The key is to learn how to manage your assets and liabilities to prevent unforeseen situations.
The wise management of your assets will prevent you to entry in debt situations that often lead people to bankruptcy. In order to avoid these situations it is required that you design a plan for the administration of your assets. we suggest to prepare a budget in where 10% of your income should be reserved to build and emergency fund of your monthly expenses for the period of three months. Once you accomplished this amount, you should start thinking in RRSP first, then in TFSA accounts, further after in mutual funds, insurances and investments in real state respectively.
The liabilities require a delicate management of the responsibilities that you acquire; for that reason it is important to use your credit in a reasonable way. Do not use the maximum limit of your credit; always pay more than the minimum payment; maintained the schedule payment up to day; think that the credit card should be pay in total each month.
If you have an imbalance in managing your liabilities versus your assets your solvency will be severly affected.
Debt Management is a program that allows you to consolidate your unsecured debts into one single monthly payment. You make this payment directly to creditors andfeatured_projects continued to receive their account statements normally.
The biggest advantage of this program is that the credit counseling agency has the ability to negotiate with creditors and can make their payments on their debts are reduced by up to 60%. By reducing this amount, you will be saving thousands of dollars and pay their debts in a shorter period of time.
The process begins with a credit counseling session also known as credit counseling, in which a certified credit counselor will meet with you either in person or by telephone to identify and evaluate your financial situation. In this session of credit counseling, a professional counselor, will help you prepare a budget of income and expenses and determine what their debts, then explain your options.
After evaluating your financial information and see if you qualify for debt management program, our certified consultants work with your creditors to arrange monthly payments, fees and charges on your unsecured debt (credit card debt, personal loans, etc.
Learn How to:
- Plan your spending according to your income
- Don't get into more debt
- Manage your existing debt
- Among others important issues.
The important is to stay inform and avoid the legal consequences of mismanaging your own solvency!!!