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I’m Douglas Hoyes, and today Ted Michalos and I appeared on AM 640 Toronto Radio to discuss How to Survive the Economic Crisis. |
I gave my opinion that the economy is weaker now than it was a year or two ago, so it’s important that we all reduce our debt to give us maximum flexibility to survive the tough times ahead. (I’ve written a detailed article on How To Reduce Your Debt).
We also took a number of phone calls. Patrick phoned in to warn people not to fall for those "low introductory rate" credit card offers, because eventually the rates go up. Ray from Toronto called in to ask if, after filing bankruptcy in Toronto, would his debts to Canada Revenue Agency be discharged? I said yes, CRA debts can be included in a bankruptcy.
Based on the calls we received it appears that credit card debts are a serious problem, so we gave some tips on how to reduce your credit card debt. First: stop using them. Pay cash or use your debit card, and then work hard to pay them off.
If your debt is too large to simply cut your expenses and pay them off, it may be necessary to consider a consumer proposal or personal bankruptcy.
For a detailed assessment of your personal situation, call our Toronto bankruptcy team at 310-PLAN (that’s 310-7526, no area code required anywhere in Ontario) or E-mail us to arrange a free initial consultation, and let’s get started.
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