Can you get a car loan during bankruptcy if you live in Canada?

Can you get a car loan during bankruptcy if you live in Canada?

Yes! Yes, you can get a car loan during bankruptcy if you live in Canada and it's actually not as difficult as you might think. You might be thinking that creditors will run from your car loan application, but in fact, there are many lenders and creditors out there that want your business simply because your car loan would be a secured loan

A secured car loan is a safer loan type for lenders when working with people with not so great credit. Going through the bankruptcy process is hard enough as it is for obvious reasons, but please don't feel like this is the end of the world for yourself and for your credit. You can still rebuild your credit after a bankruptcy and one way to do so is with a line of secured credit.

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Recovering from Holiday Debt

Recovering from Holiday Debt

If you're like most people, you spent a little more than you had planned over the holidays.

After spending your budget, there is always another must have item demanding to be bought. That leaves you with unplanned debt on top of your already larger-than-should-be debt. What to do?

The fastest and easiest thing to do is to take a look at your cash management. Yep, that means revisiting your old pal - the budget :) It's time to hunker down and face your finances. Find out what your current account balances are, how much you owe and an update on how much you are bringing in. Now take a look at where you can tighten the purse string strings just a little to make up for the over-spending.

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Discipline and a Spending Plan Needed to Cope With Holiday Debt

Discipline and a Spending Plan Needed to Cope With Holiday Debt

Thoughtful presents, affectionate reminiscences and tasty food of the holiday season are all behind us. Sadly, statements with holiday spending have already flooded mailboxes nationwide. This time of year used to be filled with financial anxiety for my family, but we’ve been able to stay on target since implementing our spending plan. You, too, can become successful at budgeting at home if you develop a plan and stick to it. Here’s how you can dig your family out of holiday debt:

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Non profit debt consolidation - An easy way to pay off debt

Non profit debt consolidation - An easy way to pay off debt

With the rise in the level of US national debt, an increased number of people are turning to professional debt reduction companies for help. A huge number of people in America can't deal with their ever increasing debt load. With the rise in the rate of unemployment, there is less cash in their pockets to even pay debt reduction companies. Here arises the need of a debt reduction company that offers services free of cost. A debt consolidation non profit company can help you realize your desire of seeking debt help free of cost. There are multiple benefits of such companies. Read on to know about the various benefits of non profit debt consolidation.

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Debt consolidation - Is it a good idea for erasing debt?

Debt consolidation - Is it a good idea for erasing debt?

If you're drowned in a huge amount of debt and are looking for ways to get out of the same, considering debt consolidation may be a viable option. But the question lies as to "Is debt consolidation good?" If this is the question that is bothering you, then you need to review the options prudently before consolidating your debts. Debt consolidation is a good option if you're struggling with multiple debts. You can combine all your debts and make single monthly payments to only one creditor. Debt consolidation involves many options like debt consolidation loans, balance transfers, credit counseling etc. Read on to know more about it.

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Are We Better Off Than Our Parents?

Are We Better Off Than Our Parents?

As society progresses other things change affecting our quality of life. The question is, are we better off than what our parents were at our age?

From personal observation:

  • greater job security/loyalty during our parents time
  • credit spending wasn't so high - stress of increasing debt level
  • crime rate?
  • want instantly what our parents worked hard/waited to earn
  • higher rate of secondary education?
  • greater global economy - small change anywhere in the world affects the whole world
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Post-Christmas Blues (due to debt)

Post-Christmas Blues (due to debt)

There's nothing like having a great Christmas full of happiness, family and giving and then having that fire dowsed like a sugar high crash by the realization that you have a big debt that's been multiplied by Christmas gifts.

Often it won't manifest itself until after New Years since we're still in vacation/party mode. But don't let a looming sense of debt ruin your vacation and dampen your spirits. The way to overcome that feeling is to put forth at least a minimal effort to understand where you stand financially, what your plans are for the immediate future and be on a plan to execute those plans.

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Recession Due to Poor Money Management?

Recession Due to Poor Money Management?

Someone asked me the other day if I thought a recession could be avoided by people having better personal finance management habits (having savings, living within their means, etc). I'm no economist, but thought the question was interesting. I responded that it would very likely postpone of even eliminate recessions, reasoning that if people actually had some savings, and were living within their means, they could keep the economy afloat during cyclical recessionary periods.

