Word of Advice: College Freshman should not get Credit Cards!!!!

I know, I know, it's your first day on campus and you feel such a sense of freedom. You're walking around, exploring the campus and there is a big booth covered in your school colors. They are offering a free school sweatshirt just for filling out this paperwork...SCORE!!!! The free sweatshirt is very awesome, but the credit card you just applied for, not so much. Most college freshman don't have a lot of money and it's as it should be. By going to college, you are sacrificing and making an investment into your future. You might think that by applying you'll just see if you get the credit card but won't really use it. Trust me, that's not the way it works. Next thing you know, your friends are begging you to come on a spring break trip with them and your pulling out the credit card to pay for it. After graduation, you will be working so hard just to pay off your creditors and you won't have time to focus on building a strong financial future. Trust me, the free sweatshirt isn't worth it, stay away from those credit cards!!!

http://www.theglobeandmail.com/globe-investor/personal-finance/top-money-tip-for-university-frosh-dont-use-plastic/article2040925/

Great Question! Should we burn RRSP to pay off credit card debt?

We get this question all the time. It's not just in relation to RRSP, but any sort of stock accounts, equity lines, debt consolidation loans. There are several aspects to consider. First, you have worked hard to build your retirement accounts. Don't touch them! They are for retirement. Don't touch your equity lines, that will cause an unsecured debt to now become secured and debt consolidation loans are just making it easier for you to accumulate more debt. There are plenty of other ways to eliminate your debt without tapping into these alternatives.

Make sure you do your research and are aware of all the pros and cons to each method of getting out of debt. Every situation is different and only you can make the choices that best fit your needs.

Here is a real life situation and the advice they received.

http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/cash-clash-burn-rrsp-to-pay-off-credit-card/article2024590/

Credit Card Torture ~ One Man's Experience

You would be surprised how often our client's call us for help after dealing with harassing creditors for so long! Some client's have dealt with harassment from Creditors for years before seeking help! We can tell you, you deserve better! Your credit card debt does not determine who you are as a person. Life happens, family members fall ill, we lose our jobs, we lose our overtime....whatever it is, it happens to everyone. Especially in this global economy, there are more and more people struggling to keep up. This does not mean you have to be scared every time the phone rings. We read the story below and couldn't help but forward it along. Also, click on the links to know more about Creditor Harassment and your rights! Don't let yourself be harassed by creditors. Cambridge Life Solutions can help you to be one step closer to living The CamLife....DEBT FREE!!!!

Credit Card Torture ~ Here's one man's experience ~ You don't have to go through this alone! http://www.bbc.co.uk/news/business-13199797

British Columbia
http://www.consumerprotectionbc.ca/consumers-debt-collection/consumer-tips/241-debt-collection-knowing-your-rights-and-responsibilities

Alberta
http://www.servicealberta.gov.ab.ca/pdf/reality_choices/Dealing_With_Credit.pdf

Saskatchewan
http://www.justice.gov.sk.ca/credit-and-debt

Manitoba
http://www.gov.mb.ca/fs/cca/cpo/pdf/Collection_Practices.pdf

Ontario
http://www.sse.gov.on.ca/mcs/en/Pages/Personal_Finance_Collection_Agency_Rights.aspx

Quebec
http://www.opc.gouv.qc.ca/Webforms/SujetsConsommation/FinancesAssurances/CompteSouffrance/AgentRecouvrement.aspx

Prince Edward Island
http://www.gov.pe.ca/jps/index.php3?number=53408&lang=E

How To Avoid Filing Bankruptcy!

http://www.theglobeandmail.com/globe-investor/personal-finance/smart-cookies/how-to-avoid-filing-for-bankruptcy/article1532892/

Part VI: Guidance and Support

We've reached the last of our six part series about eliminating debt. The final piece of the puzzle is Guidance and Support. This time in your life and the decisions that you face are not easy. It's important to have someone you can open to about your debt. Sometimes it's a spouse, parent, or best friend, but most times it's difficult to be completely open and truthful about your situation. Cambridge Life Solutions offers an open forum where you can discuss the good, the bad and the ugly of your situation. Everyone from our Debt Consultants to our Customer Service Team cares about creating the best solution for your specific financial hardship. Not every situation is the same, so when Henry your Hairstylist says his Mother's, Best Friend's, Daughter-In-Law's, Aunt got out of debt by filing Bankruptcy, maybe that was the best option for her, but not necessarily you. The point is Cambridge Life Solutions is here to listen and to offer the guidance and support you need to LIVE THE CAMLIFE!!!!