Financial information and news from Paul J. Pickering and Associates

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Student Loans: Are They Good or Bad? Dealing with Repayment

June 25th, 2021

Most Canadians will pursue some post-secondary education, and according to Statistics Canada, almost half of those students will take on student loan debt to do it.  They might be going back to school to upgrade their training, upgrade their marks, or to entertain a new career altogether.

How a Consumer Proposal Can Help With Bankruptcy

June 8th, 2021

If you have found yourself struggling with debt and are considering bankruptcy, there is another option you can consider. It is offers a legal binding and efficient way of dealing with your debt and creditors, and it does not require you to declare bankruptcy to get relief.

Are you insolvent or bankrupt? Do you know the difference?

May 19th, 2021

Everyone hits rough patches in their finances at some point. When you are in the midst of a streak of financial bad luck, it can be challenging to see a way out. While there are ways to delay paying off your debts, these are just stop-gap solutions that do nothing to solve the real root of your financial problem and may render you insolvent.

Addicted to Shopping: Here’s How to Control Overspending Habits

April 29th, 2021

After working hard for your money, it’s natural to want to splurge on yourself. We all feel like we deserve those “special somethings”, or just want to treat ourselves to something nice from time to time. While you have every right to buy that item you’ve always had eyes on, if you find yourself swiping your credit/ debit card or spending your cash with increasing frequency, you can quickly find yourself dealing with serious money problems.

4 Things That Affect Your Credit Score.

April 27th, 2021

The quality of your credit score can impact your life in many different areas, some of which you may not even be aware of.

Your credit score, or credit rating, plays a role in most if not all your financial transactions, and if you have a low credit score, your financial life could undoubtedly become more complicated if you don’t address it.

Is a Consumer Proposal Right for You?

April 19th, 2021

If you’ve been struggling with debt management and you’ve been feeling overwhelmed with all the loans you have to repay, you should consider filing a Consumer Proposal. It helps you manage your debt by enabling you to negotiate with your unsecured creditors to make a new payment arrangement and often settle for a percentage of the total debt owed.

Five Signs Your Debt Is Getting Away From You

April 6th, 2021

If you struggle when it comes to handling your financial affairs don’t feel bad… you aren’t alone. 

Financial problems are one of the most common issues people face, and in many ways society has built a very effective system that makes it easy for people to find themselves dealing with unmanageable debt levels.

6 dangers of debt consolidation loans

December 20th, 2020

1) Make sure you are actually paying a low enough interest rate to make the consolidation loan worth while. Some lenders charge higher rates than credit card companies.

2) Without a decent credit rating you may be denied a consolidation loan, or may required to pay a higher interest rate.

7 steps you can use to reduce credit card debt

November 20th, 2020

1) Make the minimum monthly payment on each card you owe.

2) Put any extra funds remaining on the card with the highest interest rate. Once that card has been paid off, repeat this with the next highest rate credit card.

3) Contact each credit card company and try to negotiate a lower interest rate if possible.