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Bank of Canada flags debt concerns and dissuades consumers from taking on more debt

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According to a recent study initiated by Sun Life, 65% of 1299 people surveyed in Canada, weren’t happy with the way they were handling their personal finances in the year 2012. Among them, 25% wished to do something about it and rest had adopted a strongly pessimistic approach towards their debts. With the gaining momentum of the firms that helped people negotiate their multiple liabilities and the prospects of gaining a fresh financial life through bankruptcy, the Canadians have become too lackadaisical about their soaring debt obligations. Ignoring such problems will gradually affect your mental and personal health and you might even lose your peace of mind. If you’re already scared by the shocking statistics on the soaring Canadian debt, you should read on the concerns of this article in order to know the ways in which you can tackle your debt load head on.

 

Sun Life Financial

Sun Life Financial (Photo credit: Wikipedia)

Warnings from the Bank of Canada is finally being paid heed to

Yes, according to reports, Canadians are finally paying enough heed to the warnings issued by the Bank of Canada to lower their personal debt ceiling. The number of Canadians with monthly loan payments that were delinquent for 3 months dropped to 2%, a record low level in the last quarter of 2012. The median credit balance dropped by 3.47% compared to the same time during the last quarter. If you’re getting dunning notices from your creditors who are warning you about the rising credit card debt defaults, here are some steps that you can take.

  • Figure out the debt load and the net worth: The first thing that you need to figure out is how deep the debt hole is. You can create a monthly budget through which you can see where your money is going and what kind of adjustments you can make. See the amount that you’re presently paying on your debt and the payments with which you can get out of debt sooner.

  • Set a financial goal: Although it might be intimidating to figure out the total debt load, you should then set up a financial goal step by step. You can either set up the debt snowball or the debt avalanche method in order to tackle the amount with the high interest rate. Whichever method you choose, you can easily come up with a better repayment plan that can facilitate debt repayment.

  • Stop taking on more debt: The Canadians love the habit of taking on more and more debt when they’re already drowning in a sea of debt. If you don’t want to go through the hassles of bragging with the debt negotiation companies about settling their debt obligations. You should lock in your credit cards at home so that you can easily be able to use cash instead of credit when you’re out for shopping.

  • Negotiate with your creditors: You should negotiate with your creditors when you’re in doubt about getting out of debt through the DIY steps. The creditors often help you with the exact steps through which you can repay your debt obligations. They can even put you on a hardship plan through which you can repay without having to fall back on other debt obligations.

Therefore, keeping in mind the strength of Canada’s economy, you can easily be able to determine the amount of consumer spending that is required for business investment. Choose to take the above mentioned steps so that you can easily get back on the right financial track.

TaxAct : Pros and Cons

TaxAct

TaxAct : Pros and Cons

TaxACT is now hitting the big time with the promise to file tax free for everyone. This online tax preparation service helps you prepare, print and eFile your federal return for free. You can file prior-year federal and state returns back to 2000 with the help of this service.

TaxACT Logo

TaxACT Logo (Photo credit: Wikipedia)

State returns are not expensive. For additional assistance including prior-year import ability or free phone support, you need to pay for your federal return. This tax preparation service has kept on its edge on the competition by making tax time less troublesome for all taxpayers.

TaxAct provides 3 editions-

  • A free federal edition
  • An Ultimate Bundle for $17.95
  • A Deluxe edition for $9.95

For the free and Deluxe versions, you have to pay an additional fee for state filing, whereas the Ultimate version includes one federal and one state filing. Further, you can avail CD and downloadable software editions that range from $12.95 – $21.95. With this option, you can prepare and print numerous federal returns. TaxACT also helps create an accurate return to the exact dollar amount without any difficulty.

TaxACT can help you through 35 life changes. You can avail TaxTutor Guidance that provides more than 2,500 tax tips. This definitely helps you find out all the deductions and credits that you can claim. The Ultimate and Deluxe versions come with a tool, which tracks charitable donations. Further, it features a tax glossary, which contains definitions for more than 300 tax terms. This helps ensure that you know line items properly.

TaxACT is easy to use even for a first-time filer. Various helpful hints are available. This tax preparation service offers a wide array of audit support, low priced state filing and free federal eFiling options.

However, telephone support is not free. You have to pay minor charges. Further, as compared to other top competitors, their online tax information is brief.

All in all, if you do not need extra assistance, you can go for TaxACT. With the help of their service, you can create accurate returns effortlessly.