Options Credit's own Don Antle explains how Canada is following the same path as the United States. Don shares more about debt on his website: http://optionscredit.ca
of Western Ontario. v Became VP of Marketing for Molson in their national marketing office in Toronto. v After leaving Molson in 1991 he founded the Promotional agency the Allegro Marketing Group. v Sold his equity in Allegro to his partner and moved to the Lower Mainland of British Columbia with his family. v He managed two small projects before beginning with NCC Financial the parent company of the private credit counseling firm National Credit Counselors of Canada (NCC) in 2003. v While at NCC Antle completely redesigned their business model and process increasing new client acquisition by over 60% and rationalizing the marketing, HR and management context of the business. v Before leaving Antle was acting President, his efforts in improving process and efficiency resulted in the first profitable years in the company's 11 year history. v Antle left NCC and CORE in 2009 to start Options Credit Services Canada which launched in 2010. OptionsCredit.ca 2
bust. This could result in a “double blow” as the global economy is in holding ¡ Some economists fret about the similarities to United States, where excessive debt-income ratios were a prelude to a housing crash ¡ More than half of major markets witnessed sales drop 10% ¡ The average national price increased over 1% from last year ¡ The ratio of debt to income marked at 163.4% half way through the year. That’s a raise of almost 2 points from the end of last year. IN DEBT LEVELS The Globe And Mail OptionsCredit.ca 6
every year after, both Canadians and Americans spent almost all income, leaving very little for savings. ¡ While personal savings rates in Canada has consistently been higher than in the U.S., rates in both countries have been falling over 15%. ¡ Both Canadians and Americans have had to finance their spending through credit. OptionsCredit.ca 9 Household Debt Household Debt 6.8x 8.6x Statistics Canada
Get A Better Job 4. Get Fit 5. Quit Smoking 6. Take A Trip 7. Volunteer To Help Others 2013 New Year’s Resolutions USA.gov OptionsCredit.ca 11 The Top 8
been late making a credit card payment and over 18 million people have missed a payment entirely. (Source: National Foundation for Credit Counseling) …More than 58 million adults, admit to not paying all of their bills on time. (Source: National Foundation for Credit Counseling) “When finances are tight, 59 percent of people would pay their credit card bills last!” OptionsCredit.ca 13
your income ¡ Is it hard to make the minimum monthly payment on your debts ¡ Are you scared to know how much you owe in total ¡ Are you using credit cards for daily expenses ¡ Are you receiving creditor calls for not making bill payments ¡ Are you using one credit card to pay off another ¡ Why are creditors not increasing your credit limit ¡ Have you applied for cash advances 1 Million Other Canadians Do… OptionsCredit.ca 19
program is the consolidation of multiple monthly payments into one monthly payment, which is usually less than the sum of the individual payments themselves. ¡ 2. Credit Counseling also arranges a reduction in the interest rates charged by creditors through a DMP. Some creditors will lower the annual percentage rates or even eliminate interest altogether. ¡ 3. The third benefit offered by credit counseling agencies is restoring credit ratings. By bringing delinquent accounts current. After joining the DMP and making consecutive monthly payments, creditors could “re-age” the account to reflect a current status. This merely gives a fresh start and an opportunity for the client to begin building a positive credit history. Canadians 100% AGREE On Using DMP’s Wikipedia.org OptionsCredit.ca 20
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