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!!!!

Part V: Financial Education

"Develop a passion for learning. If you do, you will never cease to grow."
Anthony J. D'Angelo

Education is power. Becoming educated about credit cards, budgeting and basic finance is so important. The more knowledgeable your are about finances and what is occurring in the financial world around you, the more empowered you are to make sound financial decisions. Become educated about everything you do...from going to the grocery store to buying a house...spend wisely. If nothing else, use what you are currently going through as a learning experience and use it to make better decisions in the future. If you are parent, start NOW with your children. It's never too early or too late!



Canadian Centre for Financial Literacy
http://www.theccfl.ca/home.aspx
The Psychology of Debt
http://www.bankrate.com/brm/news/cc/19980713a.asp
Ask Questions
http://www.canadian-money-advisor.com
Invest
http://www.fool.com/how-to-invest/personal-finance/credit/index.aspx
Know What Credit Card Interest Rates Are Doing
http://www.bankrate.com/finance/credit-cards/credit-cards.aspx
Stay Up To Date on the Financial World Around You
http://www.moneytalksnews.com/
Know Your Rights as a Debtor
http://www.consumerprotectionbc.ca
Unbiased Money Information
http://www.getsmarteraboutmoney.ca

Part IV: Budgeting Assistance

So far, we have talked about creating a detailed plan and online resources available to assist with getting your finances on track. Sometimes it takes a little more than just getting everything in order to actually get your finances moving in the right direction. Many are still staring at the sea of numbers on your scrap paper and saying, ok, now what?!?!?! Have no fear, this is normal! This is the point when many people acknowledge they need outside help. Getting the courage to put the information together is great and the online tools are fantastic, but you will find yourself at this point, needing help. This is where Cambridge Life Solutions steps in. Our debt consultants are the best. They take the time to listen to your specific situation. They evaluate the numbers you have in front of you and they design the best course of action based on your needs. We are constantly being told that our clients feel so better after just the first phone call. Here is what some of our clients have said:

"Good morning, Kevin:

I had the pleasure of setting up my new Cambridge debt resolution account with David over the last 10 days. I'm pleased to say that thanks to David and his assistance, I now have a debt solution in place with Cambridge.

David is a very attentive representative who did his utmost to make the whole process clear and easy to follow. As a part-time office manager myself, I appreciated the amount of detail necessary to fully ensure my application would be processed in a timely manner. David is very amiable and easy to talk to as well, something I also appreciate due to the amount of sensitive financial information being communicated over the telephone. Iesn short, David has done an exemplary job with me and my application with Cambridge.

Just thought you ought to know what a valuable employee you have with David.

all the best, Ross"

"I ….contacted Ken for assistance. He had answers to every question I asked. He was courteous and prompt with his replies. I was contacted by both email and phone on follow up and I was never once made to feel and inconvenience or belittled. This has been a weight lifting experience for myself and my husband and I would recommend Ken and your company to anyone looking for solutions. Compared to my dealings with Loans Officers and Mortgage Advisors at Banks I would recommend they take some lessons from Ken on Customer Service. Please thank him for his service and I look forward to dealing with your company over the next 24 months.

Gwen"

"Good afternoon;

... …I took a chance and made the call , and Erik..welcomed me to the program , Erik explained in detail all the information i wanted to know , he was very polite and understanding with me in my dept problem , , Erik took the time to expain all my questions , that i had very clearly ,leaving me with nothing to worried ,about. i enjoyed our conversation, over the phone , When he was finished explaining how the company worked for those who are deeply in debt , i was very satisfied and relieved.

I will be free of credit card dept at the end of 2 years, because of Erik , . he knows his work and how to treat a person who is stressd out , and how to deal with these issues ,

Thanks Erik , for your help and understanding and putting me on a road to being credit card debt free …"

We are here to help...to assist with budgeting and relieving the burden of your credit card debt so you can live the CamLife....DEBT FREE!!!