Best of Season 2 - MNP 3 Minute Debt Break

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he second season of the MNP 3 Minute Debt Break podcast has come and gone, and now it's time look back at a few of our favourite episodes. 

Should Couples Have Separate Bank Accounts?

When couples get married, there is a legal binding of finances and financial responsibilities. But should couples have separate bank accounts? In many cases, setting up a joint account can make achieving collective financial goals easier and measuring each spouse's contributions clearer. But it's not without its downsides – the most noteworthy being a loss of financial independence, either real or perceived. To help you make the choice, here are some factors you may want to consider.

Living on a Single Income

With a wavering economy and unemployment continuing to be a concern, thousands of households have found themselves struggling to make it from one financial obligation to the next. This is especially true for single income families. If you are one of thousands of families performing the financial balancing act of trying to get by on a single income, it can be difficult to make financial goals beyond your next payment. The good news is, with a lot of planning and a little bit of compromise, you can build towards a strong financial future. Here are some tips to consider.

How to rebuild after a Bankruptcy or Consumer Proposal

After completing a Bankruptcy or Consumer Proposal, rebuilding your credit can feel nearly as daunting as getting out of debt. But just a few steps every day will get you where you want to go. The following steps will help you focus on your goals, outline your process and visualize the reward that’s waiting for you at the top.

Why We Overspend

This time of year we think about festivities and fun with friends and family. And sometimes we do it without thinking about finances. Often finances are something we don’t focus enough on through the entire year because we have acquired bad financial habits. They’re easy to fall into and can cause all sorts of personal and financial difficulties. Making, tracking, and sticking to a budget is the best way to stay on top of your expenses and avoid overspending.

Stigma of Debt

The financial stigma of filing a Bankruptcy or Consumer Proposal to your creditors is often not as bad as many may believe. While your credit score will be affected, taking charge of your situation by facing it head on can help you eliminate most debt. It also allows you to have a fresh start and provides you with an opportunity to rebuild your credit rating. Taking the first step is often the most difficult.

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