Welcome to Debt Consolidation & Financial Freedom

 

It all starts with a Credit card. A credit card that gives you the sudden buying power and confidence to afford things whether you can personally pay it off before its due date or not. In a country like Canada where it is imperative to have a credit card to make your credit history, more and more Canadians are falling in this trap. The economic picture is simply not pretty with Canadians being laid off at an alarming rate, careless spending habit with over-budget, the real estate market crashing, and the stock markets losing ground daily, many Canadians are on the financial brink.

Are you in danger of losing your home? Are you having difficulty making your car payment? Is your credit card debt becoming a problem? Are you struggling with a heavy debt load, with barely enough money to live on? You are not alone! Every year, about 100,000 individuals in Canada seek financial assistance.

Are your problems typical of the most common causes of debt problems in Canada? You may recognize these in your own case:

- Loss of income, from job loss or a personal business failure.
- Too much student loan debt to repay on your income.
- Debts from coping with an accident or serious illness, in the family or your own.

 

Insolvency Statistics in Canada — July 2010

The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 13.0 percent in July 2010 from the previous month. Bankruptcies decreased by 13.5 percent whereas proposals decreased by 11.8 percent. Over the last 10 years, there were only two years when the total number of insolvencies filed in the month of July was higher than the total number filed in June.

The total number of insolvencies in July 2010 was 21.1 percent lower than the total number of insolvencies in July 2009. Consumer insolvencies have decreased by 20.8 percent while business insolvencies have decreased by 29.7 percent.

For the 12-month period ending July 31, 2010, total insolvencies increased by 0.6 percent compared with the 12-month period ending July 31, 2009. This is entirely due to an increase in consumer insolvencies.

Business insolvencies for the 12-month period ending July 31, 2010, fell by 18.4 percent compared with the 12-month period ending July 31, 2009. A reduction in insolvencies in the manufacturing; transportation and warehousing; other services (except public administration); and retail trade sectors contributed to this decrease.

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