Debt Archives - Page 16 of 17 - Rumanek & Company Ltd

Debt: Preventative Approach

Posted on August 13, 2016April 12, 2016 by Jordan Rumanek

Debt: Preventative Approach

How do we react to Debt?

People tend to react after the fact to financial problems and debt rather than take preventative measures. For example, people tend to be in denial or avoid their financial problems until the problems are so bad, it is difficult to help solve the problems.

Asking for help could be the first step to financial freedom and uncovering the root of financial woes. Deciding to become financially responsible is not a taboo subject. It shows you want to be in control of your financial future and many people are in your situation or have been at some point in their life—you may be surprised how many people can relate to your situation.

Seeking professional financial help can make a huge difference when dealing with debt problems and achieving a peaceful state of mind. Do not leave financial uncertainty hanging over your head. Take the preventative approach to your financial future today.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Addressing Debt

Posted on August 6, 2016April 12, 2016 by Jordan Rumanek

Addressing Debt

Once you contact a financial specialist, you will jointly determine your first steps to financial freedom. This will help in lowering stress. Get outside and walk. This will lower your blood pressure and give you clarity of mind and improve your mood. Practice deep breathing and regain focus in order to relax the mind. This will help you make thoughtful financial decisions everyday. Finally, get seven hours of sleep per night. Good quality sleep is vital for quality financial and other decisions.

Healthy lifestyle routines lead to healthy financial strategies and habits—address debt head on with these initial steps:

1. Talk to a financial specialist and know where your money goes

2. Try to cut back costs 10%, start today

3. Establish an emergency fund after you have paid off your debt so you can be preventative instead of responsive with your finances.

Get Out of Debt

Posted on July 23, 2016February 13, 2017 by Jordan Rumanek

Get Out of Debt:

Ask yourself: What are my financial goals?

Your answer should be: “To enjoy the freedom of carrying a debt load that costs 25 percent or less of my take home pay” OR “To feel I’m in control of my finances.” Start here:

1-Plan Spending

2-Track Progress

3-Budget=Greater Control

4-Commit

Create an effective, realistic and concise budget. If your life situation changes, draw up a new budget. Live on a budget for one year, write down your essentials and non-essentials, be disciplined and schedule a monthly appointment with yourself to stay organized and on track.

What Happens to My Credit Score if I file for Bankruptcy?

Posted on May 20, 2016May 26, 2022 by Jordan Rumanek

What Happens to My Credit Score if I file for Bankruptcy?

The filing of an assignment in bankruptcy, by itself, does not ruin your credit score. In most cases, you will already have destroyed your credit score by not paying your creditors, being very far behind in making payments, or by not even making the minimum monthly payments on your debts. The credit reporting agencies in Canada (Equifax and Trans Union of Canada) accumulate information from your creditors on a regular basis and based on a 6 year history period, calculate your credit score. When you file an assignment in bankruptcy, your credit rating is moved to R9 and stays there for a period of 6 years – the start of the 6 year period is the date of your discharge from your bankruptcy, which could be as fast as 9 months after the date that you filed the bankruptcy. You can start rebuilding your credit score as soon as you obtain your discharge from your bankruptcy. Do not confuse your credit rating with your credit score. You should receive information from your trustee at the time of your second counselling meeting (or at least before your discharge from bankruptcy) on how to obtain credit after bankruptcy and how to rebuild your credit score.

If you are not filing a bankruptcy, please refer to the article on our website – What happens to My Credit Score if I File a Proposal.

Category: Debt

Debt: Preventative Approach

Debt: Preventative Approach

Addressing Debt

Addressing Debt

Get Out of Debt

Get Out of Debt:

What Happens to My Credit Score if I file for Bankruptcy?

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Debt: Preventative Approach

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