Do I Need Credit Counselling?


Isn’t everyone in debt?

Well, in 21st Century Canada, it might seem that way. Canadians owe a greater portion of their earnings to creditors today than ever before, and even with low interest rates are making steep payments every month just to maintain their debts. When seemingly everyone owes money, how do you know it’s time to see a credit counsellor?

First and foremost, if you don’t know your financial situation, you need to see a counsellor. It’s often easier to hide your head in the sand when it comes to debt problems, but it’s certainly not a long-term solution. If you’re ignoring a debt problem, it’s getting worse.

If one or more of your debts has progressed to collections, and you aren’t able to make the payment, you have a debt problem.

If you are borrowing from one source of credit to pay another, you need to see a counsellor.

If your credit payments (not including your mortgage) exceed 20% of your net income, you are in danger.

If you’re not able to save for emergencies, or put money away for retirement, you could benefit from credit counselling.

If you aren’t able to sleep comfortably at night, secure in the knowledge that your household spending is under control and you have a plan to pay your overall debt load, then you need to contact Creditaid.

Creditaid is a licensed and bonded credit counselling agency that has been proudly serving Winnipeg since 1992. If any of the above scenarios apply to your life, contact us today for a free appointment with a credit counsellor, to help you take stock of your situation and access some of the many tools at our disposal to help you on your journey to financial security.

Boomer Exodus Interrupted

The topic in this great article by Barbara Bowes is something that is sure to have already affected many lives, with many more affected parties to come!

What are your thoughts, do you anticipate the opportunities, or dread the skills gap that’s sure to result?


No matter your stage in life, it’s important to keep the stats in mind: many are living from pay cheque to pay cheque now, when they could be taking action and planning accurately to avoid having to work through the retirement years.

Is it time for you to take action?

BC Driving to Change Legislation that Manitoba Adopted Two Years Ago to Protect Manitobans

Creditaid President and CAICCA Vice Chair Brian Denysuik was recently interviewed by The Province on the need for the BC government to adopt changes in their debt management legislation.  The province has the highest rate of consumer debt in the country but current legislations leave consumers open to financial harm and loss of funds from debt settlement companies during their most vulnerable times.

BC Debt Management Legislation

Changes to the Manitoba legislations were made in 2012 and Brian comments on how those changes were instrumental in protecting Manitobans from scams. “The changes around debt settlement here in Manitoba…have worked very, very well.  I think the legislative changes have helped protect consumers. I fail to understand why BC has not done the same thing.”

“Before the Manitoba government changed that province’s regulations in February 2012, ‘we were seeing a lot of people get trapped into working with these organizations, where they had turned around and they had sent them a whole bunch of money, only to be sued, only to find out that they’d been scammed,’ Denysuik said.

Denysuik said in recent years, his office has heard from far fewer upset, distressed consumers who claim to have been scammed by shady debt settlement companies.”

Read the full article on The Province, originally posted on August 22nd, 2014. Click here to be redirected to the article.

What to Do with the Wedding Ring after Your Divorce

When a relationship ends, the items that held special meaning before can become bearers of painful reminders. Engagement and wedding rings, wedding dresses and marriage certificates are items that many people wonder about after the end of their relationship.  What can you do with them?

Engagement rings and wedding rings often come with a big price tag and if the items lose their emotional value, there is the option to sell them.  Jewellers sometimes will buy their pieces back but at a significant discount.  On average, they will buy them back at only 35% of original value.

Many people in similar situations have opted to sell their rings online through websites such as “I Do… Now I Don’t”.  The founder, Joshua Opperman, was left with a ring after his engagement ended prematurely which prompted him to found the jewellery auction site to help others in similar situations part with their rings.  He has since been featured on Rachael Ray, CNN, and Whoopi Goldberg.

One important factor when selling your high valued item online is to minimize risk of scam.  On “I Do…Now I Don’t”, sellers can list their rings for free.  Once the item is purchased, the money is held in escrow by the website.  The seller will send the ring in for authentication by GIA-trained gemologist.  Once the ring has been authenticated, the ring will be sent to the buyer via UPS with insurance included and a bank cheque will be mailed out to the seller.

Sellers will typically receive 40 – 60% of the retail price for their item, minus a 15% commission fee. If you are making payments on the ring, this return can help you substantially in reducing your debt.

Parting with your engagement or wedding ring might give you the emotional detachment you need to help you move forward past the relationship and onto something better! Visit for more information.