From the category archives:

consumer proposal

How a Consumer Proposal Can Help You Avoid Bankruptcy

by Moneyproblems TipsFri Apr 02, 2010 consumer proposal

If you have two much debt, and are just making the minimum payments, you need to review all of your debt management options.  (Our free debt management options calculator can help).  For many people, a consumer proposal will be the solution.
In a consumer proposal you make one monthly payment, and that payment is distributed to [...]

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Snowball your way out of debt

by Moneyproblems TipsThu Apr 01, 2010 consumer proposal

To get out of debt fast, pay off your highest interest rate debts first, and then snowball to pay off the rest of your debts.  Here’s how it works:
Let’s assume you owe $3,000 on your highest interest rate credit card, a department store card with a 25% interest rate.  You are paying about $62 per [...]

Tagged as: consumer proposal, debt repayment, snowball

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The present is more important than the future

by Moneyproblems TipsTue Mar 09, 2010 consumer proposal

You have money problems.  Do you worry more about your credit in the future, or your debts today?
The future is important, but if you are about to have your wages garnisheed because you can’t pay your debts, the present is more important than the the future.
Take action today.  Talk to a consumer proposal administrator about [...]

Tagged as: consumer proposal, stop wage garnishment

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Know Your Options When Dealing With Bill Collectors

by Moneyproblems TipsFri Feb 26, 2010 bankruptcy Canada

It is not uncommon for bill collectors and collection agents to threaten to “take you to court.”  Mark Silverthorn, in his book The Wolf at the Door: What to Do When Collection Agencies Come Calling, states that it is very unlikely that a collection agent will take you to court, because if they do, it [...]

Tagged as: bill collectors, collection agents

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To Solve Your Money Problems, Play To Win

by Moneyproblems TipsThu Feb 25, 2010 consumer proposal

If you have lots of debt, you need to take an aggressive approach: play to win when it comes to dealing with debt.  You can play to win, or play not to lose.  With debt, it is often better to play to win.
Some people avoid their creditors, and hope their debts will go away.  If [...]

Tagged as: debt management options

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How to Deal With Overwhelming Credit Card Debts

by Moneyproblems TipsFri Feb 19, 2010 Debt Consolidation Loan

This week we have discussed the truth about credit card costs, and how to pay off your credit cards.  But what can you do if you are carrying an overwhelming amount of credit card debt?
You probably didn’t expect to have this much debt, but perhaps you got sick, or lost your job and had to [...]

Tagged as: bankruptcy, consumer proposal, credit card

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Negotiate to Lower Your Credit Card Interest Rate

by Moneyproblems TipsWed Feb 17, 2010 consumer proposal

If you have good credit, and if you are paying a high interest rate on your credit card, try this:  Call up your credit card company and say:
I just got an offer in the mail from another credit card company.  I like your card and I don’t really want to switch, but I’m paying 19% [...]

Tagged as: consumer propsoal, credit card

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The Truth About Credit Card Costs

by Moneyproblems TipsMon Feb 15, 2010 consumer proposal

Here’s the truth about credit card costs: if you don’t pay your balance in full each month, you could pay twice as much for the product you bought than if you had paid cash.
If your credit card is charging you 20% interest, and your buy a $1,000 item, and if you only pay the interest [...]

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Lower Your Credit Card Interest Rate

by Moneyproblems TipsFri Feb 12, 2010 Money Saving Tips

Two days ago we discussed the need to be careful with credit cards because of their high interest rates.  In most cases your best option is to pay off your credit cards so that you are not carrying a balance.  But what if you can’t pay them in full?
The next best option is to lower [...]

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Why a Creditor Would Reject a Consumer Proposal, and What You Can Do About It

by Moneyproblems TipsThu Feb 11, 2010 consumer proposal

A consumer proposal is a great way for some people to deal with their debts.  The concept is simple: your consumer proposal administrator calculates what the creditors would receive if they were to reject your proposal and you were to go bankrupt, and you offer the creditors more.  For example, if the cost of bankruptcy [...]

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