With proper savings, you can even lose your job for a period of time and have no change in your standard of living. This kind of savings would help keep the economy going during hard times, but of course it would require an overwhelming majority of people to be doing the right thing financially, which is definitely not the case. But it leads one to think that in a way, recession is the punishment or resultant effect of society's poor money habits.

What do you think? Can we avoid recessions with better money management habits?

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How do You Pay a Bill of $0.00?

How do You Pay a Bill of $0.00?

I came across this rather amusing experience (I am unsure if it truly happened, but it is a good example of what can happen) that seemed rather fitting for an entry for April fools.

"In March 1992 a man living in Newtown near Boston Massachusetts received a bill for his as yet unused credit card stating that he owed $0.00. He ignored it and threw it away. In April he received another and threw that one away too. The following month the credit card company sent him a very nasty note stating they were going to cancel his card if he didn't send them $0.00 by return of post. He called them, talked to them, they said it was a computer error and told him they'd take care of it.

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What is your secret talent that could set you free from debt?

What is your secret talent that could set you free from debt?

Switchfoot wrote a song called "Meant To Live". One of the lines says how I feel, I ..."want more than the world has to offer". My goal or dream is to be financially independent and debt free with a lot of family time together. Finding a job that helps that to happen is very challenging. I've been told that my dream is not the norm, so how do I think I could achieve that dream. My friend's comment has left me thinking of how I can achieve more than what the world has to offer/sees as the norm.

I received an inspiring email the other day about Paul Potts. He also had a dream to achieve more than the world has to offer. He was a mobile cell phone salesman, but his dream was to be more than that. Here's a link to a page with two videos. The first video is of his audition for "Britan's Got Talent". And the second video is an interview about some of his journey to achieving his dream.

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What part are you playing in the consumer debt?

What part are you playing in the consumer debt?

Here is a video clip from CBS News that I watched about the high level of consumer debt. It is concerning to see the debt path that a great number of consumers are going down. You start to feel overwhelmed, trapped, and the longer the debt is there the greater the feelings are.

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StatsCan report on Personal Debt

StatsCan report on Personal Debt

I found this very interesting article from StatsCan (from Jan 2007) on the differences in trends between US and Canada regarding Personal Debt. Its a great read. Take a few minutes and give this 7-page document a read. Where do you fit in with the trends?

Personal Debt - Stats Canada

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The Credit Card Trap

The Credit Card Trap

 

Its a new school year. Among other things, college students around the world will be bombarded with credit card applications, offering instant credit. It feels like free money. Low introductory rates make us feel like we earned some bonus money by being accepted to our prestigious institution. Its not until months/years down the road that the real pressure comes to bear. Once those introductory rates disappear the debt will still be there and will start to crush you.

Credit Cards are useful financial tools if you pay off the balance at the end of every month. Otherwise, its a trap that will hold you hostage for years. Below is some helpful advice in selecting a card (and help you avoid the credit trap):

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Accelerating Mortgage Payments - good or bad?

Accelerating Mortgage Payments - good or bad?

Answer: It depends.

If you have extra money, reducing your debt is a great idea for several reasons.

  1. You never know if interest rates will go up and thus your mortgage payments may become unmanageable.
  2. Having no debt is one of the nicest, freest feelings available. You will be much happier.

There are several ways to do this.

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Loan Consolidation and Debt Elimination

Loan Consolidation and Debt Elimination

If you have several debts such as Credit Card, Mortgage, Line of Credit and Personal Loan, chances are these each have a different interest rate. If possible, you can "pay off" the higher interest debts by adding more debt to the lower interest ones.

For example, if you have $5,000 debt on you credit card at 16% interest, and have a line of credit @ 7% interest with $9,000 (but has room for $20,000) it would be in your best interest to pay off the credit card debt by adding $5,000 to your line of credit.

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All debt is bad right?

All debt is bad right?

We all have to borrow money to get ahead in life... there's no escaping it. Its important when borrowing money (taking on debt) that you understand the difference between "good debt" and "bad debt"

Until we are independently wealthy, we all have to borrow money to get ahead in life... there's no escaping it. Its important when borrowing money (taking on debt) that you understand the difference between "good debt" and "bad debt" and try to avoid bad debt.

Bad debt is borrowing money for something that depreciates (becomes less valuable) over time. Most purchases fall into this category. Think about the following: automobile, television, computer. Each of these things are instantly worth less when you buy them and with time they are always worth less and less. You should plan to not buy these items on borrowed money. If you purchase bad debt items with borrowed money, you always lose. Here's how:

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