90 Days to Financial Stability

So, for whatever reason, you have found yourself drowning in debt and now the debt collectors are calling. It is so stressful! What are you going to do? How are you going to deal with these nagging, aggressive, abusive collectors? Stay calm. I'm here to help, so let's look at a few steps you can take when dealing with debt collectors. (I am consulting a few places online for information, namely  The Financial Consumer Agency of Canada. ) First thing you have to do is to find out whom you are dealing with. Is it the original creditor or a collection agency? Usually, before the collection agency calls you, you will be notified beforehand that your debt has been turned over to them. Write down the name and telephone number of the person who is contacting you as well as the company name. Also, be sure to get the amount and other pertinent details regarding the debt owing. That way you can check your records and verify the debt. Tell the collector you will call them b...

If you have done ANY research into finances, you know that many financial gurus will tell you to start saving money and a system many use is 50/30/20. 50% of your income goes to essentials such as rent, transportation, food etc; 30% to lifestyle choices such as cable, dining out, entertainment and 20% to savings. But what if you can't save that 20%? What if you just don't make enough to make ends meet never mind saving money?! It can be scary and so disheartening to feel as if you are never going to be financially secure because you can't afford to save that 20%. You can't follow the guidelines of those who know better because your essentials are taking up more than 50% of your income. (Hey, I understand! I live in Vancouver, Canada and it is an expensive city where rents and other costs just keep increasing.) But here's the good news. Don't despair because it isn't always the amount you save that is important, it is getting into the habit of saving th...

Does that title sound contradictory to you? That you can live a great life on a budget? Many people won't believe it. After all, the word budget suggests a limited amount of funds because, if you had unlimited funds, you wouldn't need a budget, right? I can see the logic in that but let's look at budgets a different way. The majority of us live on a specific amount of money and that money has to cover the basics such as the roof over our heads, food, clothing, utilities and transportation as well as the extras like entertainment. Some people live their lives by spending everything they get when they get it then either suffering until the next pay period or living on credit to survive.  I've done that and it isn't fun - I was always waiting until the next time money came in and counting the days until I would again have money in my pocket. Instead of living each day to the fullest, finding joy in just being alive, I was wasting my life waiting for more money! Are...

Do you remember how excited you were to get your first credit card? The freedom you suddenly have. The purchasing power. You put a little bit on it here and there and made the minimum payments - maybe a bit more - and pretty soon the card was almost maxed out. Then you get a letter from the lending institution. They are offering to raise your credit limit. That means you will have more money to spend, right? The creditor tells you that it is good to have the extra monies available. You don't have to use it but it is nice to have just in case you have a large purchase to make. Having the extra room on your card will make life so much easier, right? An increased limit on your credit is NOT going to make your life easier. It is not going to be there in case of emergencies. Increased credit limits on credit cards are just going to cause you more stress and get further in debt. I know, you know and the lending institution knows that you more than likely won't leave...