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3 Steps You Need To Take When Creditors Garnish Your Wages

When a creditor garnishes your wages, looming debt can suddenly tailspin into a full-blown financial crisis. A garnish on your wages can quickly make you go bankrupt or fall behind on other debts. If you’re already struggling to make mortgage payments or pay alimony, child support, rent, car payments, or any other necessary expense, a garnish on your wages will quickly have you falling behind. Unsecured creditors may take a number of legal actions against you if you have not been repaying your debt. They may move to seize physical assets, but with many exemptions in place to protect common assets, creditors may find it easier to collect with wage garnishment. With a seizure summons, a creditor can garnish up to 30 percent of your wages or if you’re self-employed, which a growing number of Canadians are, 100 percent. A garnish on your wages could actually be a blessing in disguise. It sounds unlikely, but if your creditors are taking legal action against you to collect their debts, there may be a good chance that you’re insolvent. Insolvency means that you’re eligible for a number of debt relief options that can protect you against legal action and reduce the total ...

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A Dummies Guide to Debt Solutions

Finding yourself with more debt than you realized and wondering how to right the ship? You’ve come to the right place! Debt solutions vary and ultimately come down to each debtor’s specific situation. Below we’ll outline the basic debt relief approaches and which situations are ideal for whom, so you can leave debt behind once and for all. Let’s get started.   DIY Approach Taking the DIY approach to solving debt could include taking a debt management course, consolidating debts, or a restructured debt repayment plan. All these options result from a debtor being proactive. Call your creditor(s) at the first realization that your debt might be spiraling out of control. Be as transparent as possible about your situation. Leaving creditors in the dark and then missing payments will only make things worse. There aren’t really any cons with the DIY approach because there’s nothing to lose in asking for help, especially before you start to miss payments.   Who Qualifies for the DIY Approach? The DIY approach only works for debtors who are at the early stage of falling behind and can still make payments on their debt. In other words, someone who still has options. Working with a ...

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How AI Is Revolutionizing Financial Services

Companies that are successful at adopting emerging technology early tend to perform better than those that do not. This is especially true in fast-paced industries like financial services. According to one index from FIS, the top 20 percent of performers saw better revenue growth than competitors. For example, 40 percent of these “readiness leaders” grew their global revenue by 5 percent or more; only 22 percent of other institutions did the same. Similarly, 47 percent of readiness leaders increased their assets under management by more than 5 percent; only 23 percent of other organizations managed to accomplish this feat. This just goes to show how necessary it is to embrace new technological advances as they hit the market. As City A.M. reports, 37 percent of these “readiness leaders” had incorporated artificial intelligence (AI) or machine learning into their business operations—compared to only 6 percent of other organizations within the financial services industry. How can companies within the financial services industry use AI and machine learning to improve performance? Here’s a closer look at a few of the most promising areas.   Improving the Customer Experience Customers and clients have more options than ever when it comes to selecting the financial ...

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Don’t Let Your Online Dream Turn into a Financial Nightmare

In an age where anyone can become “insta-famous” or a YouTube millionaire, making a mint online is easier than ever. Of course, we can’t all jump into cyberspace and start raking in dollars but the opportunities are undoubtedly there for the entrepreneurial millennial. In fact, the research out there suggests that the trend for people making a name for themselves online is influencing the public at large. According to a study carried out by America’s Small Business Development Centers (America’s SBDC), 49% of millennials said they intend to start their own business within the next three years. In support of this newfound entrepreneurial spirit, more than 50% of millennials surveyed said they would quit their jobs and start out on their own with the right resources. Given that the internet is one such tool, it’s little wonder that more people are now looking to make their fortune online. Security Slips Can Cost Any Startup However, while the internet has made it seem as though creating and maintaining a boutique business is easy, there are a number of dangers people miss. Despite newspapers and media sites being filled with tales of data breaches, hacks and viruses, too many budding entrepreneurs fail to ...

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Helping Your College-Aged Kids Build Their Credit Score

A good credit score is important in determining whether you’re eligible for loans with affordable rates and higher lines of credit. When it comes to helping your kids understand the importance of building their score, the earlier you start the better. In an interesting study, CreditKarma found that the average score for those between the ages of 18 and 24 was 630. This is considered poor credit; just 20 points lower than a 650 credit score which is considered fair. Even so, college students will have a greater opportunity to improve on financial discipline before entering the workforce. Yet, with tuition and other college related expenses, it can be difficult to stay above water and not enter a spiraling cycle of debt. Teaching them to live within their means, paying credit card balances in full each month and applying for scholarships will assist in reducing the amount of debt they carry once graduated. A few ways to guide them on proper financial management include: 1) Let them Piggyback Allowing your child to become an Authorized User on your credit card account will help improve their score. You’ll be able to keep track of their charges and assist them in building a solid credit history. This ...

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