When faced with mounting debt payments, pressure from debt collectors, or the burden of high-interest credit cards and loans, many Canadians contemplate whether they should consider using RRSP to pay off debt. While it may seem like a straightforward solution, it’s important to fully understand the immediate and long-term consequences of tapping into your retirement…
Chapter 7 bankruptcy is a legal process that allows individuals or businesses to eliminate most of their debts by liquidating non-exempt assets. It provides a fresh financial start for those overwhelmed by debt, though it comes with serious consequences. This chapter covers the definition of Chapter 7 bankruptcy, the process of filing, the potential long-term…
When considering financial recovery options, many clients ask, “Debt consolidation vs bankruptcy which is better?” Each approach offers a pathway to financial relief, but they come with significant differences. Debt consolidation can lower your interest rate, making it easier to manage your total debt. On the other hand, bankruptcy might erase your debts, but it…
As a credit cardholder, managing credit card debt is one of your most significant financial challenges. Your objectives should include maintaining low outstanding balances, avoiding high interest rates, and ensuring timely minimum payments. But what should you do if one credit card is maxed out and you’re struggling to make payments on it? Or if…