Most people are aware that their credit score plays a big role on their life and finances. Unresolved financial issues leading to a bad score virtually guarantees challenges when it comes to whether or not you are approved for loans, the interest rate you pay on those loans and even whether you can get insurance, jobs and more.

Financial hurdles and hardships are something many people, and really anyone for that matter,  can find themselves dealing with in their lives. Unless you are fortunate enough to be independently wealthy, have the benefit of generational wealth or have large assets, debt issues and financial constraints can impact anyone, especially given the current economic difficulties during the COVID-19 pandemic.

With the ongoing COVID-19 pandemic evolving rapidly and impacting most business owners across all industries, it’s clear that this is one of the most challenging times that any decision-maker has ever faced.

From drops in product demand to supply constraints, the list of difficulties that companies are facing as a result of the pandemic continues to grow at an endless pace.

Each time we help our clients get through their financial troubles to the point where they have achieved debt freedom, each and every one of them expresses the same feelings; relief from stress… , gratitude and hope. 

They express their gratitude for the weight lifted off of their shoulders, being able to breathe freely and sleep, stress-free in years.

Credit cards; those little plastic cards that might promise year end rebates, bonus points, cash coupons and other perks are a great tool and should be used whenever possible. The caveat to using the card in order to gain those incentives is to use them wisely and only as long as you know you’ll be able to pay the bill (in its entirety) when it arrives.

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.

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.

If you have found yourself in a situation where you are struggling to  decide on whether you should save your money or should pay down your debt, you’re not alone.  After all, it isn’t a simple answer because there are many factors to consider when making your decision.

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.

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.