When most people think of credit management, they often think about minimizing debt. However, credit management is so much more than paying off your creditors. It also includes building relationships. Through these relationships, business goals can be achieved, which will lead to an increase in revenue. Ideally, credit management can set you on the path to a brighter and financially stronger future. Developing a credit management strategy requires clients to set goals. While the most obvious goal would be to pay down debt as quickly as possible, there are other credit management goals to inclu ..read more

Have you reached a point in time where you’re concerned that you may have to declare personal bankruptcy?  It can be scary to contemplate using Etobicoke personal bankruptcy services. Still, the good thing about using a professional is that you won’t have to go through the bankruptcy process alone. Depending on your circumstances, you may not have to declare personal bankruptcy. We’ve got some great tips to help you get your finances in order, and try to avoid declaring personal bankruptcy: Make paying off your bills a priority Track your spending Live within your means Ask your service ..read more

If you run a small business and you’re in debt, you may feel overwhelmed and frightened. You may think you’ll never be able to get out of debt, and you have no idea what your next steps should be. The good news is that you do have options when it comes to corporate debt management in Etobicoke. If your business is struggling with too much debt, these are some steps you can take to help you get back on your feet: Raise additional revenue. Follow up on outstanding customer invoices. Look for areas you can decrease or delay expenses. Sell assets. Consolidate your debt. At Charles Advisory Servi ..read more

Filing for bankruptcy isn’t an easy decision to make. You may be concerned that you’ll lose everything you’ve worked so hard to achieve. Plus, it seems overwhelming to figure out how to get started and determine if this is the best choice. The purpose of bankruptcy for a corporation or individual is to pursue relief from debt they cannot pay. Regardless of the type of bankruptcy declared, the person declaring it must be a Canadian resident, owe more than $1000 to their creditors, and have no way to pay their bills. There are three main types of bankruptcy in Canada: Personal  Small busin ..read more

Whether you’re struggling with personal debt or simply trying to gain a handle on your finances, creating a budget will help you maintain control over your spending. Tracking how much you spend each month and evaluating your choices can provide a foundation to make more effective financial decisions moving forward. In this post, we’ll explore the processes of creating a monthly budget to track your income and expenditures, and achieve your financial goals. Gather Your Paperwork The first step in the process is to gather your paperwork. Ensure that you have access to all available information a ..read more

Debt is a financial burden on many Canadians and the average household is likely to have at least some form of debt besides their mortgage. Being in debt can be stressful, frustrating and definitely put a damper on your mental health. Sometimes, being in debt can feel like an uphill battle where the mountain just gets steeper and steeper. It’s normal and wise to seek out professional bankruptcy services and counsellors who can mitigate the risks of your debt and help you on the right path back to repayment and a debt-free lifestyle.  If you are looking for ways to repay your debt and star ..read more

Debt relief can come in a variety of forms, the most common being consumer proposals and bankruptcy. Throughout the era of COVID-19 and the decline of employment rates, more Canadians have been struggling with their personal finances and declaring bankruptcy.  If you are in this situation and are looking for ways to repay debt and get back on the right track, you should know that declaring bankruptcy is not your only option. It also may not be the best option for you, as every case is different.  If you are looking to learn more about the differences between filing for bankruptcy and ..read more

Corporate credit cards are often a simple and efficient way to allow employees to make purchases on the organization’s behalf. Depending on the industry you are in, giving employees the freedom to buy items that your company may need can help keep things running smoothly. There are also a number of benefits that come with using company credit cards including: Deals with vendors Tracking spending Improving business credit rating Eliminating ineffective employee reimbursement programs However, there is a flip side to the corporate credit card: it can lead to abuse and overspending. These mista ..read more

Household debt in Canada has been rising since 2018. Statistics reveal that the debt level for most Canadian families is now around 177 percent. In other words, for every dollar Canadians earn, they owe $1.77.  Furthermore, experts predict things will get worse due to the COVID-19 pandemic. The government has also noted that credit market debt was $2.33 trillion in the first part of this year.  There are several solutions for Canadians who find themselves in a tough spot financially. One of these is to file for bankruptcy, which can remove much of the unsecured debt you owe. As of Ma ..read more

Some numbers in your life are crucial; your phone number, your house number, your Social Insurance Number and your credit score. These numbers have a big impact on your life. They can also be packed with information about you. For example, your credit score gives lenders information on your past financial history. Yet despite the importance of this number, almost half of Canada has never requested their credit score. What is a credit score? A credit score is a number that a majority of Canadians have even if they are unaware of it. If you deal with a financial institution, have taken out loans ..read more