- Debt-to-Asset Ratio increased to its highest point in 35 years in 2009
- Canadians in lone-parent families are more likely to have high debt-to-asset ratios
- Financial insecurity related to debt decreases with higher income
- Canadian-born had lower odds of high debt load than immigrants
- Debt-to-income ratio climbed more than 55 percentage points between 1990 and 2009
- Older Canadians have less debt
Tuesday, July 5, 2011
Debt and Family Type in Canada
What a great article that outlines the trends between debt and family type in Canada. Click the link below to read the full article. Here are the highlights:
Friday, July 1, 2011
Happy Canada Day!!!! Enjoy and Relax this Holiday weekend!
Here are some fun facts about Canada!
- Detroit, Michigan just across the river in the US holds a Canada Day celebration. Conversely, Windsor, Ontario celebrates July 4, the US Independence Day
- We are responsible for Smarties, Crispy Crunch, and Coffee Crisp
- Baseball is Canadian - First game: June 4, 1838 - Igersoll, ON
- Lacrosse, Hockey, and Basketball are all Canadian
- Apple pie is Canadian!
- Colour television was introduced to Canada on Canada Day in 1967
- Tim Hortons is just plain better than Dunkin' Donuts (a US company)
- In the war of 1812, started by America, Canadians pushed the Americans back ... past their White House.
- Our civil war was fought in a bar - it lasted a little over an hour
- A Canadian invented Standard Time
- The Hudsons Bay Company (aka 'The Bay') is the world's oldest company
- We invented: Ski-doos, jet-ski, Velcro, Zippers, Insulin, Penicillin, Zambonies, and the telephone.
- A Canadian invented Superman.
Monday, June 13, 2011
Pushing the Limits
Eleanor Roosevelt said "Do one thing everyday that scares you." We agree and think living by this mantra is a great way to challenge yourself and continually grow. Take a second and think about the things you want in your life, but don't currently have. Take those dreams and turn them into reality by breaking down your goals into daily activities that will always move you closer to the end result. The idea is to pick a small adjustment for the week, then another and another. It can be big or small, but the goal is to make it so that it is realistically achievable. For example, if you feel you need to lose weight, your goal shouldn't be to lose 100 lbs in the next year, you should take it one week at a time. The first week decide to drink more water, then the following week eat only 1/4 of the portions you were before, then the week after that you add in exercise. This way you're not overwhelmed with trying to accomplish too much at once and feeling like you have failed just because you couldn't keep up with the demands you put on yourself.
The same goes for your debt situation. If you are really dedicated to becoming debt free. It is a process and it will take time. Doing nothing will be overwhelming and you will feel like a failure at times. Taking it week by week and making small changes will have you where you want to be in no time. You could try saving $20.00 one week by cutting out coffee stops, then try saving $50.00 the next week by cutting out coffee stops and using coupons, and so on. Before you know it, you're saving enough money to start paying off those debts and live the CamLife!
There is no better feeling than accomplishing what you have set to do. It may be a process but Cambridge Life Solutions is here to help along the way!
Friday, June 10, 2011
Tuesday, May 31, 2011
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/
http://www.theglobeandmail.com/globe-investor/personal-finance/top-money-tip-for-university-frosh-dont-use-plastic/article2040925/
Friday, May 20, 2011
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/
Wednesday, May 11, 2011
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
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