Collection agencies use many tactics to enforce repayment of debt. The most common methods are phone calls and letters. However, depending on the amount owed, the situation can quickly escalate to threats of legal action — which, in turn, can result in wage garnishment and even asset repossession.

Household debt is a major challenge in Canada. The average Canadian currently owes more than $20,000 in non-mortgage debt — and a total of about $1.70 for ever one dollar they earn.

Bankruptcy, insolvency — what's the difference — and, more importantly, which one will help you get the financial fresh start you need and deserve?

Almost all Canadians face financial hurdles to some degree or another — but few financial challenges are as costly or self-perpetuating as the misuse of payday loans. Understanding their intended purpose and affiliated risks is essential.

Most people wait far too long to seek professional help with their debt. There are several common reasons for the hesitation.

Let’s say you’re part of a family where both you and your spouse are employed in well paid, professional jobs. Net annual household income is approximately $120,000 or approximately $10,000 per month. The family — you, your spouse, and your 2 children — live well but seem to be just scraping by.

Owing the government money can be very intimidating as it's assumed the government has a limitless ability to collect the debt through any means necessary.

Nobody enjoys being late on bill payments. But unfortunately, it's not always possible to make ends meet. Anyone who has ever been in a position where they're forced to choose between basic necessities and keeping up with their debts understands just how stressful this is. And it only gets worse when creditors begin calling and sending past due notices.

With a wavering Canadian economy and unemployment continuing to roll through several Canadian provinces, 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....

Thanksgiving is approaching. While some prepare to celebrate, you may be less confident about your ability to afford food and other items your family needs for the festivity.