To keep you informed with the most recent and impacting news regarding personal finance and debt management, we have composted a list of must-read blogs from OCCA Consumer Debt Relief.
How do you know if you’re on Debt Row?
Are you on debt row? Are you only making the minimum payments? Do you have more than 10 credit cards? Are your credit cards maxed out? Are you taking from your savings or retirement fund to pay your bills? Do you not have enough after paying your bills to build a savings account? Are you living pay cheque to pay cheque? Are you spending more than 15% of your net income toward servicing non-mortgage debt? If you answered yes to all or most, you are on debt row.
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Is Overdraft Protection Right for You?
If you are a disciplined spender and consistently have a positive balance in your bank account, you may not need overdraft protection. However if you are not, and most Canadians fit into this category, then overdraft protection can provide a necessary expense. The idea of overdraft protection is to protect you when your bank funds cannot cover any cheques, online bill payments and automatic debits you charge to your account.
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Instead of Getting a Payday Loan, Do Anything Else
John Oliver delivered a legendary segment educating viewers on the dangers of payday loans and the ridiculous draw consumers have towards them despite the fact. Oliver described the “Payday Loan” business model as a “circle of misery” designed to keep people coming back for ludicrous high-interest loans again and again.
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Are Canadians Preparing enough for Retirement?
Canadians need to save more for retirement according to the Bank of Canada. Former Bank of Canada governor David Dodge has just called for an expansion to the Canada Pension Plan to boost retirement savings, but says many Canadians also need access to new voluntary savings options like the proposed Pooled Registered Pension Plan program.
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What is the Future of Debt Settlement?
The Ministry of Consumer Services has proposed new regulations (Bill 55) for managing consumer debt that will affect the way current debt settlement firms do business. The intention is to protect indebted consumers from up-front fees and negative results by sketchy debt settlement companies.
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Why it is better to negotiate your Debt Now
Canadians are starting to take charge of their finances more and more these days, including their debt. According to the latest statistics, consumers are opting in large numbers to renegotiate their debt rather than declaring bankruptcy. Personal finance experts are advising consumers to resolve their debts as quickly as possible in order to clear up their credit scores and get back into the black.
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Teaching your Child about Money and Debt
We all want our children to be successful in life, and part of that success is dependent on how they manage their finances. Preparing your child at an early age to understand proper money management can make all the difference in their lives. Good or bad money habits develop over time and at an early age.
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For more tips and information about how to save and manage your personal finances and debt, visit our blog at www.occa.ca/blog. We can help you resolve your debt – call us today for your free financial assessment and let us do all the work with creditors and collectors! 1-866-873-6222 or visit us online at www.occa.ca.
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