Information is your greatest asset in becoming debt-free. On these blog pages, you will find general information to help you understand unfamiliar terms and learn more about the options that may be available to you. You should schedule a personal consultation with an A.C. Waring & Associates trustee or counsel for information regarding your specific circumstances. We hope you find the following pages helpful and reassuring. Know that however desperate you may feel with the pressure of mounting debts, we are ready to help you regain your financial footing.
Posted: September 3, 2016
When facing financial hardship, one solution to becoming debt free may be filing for bankruptcy. Debt help or debt relief in Edmonton is available by seeking a Licensed Insolvency Trustee (LIT). If your financial situation cannot be remedied by other solutions considered by the trustee then bankruptcy may be your best option. Read More.
Posted: May 16, 2016
Student loans have steadily risen across most of the country, even as the middle class has been steady for the past two decades. For the current school year, average university tuition costs in Canada are almost $6,200 for undergrads and just over $6,400 for graduates. Alberta has just begun to follow Newfoundland and Labrador’s lead of 12 years ago by freezing tuition fees to help students better afford their education. Read More.
Posted: February 24, 2016
A new title, Licensed Insolvency Trustee (LIT), replaces the Trustee in Bankruptcy title in the context of consumer insolvency in Canada. For corporations and corporate bankruptcy, the existing name, Trustee in Bankruptcy, will continue to be used. This change results from a new Directive on Trustee Designation and Advertising, released on December 2, 2015 by the Office of the Superintendent of Bankruptcy (OSB). Read More.
Posted: February 11, 2016
Starting a new business is both exciting and challenging, especially in the first year. If it works reasonably well and generates some profit, then business ownership can be rewarding, but if it doesn’t go as planned, you may have some regrets. Thirty percent of new businesses fail in the first two years and only fifty percent make it to five years, according to the latest report by Industry Canada. Read More.
Posted: December 21, 2015
Claiming personal bankruptcy or filing a consumer proposal are two of the most common debt relief solutions, not only in Edmonton, but nationwide. Both procedures help you deal with your debts and creditors, but there are some significant differences. At A.C. Waring & Associates Inc., we want you to know exactly what they are and the pros and cons to each option. Read More.
Posted: December 8, 2015
The holiday season can be a wonderful time of year surrounded with the good cheer of family and friends. But when January rolls in, so do the post-holiday bills, and all of a sudden, your good cheer is fraught with the stress of credit card debt. So, how do you get out from under it? Read More.
Posted: September 14, 2015
You’ve raised your children to adulthood and no longer need the multi-bedroom, multi-bath house you once required. You may be thinking of downsizing. Should you opt for a condo? A smaller house? A rental? Read about the benefits and pitfalls of each choice in this helpful blog post. Read More.
Posted: September 1, 2015
Everyone knows how tough it is when a friend or family member wants you to co-sign a loan. Your better judgment may war with your sense of responsibility, as you will be responsible for paying the loan if the person defaults. But put your feelings aside and read these 17 reasons why you shouldn’t be hasty in making what, essentially, is an emotional decision. Read More.
Posted: July 27, 2015
Summer’s finally here! While you are into the summer festivities, now is the time to keep your costs down and save money. Spending very little in the summer can be simple so long as you plan in advance and take a few additional steps. Read More.
Posted: July 14, 2015
Having a positive attitude is paramount when dealing with debts. We at A.C. Waring & Associates know that no matter what the challenges, you must never quit. There is always a solution and a brighter day ahead. Read More.
Posted: June 15, 2015
Credit is a fragile thing that can easily be damaged. Your credit rating can help or hinder your ability to get a loan, get a lease as a tenant, or even get hired for a job. Each inquiry made by a lender, landlord, or employer can reduce your credit score, so it is best to be careful about how many inquiries you have over a short period. Read More.
Posted: June 1, 2015
It may sound ironic, but earning millions of dollars or having celebrity status is no guarantee against the risk indebtedness. Musicians, movie stars, models, athletes, and business executives across different industries have overspent, mortgaged and whittled away millions of dollars. How is it possible for any millionaire to end spending more than they have earned and be unable to pay their debts? Read More.
Posted: May 7, 2015
Identity theft and fraud of another person (living or dead) is rampant and growing in Canada. In 2014 alone, the Canadian Anti-Fraud Centre received 40,986 complaints, of which 13,690 were victims losing a total of nearly $69 million, up $4 million from the previous year. Failing to protect your identity increases your vulnerability to being victimized by a criminal seeking to obtain your data for their own personal benefit. Read More.
Posted: April 14, 2015
A couple’s relationship is shaped by love and mutual understanding, but financial matters have a major impact, as separations are driven by money problems more than any other factor. Read More.
Posted: March 23, 2015
Losing a job can happen to anyone at any time. Job insecurity is more of the norm these days than job security. The resulting stress can be tremendous even in circumstances where the layoff was inevitable or occurred for reasons outside of your control. Job layoffs are usually not a surprise. Read More.
Posted: March 10, 2015
Getting married is a huge commitment emotionally and financially. So having the ‘money talk’ in a serious relationship is a necessary step before any marriage plans. You want it to start out right so you can build a solid future together. Read More.
Posted: February 24, 2015
Many Canadian seniors today are in financial crisis. A study shows almost 43 per cent of seniors ages 55 to 64 were in debt in 2012, compared to 27 per cent in 1999. Read More.
Posted: February 10, 2015
If you have personal debt that you can’t seem to pay down, you need to start living differently by cutting back on your spending or obtaining extra income. Simply look for ways to take control of your spending – it is not impossible. Read More.
Posted: January 27, 2015
Dealing with an addiction is one of the hardest things possible, and the economic fallout afterward can be devastating. You may have stacks of unopened bills and collection notices that piled up and seemed to multiply while you were ill. You are apt to feel remorse now and may feel tremendous stress and shame. If you lost your job in the process, it can be especially hard to recover financially and seem ever so difficult. Regardless of what happened, you need to focus on moving forward and developing a financial recovery plan. Read More.
Posted: November 28, 2014
Every adult needs to have an income; it is your incoming funds that pay for your outgoing expenses. Your expenses will be either obligatory or optional. To avoid becoming overwhelmed by future debt, it is important to realize that your incoming funds, usually from your job/career, investments, inheritance, etc., can all vaporize quickly if you do not make a conscious decision about planning and balancing the spending and savings for your life. Read More.
Posted: November 12, 2014
In the days before credit cards, making purchases meant having cash and delaying some purchases. In a lot of ways, this was a good thing. Tough choices had to be made between what was needed versus what was wanted. Living a debt-free life in the modern age is possible. Read More.
Posted: October 21, 2014
Do you have too much debt? Certain amounts of debt are usually fine but this means having the ability to pay without overextending your cash flow. This amount is unique to you. You need to figure out what income you have, what living expenses must be paid from that income and what discretionary funds may be left over to either save a portion thereof and/or expend on other wants and needs. Read More.
Posted: September 30, 2014
Filing for bankruptcy protection can be an emotionally tumultuous time, especially when you’re faced with dealing with your debt anxiety and trying to figure out how best to resolve this. There are some alternatives to bankruptcy that may fit your situation. Read More.