Tag: consumer debt manitoba

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Whether you live in Brandon, Carman, Gimli, or Anywhere else in Manitoba, Creditaid can Help You

Canadians are taking on more and more debt. The latest statistics show that, excluding their mortgage, the average adult living in Canada has more than $20,000 of debt hanging over his or her head.

This huge figure is the result of a recently surging economy, which builds confidence among borrowers about their ability to pay back their debt, and record low interest rates, which means that the cost of borrowing those dollars might seem lower than the average.

Map_of_ManitobaAt Creditaid, we see this as a huge problem. The Canadian economy has slowed, especially in Western Canada, where a recent softening of the market for petroleum products has impacted the oil industry and its core of support businesses.

There are a lot of reasons people wind up with debt, and not all of them are irresponsibility. An unforeseen job loss, a sudden expense, or a family member in need can start the slide, and the banks and credit card companies will let you spiral further and further into debt from there, as that helps them maximize their profits.

At Creditaid, we help people get a handle on their debt. We can tell you how to start to climb out of your debt situation, and offer services like debt consolidation when they’re appropriate. We’re credit professionals who are, for once, on your side in your battle against debt.

To have your questions about credit counselling, debt management, and debt consolidation answered, contact Creditaid online or by telephone at (204) 987-6890. We can help you no matter where you live in Manitoba. Our area of service includes but is not limited to Winnipeg, Brandon, Steinbach, Winkler, Stonewall, and Selkirk.

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Has Society Become Desensitized to Spending?

Desensitized-to-spending-Apr-15

Good question. Certainly, not everyone has, but spiraling levels of consumer debt have risen to record levels, indicating that Canadians are spending more money that they don’t have at an alarming rate.

Statistics Canada has released figures for the third quarter of 2014 indicating that Canadian household total credit-market debt, which consists of mortgages, consumer credit (mostly credit cards) and non-mortgage loans rose to 162.6 percent of disposable income. The Bank of Canada has stated that “high consumer debt loads and imbalances in the housing market” are a concern.

In short, people are using credit more today than ever before.

Two generations ago, very few people used credit. Society was based on a “cash on the barrelhead” philosophy that encouraged living within one’s means. This standpoint has been slowly eroded by rising home ownership costs (it is virtually impossible to purchase a home without a mortgage, and the length of time that the average family spends paying for their home gets steadily longer), the availability of consumer credit, and the replacement of “hard” currency with cheques, credit cards, and digital wallets.

It’s easier to access credit today than ever before, and advertising inundates us with constant messages promoting consumption of high-value items, usually on payments. It’s no wonder that people wind up in trouble with credit cards, loans, and lines of credit.

Creditaid exists to help people who have used credit improperly, or have been faced with unforeseen circumstances, and are having trouble dealing with their debt. We offer a free initial credit counselling review with professionals who can advise you on how to best manage and repay your debts. We’ll work with you in a judgment-free manner to develop solutions for your specific situation. We have a number of tools available to help you deal with your creditors, including debt consolidation and debt management solutions. If you’re feeling the pressure of collections, call Creditaid for help today.

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What Are You Doing With the Money You Are Saving on Gas?

According to National Resources Canada, the average vehicle in Manitoba travels 14,963 km per year, and for every 100 of those kilometers it travels, it consumes 11.2 litres of gasoline.

hand-pumping-gas-into-carToday’s gas price (about 88 cents per litre as of this writing) is far lower than the 2014 high in Winnipeg – $1.33 per litre in June of 2014. At this rate, the average driver is saving about $755 this year, if gas prices stay about the same.

What are you going to do with the money you save?

You could go on a short vacation, or buy a nice toy. Or sock it away for a rainy day. Most people, however, will just absorb the money in to their daily expenditures, and not really notice that it’s there. An extra cup of coffee every day.

At Creditaid, we’ve got a different idea. Knowing how many people struggle with credit card debt, we’d suggest using your windfall from lower gas prices to help reduce the credit card, loan, or line of credit with the least favourable interest terms. You’ll then be putting the money you’re saving on fuel to its best possible use – bettering your financial position now and in the future.

Creditaid is a proudly local solution to debt problems. If you’re finding yourself overwhelmed by debts, make an appointment to speak confidentially to one of our expert credit counselors.

We’ve helped many of our Winnipeg neighbours with customized solutions to eliminate their debt, including debt consolidation and debt management programs. We will help you with your current financial crisis, and give you the tools you need to ensure that you don’t have a recurrence in the future.

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Scared to Pick Up the Phone?

