Help Your Debt, Help Your Health

As more studies are done on the correlation between physical and financial health, one thing has become crystal clear: the more affluent you are, the better your physical health is likely to be. According to the Public Health Agency of Canada, social and economic status “seem to be the most important determinants of health”.

Help-your-debt-and-healthThere are a number of reasons for this. The obvious is that people with higher incomes are likely to be better educated about their health, and have better access to nutrition and medical services.

There’s also the emotional toll that a debt load can bring to an individual and a family. No matter what your level of income, if you’re carrying significant debt, it will weigh on you. When that debt load gets out of hand, the collection calls from creditors and the “balancing act” of weighting credit card and loan payments against the necessities of life can produce high levels of stress, which will have an impact on your health. Credit card debt is the most significant detractor, because it’s the most available and carries the highest interest cost.

For Manitobans struggling with debt, the first steps to recovery are the most difficult. You must analyze your budget, and take a detailed look at your obligations and their accompanying interest rates. From there, you need to create a realistic payment schedule, one that allows you to take care of your family’s needs while reducing the amount you owe.

At Creditaid, we understand the physical and emotional toll that spiraling debt can have. When you contact us, we’ll do our best to help you by offering counselling regarding your debt situation, management of your debt, and look at a consolidation strategy when appropriate.

Contact us anytime online or by telephone at (204) 987-6890. We can help you take those important first steps toward a healthier, debt free life.

What Kinds of Insurance do you Really Need?

iStock_000008194407XSmall_File folders and fountain pen resting on insurance policyIn times of financial restraint, we examine each and every one of our expenses, and decide which are necessities, and which are luxuries. One of the most confusing areas is that of insurance. It’s possible that a single individual can have upwards of half a dozen insurance polices, all of which are associated with an expense, at a given time. Premiums are expensive, and when you’re looking to cut costs, they all fall under scrutiny. Here is a list of common types of insurance and their pros and cons.

Automobile Insurance
In Manitoba, we’re lucky to have MPI insurance, which does a good job of regulating premiums for everyone. If you drive, you need insurance. Period. Purchase basic Autopac insurance, and consider extended coverage if you have the need for it.

Home Insurance
If you own a building with a mortgage on it, you must have enough insurance on it to satisfy your lienholder – the bank or mortgage company. Generally, you should insure a building not for the appraised value, but for enough to build a comparable replacement in today’s market.
If you rent, you should insure the contents of your home or apartment. Most insurance companies offer a tenant’s package to insure your possessions against fire, theft, or other perils. Make sure you take stock of all the items in your home, and the cost of replacing them.

Life Insurance
Life insurance is one of the trickiest purchases you can make. The goal is to insure yourself so that, in the event of your death, your family won’t face financial hardship. There are basically three ways to do this – through Term Insurance, Permanent Insurance, and Universal Life Insurance. Term insurance is cheapest, as it expires after a certain number of years. Permanent Insurance covers your whole life (although you can cancel it and withdraw some money), and Universal Life Insurance is most expensive, as it has a tax-sheltered investment component.

The questions around insurance could fill a book. To talk to a Creditaid counsellor about credit counselling and debt management solutions (including budgeting) contact us today.

Creditaid Supports 2015 Winnipeg Salsa Festival


Creditaid is pleased to be a sponsor of this year’s Salsa Fest, being held at various locations in Winnipeg from September 11-13, 2015.

This is the 2nd annual Salsa Festival in Winnipeg and it’s sure to include something for everyone! Hosted by Cubanisimo, a Winnipeg dance company dedicated to the preservation of Cuban heritage and to the promotion of the joy of Latin Dance, Salsa Fest is a great way to learn about a dancing style that has become so popular in recent years.

Led by company directors Harold Rancano and Regan Hirose, Cubanisimo has performed and competed in dance events throughout North America, most notably the 2014 World Latin Dance Cup in Miami, Florida. Harold and Regan are placed 6th in the world in the Bachata Cabaret Division and amongst the top 10 in Salsa.

Salsa Fest gives you the opportunity to learn from the best!

Workshops take place all weekend long and offer something for all ages and abilities.

Creditaid believes that financial wellness and physical wellness go hand-in-hand and encourages everyone to get out there and CHA CHA!