Blog & News

September 11, 2014

If you find yourself overwhelmed with credit card debt, having trouble making payments or even avoiding collection calls from creditors, know this: you are not alone, and there is help available for you.

We have clients who come to us so deep in credit card debt that they are on the brink of bankruptcy, barely staying afloat from payment to payment. Others aren’t so desperate, but are still looking for a way to get a handle on their debt and become debt free. Credit Solutions is the credit card debt help you are looking for, because we work with you to design a debt repayment program that works for you.

August 28, 2014

Do you need relief from payday loans? Many people like you get caught in what’s known as the “payday loan cycle”, a ‘borrowing from Peter to pay Paul’ situation where you are juggling payday loans from multiple lenders, trying to keep all of the balls in the air. The sweat begins to trickle down your forehead because you can’t see when it will end, and if you stumble, all the balls will come crashing down, leading to collection calls and wage garnishment. The problem is you don’t know where to turn, and you don’t have the money to pay back everyone on top of your regular costs of living.

July 31, 2014

By Margaret H. Johnson

It’s hard to resist the temptation to lay back in the sun and forget about our money issues. And maybe that is one of the benefits of summer – we go on a vacation from our money troubles.

How we do we do it? We close our eyes, and whip out the credit cards and relax. The family budget gets buried in the sand of bliss and willful negligence. Part of the reason for this temporary amnesia with money is the underlying reality that there is no money to pay for the annual vacation, or the many children's camps and activities. And, rather than face the cold breeze from winter and back to school expenses, we run away to the beach or the campgrounds to hide and forget – even if only, for a few weeks.

May 28, 2014

By Margaret H. Johnson

You’ve heard about debtors prisons, right? They were made somewhat famous by Charles Dickens in the 1800s through fictional characters and events. His father had been imprisoned for debt. His family suffered great shame and austerity. As society progressed out of the harsh middle ages eliminating debtors’ prisons became an essential part of a civilized society and disappeared by the 20th Century in most modernized countries.

The appearance of bankruptcy legislation assisted in providing an end to a creditor’s contractual obligation to collect debts, even if the debtor had no means to repay. As well, it became very expensive to house a growing population of debtors in prisons.

April 30, 2014

By Margaret H Johnson

The Centre for Policy Alternatives released a report entitled Outrageous Fortune Documenting Canada’s Wealth Gap recently that confirms in statistics what we already knew by intuition. The rich are indeed getting richer.

They make a clear distinction in this report between wealth and income gaps and find that Canada's wealth gap is bigger than its income gap. Not only does Canada’s richest 20% of families take almost 50% of all income, but they also lay claim to 70% of the wealth.

April 3, 2014

By Margaret H Johnson

Yikes. I can’t even count that high. That is what was reported today in the Canadian Press. Canadians owe $1.4 trillion.

The article then goes on to tell us that consumer debt, including mortgages, make up the $1.4 trillion. Guess what? When you mix mortgages with consumer debt you do not end up with consumer debt. The correct term is household debt.

March 27, 2014

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.

March 6, 2014

By Margaret H Johnson

OMG 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.

February 27, 2014

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.