Do you panic every time the phone rings? At Creditaid, we help people take back control of their lives. Many of the people we have helped have been where you are today – too scared to answer the phone or check the mail when it is delivered, missing out on spending time with family or friends for fear of spending money that you don’t have. Life is too short to live in constant fear – it is time to take control, and start living your life again. Call to speak to one of our qualified counsellors who will walk you through each step of the way to becoming debt free – whenever you’re ready, just give us a call at 204-987-6890.

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Do you worry when the phone rings?

Do you toss and turn at night, worry every time the phone rings or hesitate to check the mail for fear of seeing more bills? It’s time you start living your life again. Call us today.

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Consumer Obsession Leads Us to Over-spending

The desire to “keep up with the Jones’s” has become more than a social status issue for many people.  Also, it is very easy to get caught up in this during the holiday season. It has become a catalyst for overspending that has consumers running to banks and other lenders looking for ways to finance their purchases. This issue also has countless consumers loaded up with credit card debt so steep it may take them a lifetime to get out of it.

Give your financial literacy a good double-check, and if you are not already practicing the following financial practices, now is a great time to start today:

  • Pay bills on time and balance your check book each month. You can’t know how much you can afford to spend if you don’t know how much you currently have to spend.
  • Stop buying on impulse. If you want something, rather than charging it on your credit card and paying interest, save for the next few month and buy it when you have the money.
  • Always pay more than your minimum balance on credit cards: Get rid of them as soon as possible. You will save money on interest and have more to save for the future.
  • Vow to maintain only “good” debt. This is the type of debt that will increase your net worth: A mortgage on an affordable home, a car loan, or college debt. These will either increase your creditworthiness or make you more employable so you are able to earn more and keep debt to a minimum.
  • Always include some savings in your budget. Many short-sighted people are unable to see their needs after retirement and don’t save. This results in financial difficulty during their declining years.
  • Find out what you don’t know about finances—and learn it. Despite the flood of information on financial management, people don’t take the time to learn.

Finally, in order to put a stop to this financial madness keep in mind the media pull for spending and don’t be drawn into the hype. By being savvy shoppers and savers, the overspending and debt can stop.

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Low Monthly Payments = Instant Gratification & Longterm Debt

Retailers have learned how to appeal to our desire for instant purchase power. They can easily sell us on how great it would be to own their newest electronic device, kitchen appliance or piece of furniture. They also know that they need to convince us that we can afford this new luxury item, and low monthly payments through a finance plan is one of their favorite ways to do that.

“This can be yours – TODAY, for ONLY $25.00 a month!”

‘I can afford that,’ we think to ourselves, and we sign up for the monthly payments and take home our brand new purchase. A few months later, we do it with something else. Pretty soon, we have several ‘low monthly payments’ that we need to keep up with and balances that are very slow to decrease.

The trouble with these monthly payment plans is that they take so long to pay off. Because you are paying high interest rates on the principal, you may end up paying two or three times the total value of the item you purchased, just so you could have it NOW. What seemed like a small amount of money, when broken down in installment payments, is making the finance companies lots of revenue, and it’s coming out of your pockets.

Although, it may not be as easy to get out of this situation as it was to get into it, it can be done. At Creditaid, we know the ins and outs of this type of financing. We’ve helped plenty of people dealing with too many monthly payments. We’d be happy talk with you about your own personal situation. Ask for a FREE consultation today.

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Student Loans Got You in a Bind?

There was a time when applying for financial aid for university or college meant applying for grants and scholarships that didn’t need to be paid back. There isn’t as much of that type of funding available today. Even when it is available, it doesn’t usually cover the full costs.

Student loans are what most people have used to help them finance their way through university. They’re fairly easy to secure, and they don’t have to be paid back until after you leave college. Their interest rates are also usually lower than you would pay on other loans. They are a good deal for students.

Unfortunately, you may be in the situation that many others find themselves in after their education has come to an end. Starting pay at the job you’ve secured (if you have one) isn’t what you hoped it would be. In addition, you probably are dealing with a lot of other living expenses that you could not possibly have predicted at the time you took out your student loans. Many people start out college single and carefree, and then come out of college married and perhaps having children to support. They usually have added a car payment to their cost of living and a more expensive apartment or the purchase of a home. All these things can easily consume an individual’s pay check and leave little left for paying off student loans.

As we said, if you find yourself financially strapped because of student loan payments that you can’t afford, you are not alone. Plenty of others are finding themselves in the same situation. Many of them are our clients. We are helping them find solutions that can resolve their lopsided financial situation and put them back on track. Contact us and let ‘s discuss how we might be able to help you too.

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Credit Card Offers Are Sexy

Back-to-school for many post secondary students means the onslaught of credit card offers that entice with low interest rates and perks – Free Trip Anyone?

Before you apply for that new credit card, ensure you educate yourself on how to handle credit and manage debt. Student debt is such an important thing to understand. It is the begining of establishing a solid financial start as an education is pursued.