Debt that you owe and repay to your creditors consists of two parts. The first part is the money you originally borrowed. The other part is the interest (and sometimes fees).

I've been doing insolvency work for a very long time, so I remember when interest rates were much higher than they were today. In fact, I recall back in the 1980s when mortgage interest rates were over 20% in some cases (no, that is not a typo).

The provincial average of total debt in the province of Ontario has nearly tripled. Many consumers are taking advantage of incredibly low interest rates, which can be a dangerous game to play in the event of major life changes such as job losses or illness.

In this tough economic climate, it's difficult to make planning and budgeting for the future a priority. While millennials may still feel like the 'younger' generation, in truth, they are actually beginning to move into management and executive positions as baby boomers begin to phase out of their careers and into retirement.

November 15-21, 2015 is National Addictions Awareness Week (NAAW) in Canada. Every year, organizations across the country observe this important week and do what they can to help those who may be struggling with addictions, while raising awareness and sharing information as to how family and friends can create support networks.

Over the past several years, the debt settlement industry in Ontario has received a significant amount of criticism, much of it highly deserved.

After a lifetime of hard work, Canadians entering their 'golden years' deserve all of the freedom one would imagine retirement has to offer. Unfortunately, in today's economic climate, this is not always the case.

Many individuals wait too long to seek assistance when they are facing unmanageable debt problems. By the time they reach out to a Licensed Trustee for a consultation, they are already in a debt crisis and bankruptcy is their only way out.

The Office of the Superintendent of Bankruptcy in Canada (OSB) is a special operating agency of Industry Canada that protects the integrity of the bankruptcy and insolvency system for the benefit of investors, lenders, consumers and the public.

Given today’s economic climate and the state of the Canadian dollar, it’s no surprise to learn that many millennials (and thousands of other Canadians for that matter) have not put long-term investments or savings at the top of their lists when setting financial objectives.