The first step in understanding your financial health is to understand how the rise of interest rates will affect your unsecured debts. The most common types of unsecured debts are lines of credit and credit cards.

This is part one in a six-part series on the rationale behind switching banks prior to filing for bankruptcy or kicking off a consumer proposal.

Debt is a financial tool. And like any tool, it comes in many different shapes and sizes to fit its purpose.

The average person spends most of their life chasing financial stability. We may not feel like we’re getting ahead, but for many of us that’s ok; as long as we’re not falling behind. What does it mean to be financially healthy, and how can you measure your own financial health?

British Columbians are becoming acutely aware of how interest rates and inflation impact their household budgets as both continue on their months-long upward trajectory.

If you’re like most Canadians, then you most likely have debt from multiple sources. These could be some combination of auto loans, credit cards, student debt, lines of credit, installment plans on retail purchases via “buy now pay later”, and the list goes on.

Albertans are becoming acutely aware of the impact interest rates and inflation have on their household budgets, as both continue on their months-long upward trajectory.

Ontarians are becoming acutely aware of how rising interest rates and inflation impact their household budgets, as both continue on their months-long upward trajectory.

There are approximately 1,000 LITs in Canada; all are licensed by the federal government. Whether it is a small personal bankruptcy or a large CCAA company restructuring, an LIT is involved. The educational requirements to become an LIT are rigorous. In addition to this formal training, most LITs also possess accounting or law credentials.

What happens after you file the paperwork and your Consumer Proposal goes into place? And, more importantly, how can this process help you go from overwhelmed by debt to mastering the art of credit management?