If you have personal debt (e.g., credit cards, loans) that you can’t seem to pay down, you need to start living differently by cutting back on your spending or obtaining extra income. It may be hard to do but essential. You don’t need to deprive yourself of the things you love but you cannot pay […]
What is Discretionary Spending and Why is it Significant?
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 […]
Getting Back on Track Financially after Dealing with an Addiction
Many recovered addicts have extensive personal debt beyond the treatment they received from Alberta Health. 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. […]
Tips for Managing Debt in the Edmonton Area
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. It means paying off credit cards […]
Signs & Symptoms of Debt Overload
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 […]
Personal Bankruptcy 101: Definitions, Processes, and Results
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. Your trustee or counsellor will tell you about them. However, depending on the extent […]
