Tagdebt consolidation

Stop Bleeding Cash: Why Your Mortgage is the Ultimate Financial Power Tool

Let’s have an honest conversation about the financial squeeze many Canadians are feeling right now.

Prices are up at the pump, at the grocery store, and certainly in utility bills. But for many homeowners, the real pressure isn’t just inflation; it’s the “silent killer” of accumulated consumer debt sitting on top of their mortgage.

I see it every day in my practice. Good people, with good incomes, who have managed to build significant equity in their homes, yet they are drowning in monthly payments because they are financing their lives using the wrong tools. They are using 19.99% credit cards and 11% lines of credit for expenses that should be financed at 4-5%.

It makes absolutely no financial sense.

Posted August 8, 2025 Consumer Debt

The speed Discharge: Bankruptcy wins over Consumer proposal

In the world of debt relief, two primary options often come to mind: consumer proposals and bankruptcy. While both offer a path to financial freedom, they differ significantly in their implications and long-term effects. This article will argue why bankruptcy, despite its daunting reputation, can often be a more advantageous solution than a consumer proposal for individuals seeking to reestablish their financial footing.

When you’re drowning in debt, the idea of a “consumer proposal” sounds like a gentle breeze, a reasonable compromise. You offer your creditors a portion of what you owe, they agree, and you embark on a multi-year repayment plan. It feels less drastic, less shameful, than declaring bankruptcy. But let’s pull back the curtain on that seemingly gentler option, because from where I’m standing, a consumer proposal often leaves you in financial limbo far longer than the “nuclear option” of bankruptcy.

Posted January 9, 20201 Comment Consumer Debt

Want to pay off debt? Pay less interest!

It’s not a new concept but it is one that is worth remembering and so I will repeat it. If you want to pay off debt, start by paying less interest.

January is usually a tough financial month for most of us. Holiday bill payments, rrsp contributions, property tax bills and if you are self-employed, you probably have to make some sort of business tax or corporate tax payment. If December is the Holiday Season, then January feels like a hangover!

Banks and Credit Card companies love this time of year because this is when we will normally carry a balance and have to pay those crazy interest rates that range from 9% to 25%. Wait, before you get too depressed, there could be a better option. There’s a less expensive way to manage your debt. Continue reading “Want to pay off debt? Pay less interest!”

Posted February 21, 2019 Consumer Debt

Debt Consolidation Tip: Pay less interest!

The beginning of the year is typically tough financially for most of us. Holiday bill payments, RRSP contributions, property tax bills, etc. And, if you’re self-employed, you probably have to make some sort of business tax or corporate tax payment. If December is the Holiday Season, then January and February feel like a hangover!

Banks and credit card companies love this time of year because this is when we’re most likely to carry a balance, forcing us to pay those crazy interest rates that range from 9% to 24%.

But, wait! Before you get too depressed, there may be a better option. There’s a less expensive way to manage your debt.

Continue reading “Debt Consolidation Tip: Pay less interest!”

Posted January 28, 2017 Consumer Debt

Debt diversification vs Debt consolidation…who wins?

ONLY IN CANADA

Attention: Bankers, close your ears.. we don’t want you to hear this. Credit card balances, lines of credit, car loan, student loan, home reno loan, personal loan.. If you have one or more of these and you own a home, you’re probably losing money by paying a higher interest rate. In many cases, $thousands are lost and overpaid each year. And your Banker is laughing and recording Record profits!!

It’s surprising how many of us have some, or all of these debts… and ALSO a house with lots of equity. Yet, as Canadians, we somehow think it’s better to separate our mortgage from other debts. We somehow think it’s good to pay down our mortgage but then rack up other debts. This attitude has puzzled me for years.

check out this chart for one client.. tell me if this looks familiar: Continue reading “Debt diversification vs Debt consolidation…who wins?”