From the category archives:

How NOT to deal with your debts

Beware of Debt Settlement Companies

by Moneyproblems TipsMon Nov 07, 2011 How NOT to deal with your debts

How NOT to deal with your debts Tip of the Day:
Avoid Debt Settlement companies unless you fully understand how they work.
For the program to work, you have to stop paying your creditors – you then fall behind, compromise your credit rating, and run the risk of having your income garnisheed. Worse yet, the creditors [...]

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Calculate the tax before withdrawing money from your RRSP

by Moneyproblems TipsFri Nov 04, 2011 How NOT to deal with your debts

How NOT to deal with your debts Tip of the Day:
Don’t take money out of your RRSP unless you calculate the amount of tax payable and set that amount aside to give the government at tax time – RRSP withdrawals are taxable, and even though your financial institution will withhold some tax, it is most [...]

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Don’t borrow from family

by Moneyproblems TipsThu Nov 03, 2011 How NOT to deal with your debts

How NOT to deal with your debts Tip of the Day:
Don’t take a loan from a family member unless you know for sure that you can pay it back. If you fall behind, holiday gatherings are likely to be stressful.
If you have a family member who is a good money manager, ask them for [...]

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Don’t Apply for Another Credit Card

by Moneyproblems TipsWed Nov 02, 2011 How NOT to deal with your debts

How NOT to deal with your debts Tip of the Day:
Don’t apply for another credit card to pay for the one you can’t pay off now – true, the new one may offer you 3% interest for 6 months, but what happens after that?
You could well end up in the same position as you were [...]

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Think Before Re-Mortgaging

by Moneyproblems TipsTue Nov 01, 2011 Budgeting

How NOT to deal with your debts Tip of the Day:
Don’t re-mortgage or obtain a second mortgage on your house if you can’t afford the increase in mortgage payments. True, your credit cards may be paid off, but if you can’t afford the mortgage(s), you could have a new set of problems to contend with.
Make a [...]

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