Financial Literacy is having knowledge and skills needed to make responsible financial decisions. Have you tested your financial literacy?
Everybody wants to attain more financial stability in their lives and learn how to get out of debt when necessary. However, understanding the terminology can be daunting. The first step to achieving healthier personal finances is to recognize the components and how they all work together. While there are dozens of personal finance glossaries available online, they simply don’t go into enough depth and tend to list hundreds of different terms. Focusing on learning about the basics of your household finances can give you a great starting point for getting a hold on them. Gross Income and Net Income First […]
More and more Canadians are answering “yes” to this question, demonstrating a desire to control mounting debt load and financial challenges. In fact, according to a CIBC poll, the goals of debt reduction, budgeting, and paying bills have taken priority over longer term financial goals like retirement planning. Having said that – saying that paying down your debt is a priority and actually making it a priority are two distinctly different things. Tackling a large amount of debt can be daunting to say the least and many don’t know their options, or where to get professional advice. Don’t succumb to […]
It’s no secret that discussing debt is an uncomfortable topic for many people. It conjures a litany of emotions around having lost control and, yet, it is a critical consideration in maintaining stable house-hold finances. Indeed, the ‘debt-to-income’ ratio is a fundamental factor that creditors look at when lending money and it is a critical snap-shot of your financial health. The ratio compares your gross monthly income to your overall debt. The higher the ratio, the more unstable your finances are and the greater the risk you represent to creditors. For most of us, debt accumulates far too easily for […]
Making a proposal to your creditors can be overwhelming, especially when you may not understand what is happening, the legal terminology being used, and the steps in the consumer proposal process. Below is a step-by-step explanation of the process you will go through when you make a formal arrangement with your creditors. Your Trustee will guide you through this process. Congratulate Yourself Deciding to take control of your debt takes a lot of courage. You are taking a positive step toward a financially stable future. Set up a Free, No-Obligation Appointment BDO Canada Limited has over 70 proposal administrators across […]