Free Articles
Generation Debt
We're living beyond our means. And we don't seem to care
As published in Unlimited magazine 2008-02-28
I've always been a little scared of debt. Growing up the youngest of six air force brats under the frequently loud marching orders of a five-foot-four chief warrant officer, some things just ricochet forever: finish what's on your plate, shine your leather shoes, and if you can't pay your credit card balance by month's end, you're spending too much.
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Debt doctors: Arbitrators can help you get out of a credit crisis
(By P.J. Harston)
As published in several Sun Media Corporation newspapers 2007-08-30
It's no secret Canadians are racking up their credit cards, taking out mortgages for homes they can't afford, much less afford to furnish, getting loans for new vehicles and otherwise sinking deeper into debt.
Statistics Canada reported that between 1999 and 2005 median debt load for families rose 38% from close to $32,300 to $44,500.
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Women Managing the Money
As Published in The Mompreneur October 2007
Enter any functional home and, within moments, it becomes apparent who manages the household. Who schedules the appointments, organizes family affairs, is the at-home physician, chauffeur, counsellor, cook and mediator?
It's the woman.
Combine this role with the growing necessity to work outside of the home to contribute a shared or full income and it becomes evident that women have begun to move beyond the traditional roles of home management.
Women are now managing the money.
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Financial Stress and Mental Health: Basic Tools for Counsellors
As Published in the BCACC Insights Magazine Spring 2007 Vol.18 #4
Financial stress is widespread and growing. It can have an extraordinary impact on the physical and mental health of individuals and families. New television programs such as Maxed Out have gained popularity in response to this modern crisis. Therapists are often in a position to recognize the stress related to family or personal finances in conversations with clients. This article aims to provide some basic information on resource and outsource for non-clinical debt.
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Consumerism: The Ghost of Christmas Past?
We often tease about being victims of consumerism; perhaps this rings true more for us women than men, but Christmas is one time of the year that we all, men and women alike, recognize our consumer weakness. This could be due to a combination of things, but perhaps the greatest of these are social pressure combined with a lack of knowledge and information about the credit industry. The consequences of not recognizing these two factors can be devastating to individuals and families well past the turkey and gift opening. Perhaps, this holiday season is a perfect time to re-evaluate the true meaning of Christmas?
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Limitations: Resource and Outsource for Non-clinical Debt
A recent email was sent to my office by a women obviously overwhelmed by financial stress. The final words in the email read as follows: "I just don't know what to do some days, I think just ending my life would be better but I have 4 wonderful kids that I would leave behind so that does not seem to be a good solution. I have thought about bankruptcy but I don't want to lose my house, please help."
As clinicians our objective is to assist our clients in discovering resources, and their ability to address concerns in their life that hinder their ability to meet needs. How often as clinicians do we encounter issues in our client's life that may be outside of our area of practice? How many clients have reported financial issues to you that pose as a mitigating factor in their stress?
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Revenue Canada and Student Loan Blues?
It is commonly known that the government can behave in ways that most other creditors cannot in order to obtain payment for debts that are owed to them. For example, if you owe money to Revenue Canada, it is well within their means to freeze bank accounts, garnish wages, GST, or tax refunds, often times without your knowledge. These are only a few of the things that Revenue Canada can do if you become delinquent on your payments or any money owed to them.
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Your Credit Report
If you’ve ever applied for a credit card, a personal loan, or insurance, there is a file about you. This file contains information on where you work and live, how you pay your bills, and whether you’ve been sued, arrested, or have filed for bankruptcy.
The companies that gather and sell this information are called Consumer Reporting Agencies (CRA). Most people don’t know that these agencies (also known as Credit Bureaus) are private, for profit companies. The information that CRA’s sell about you to creditors, employers, landlords, insurers and other businesses is called a consumer report (or credit report).
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Organize & Eliminate Credit Card Debt
If you are seriously struggling with debt, be assured that you are in the majority and not the minority! Unfortunately, many of our clients come to us after they have exhausted all resources. Therefore, as a proactive tool, we would like to assist people in managing their debt so that they do not find themselves in a position where they have few options. Here are some things that you can do to organize and beat the credit card trap and regain financial control, before it is too late.
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Key Considerations: When Considering Debt Reduction Services
Up until recently, individuals who have found themselves in debt have turned to Debt Consolidation, Credit Counseling, and/or Bankruptcy. There is now a new service called Debt Arbitration that assists those in debt to actually have a portion of their debt forgiven. For Example, if you owe $10,000 on your MasterCard and your family member will lend you $3000.00 (or you have another source of funds i.e. RRSP's), you can have $7000.00 forgiven. The following graph illustrates some very key points of each industry. Debt Consolidation is not included as it is the least effective way of eliminating debt, unless it is following a successful settlement of all your debts.
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Supreme Court of Canada Applies Limitation Periods to Income Tax Debts
In Markevich v. Canada, the Supreme Court of Canada extinguished both federal and provincial income tax debts after six years from when the debts arose, since the Canada Customs and Revenue Agency took no action to either collect the debt for over ten years or to even renew the limitation periods. Read about the significance of this decision.
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Protect Your Relationship from Debt
Financial stress is considered one of the major causes of divorce today. Unfortunately, couples are not equipped with the valuable information that could move them beyond the stress of debt and into a plan of action. Perhaps the following information can assist in minimizing the stress that debt is causing in your relationship...
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