May 14, 2012 Posted by admin No Comments » Tags: Debt management plans

Debt management plans: what you should know

Debt managementWith 1,797 of workers losing their jobs in the last three months of 2011 and one property being repossessed every 15 minutes, its little surprise that the demand for debt management services has peaked in recent times.

The rising cost of living, coupled with the drop in income for many households, has meant that more people than ever are struggling with unmanageable levels of debt. Whilst it can be very tempting to bury your head in the sand and hope that things will somehow improve, experts agree that tackling problems sooner rather than later is the best approach.

However, the job of contacting all your creditors and agreeing a repayment schedule can seem daunting and emotionally exhausting, which is why some people opt to get professional help from companies such as Baines and Ernst.

Baines and Ernst are a debt management company, which like many others in the sector, offer individuals who are struggling with their finances the option of a Debt Management Plan.

A Debt Management Plan is a way to pay back unsecured debts and is tailored to each individual’s financial needs. Full article…

May 13, 2012 Posted by Hayley Steele No Comments »

Sector Breakdown of Diversified Portfolios

In a recent column, The Globe & Mails Rob Carrick (see Beware the limitations of buying the index, May 11, 2012) pointed out that investing in just the TSX Composite index might leave an investor with an unbalanced portfolio because of the indexs concentration in just three sectors: financials, energy and materials. The criticism is a valid one because, as you can see from the chart below, resource companies make up more than half the index and financials make up another one-third of the index. (As an aside, the sector breakdown of the S&P/TSX 60 index, which is tracked by the iShares S&P/TSX 60 ETF TSX: XIU is pretty much the same as the broader Composite index).

This limitation of the TSX Composite Index is one reason why passive investors diversify their portfolios globally. The US Total Stock Market, for instance, offers much better diversification. The three dominant sectors in the Canadian market make up less than a third of the US stock market.

Full article…

May 11, 2012 Posted by Grace Macarthur No Comments » Tags: Filed If Filed

Can You File a Chapter 7 Now if You filed Before the 2005 Law?

20090113 bankruptcy-01 (Photo credit: Wikipedia)

There seems to be some confusion about when you can file a Chapter 7 once you have already filed, especially after the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Can you file a Chapter 7 bankruptcy now if you filed before the 2005 law?

A blogger recently posting on a bankruptcy forum website posed this question while giving his personal bankruptcy story. The blogger wrote, “I was wondering. I Filed Chapter 7 on 07/18/2005 and, it was discharged on 11/15/2005. I was in a car crash and now owe more then $75,000 in medical bills. Can I file bankruptcy again in 2012 or do I have to wait until 2013? I am a little lost here. I have the the paper and credit reports ready to go, but I have heard that you now have to wait 8 years. Does this apply to bankruptcy filed under the old bankruptcy?”

The direct answer to the bloggers question is “no,” the new filing does not apply under the old bankruptcy law. The new

Full article…

May 10, 2012 Posted by Brianna Tewksbury No Comments » Tags: New Year’s New Year’s Resolution Resolution Year’s Resolution

New Year’s resolution: Lower your monthly payments

By Brad Swain

New Year’s is a time for big changes, getting back on track – and yet another opportunity to maximize that gym membership. No matter what your well-intentioned New Year’s resolutions may be, hard economic times can bring big financial changes.

Thankfully, hope abounds in 2012. One of the most overlooked areas of personal finance you should reexamine this year is your auto loan. In fact, refinancing your auto loan could be a good decision you make in 2012.

Why refinance my auto loan?

Thanks to current FED polices, interest rates on auto loans are the low at this timema. According to bankrate.com, average rates for used car loans have dropped from 7% in 2008 to 5.48% in 2011. That’s a savings of about $335 on a $10,000, five-year auto loan. So simply refinancing your auto loan to average rates would be like making a payment for free!

Refinancing can also improve your credit score. According to Mint.com, a credit score improvement of just 50 points can be all you need to get a better rate on your current auto loan. Edmunds

Full article…

May 07, 2012 Posted by Hayley Steele No Comments » Tags: Car Ideas Car

5 Money-Saving Ideas for Your Car

I love my car. Besides my sister and  best friend, I don’t think there’s anyone I spend more time with in this world. After almost a decade together, you’d think I could show my car a little more respect and TLC. But, honestly, getting the oil changed every three months is like going to the dentist. In honor of Car Care Month, here are few ways to take care of your four-wheeled friend and save some money along the way.

1. Drive the speed limit: As my driver’s ed teacher said, “The car is not a time machine.” Did you know slowing down can also help you save as much as 20 to 30 percent on fuel mileage?

2. Check your tires: Under-inflated tires don’t roll as well so you may need more gas to keep the car moving. Invest in a tire gauge and check your tires every month or so.

3. Follow your car’s maintenance schedule: Every car is different so read your car manual and keep up with recommended care. This keeps your car in top condition and can help you avoid more expensive problems in the future. Here’s a car mai

Full article…

May 07, 2012 Posted by admin No Comments » Tags: Debt in the UK

Debt in the UK: the shocking figures

Debt in the UKDespite the UK technically no longer being in the pits of a recession, debt remains a serious issue for many people across Britain.

One recent study revealed that during each working day, every 62 seconds, 1 person gets declared as either bankrupt or insolvent, a total of 318 every 24 hours. Ninety three properties get repossessed and around 1,473 County Court Judgements are issued against consumers every day.

Although these statistics are shocking, when you consider the cost of living, it is hardly surprising. Raising a child is estimated to cost an average of £28.44 every day, from birth to the age of 21, whilst the typical motorist will have to pay out £18.33 per day, to run the car.

The same research also showed that Brits pay out a whopping £173 million every day in interest payments alone, which averages £2,432 in annual interest costs per household. The Full article…

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