In your current situation it would be well in your interest to communicate with one of our expert advisors, the consultation is FREE.

In your current situation, it would be to your advantage to closely monitor your budget, control your expenses and strive for a balanced budget. If you need assistance, please feel free to contact one of our expert advisors. The consultation is FREE.

Your current situation seems stable and on the right track, but you should monitor your budget closely.

The quick diagnosis described above is based on what the Office of the Superintendent of Bankruptcy and Statistics Canada consider to be the cost of living for your family unit.
 

These amounts does not provide for any savings for an emergency fund in case of job loss, illness or unexpected expenses, much less any savings for retirement. In addition, the monthly amounts to be paid on your credit cards and lines of credit have been limited to the minimum payment (3% of outstanding debt, paid monthly). However, if you only pay the minimum required, you will be paying for your credit cards (with a 19,9% interest rate) … 38 years! For example, a $ 10,000 balance on your credit cards, you will have paid over $ 11,800 in interest alone! We strongly recommend an accelerated repayment plan for debts with such high interest rates.
 

Furthermore, you should develop (alone or with our help) a personalized budget to accurately determine your personal needs and your financial capacity. We can assist you in the preparation of this personalized budget as well as the analysis of your personal financial situation, free of charge and with no obligation.
 

Although the quick diagnosis indicates a budget surplus, it should be noted that it doesn’t provide for any savings for an emergency fund in case of job loss, illness or unexpected expenses, much less for any savings for retirement. In addition, the monthly amounts to be paid on your credit cards and lines of credit have been limited to the minimum payment (3% of outstanding debt, paid monthly). However, if you only pay the minimum required, you will be paying your credit cards (with a 19,9% interest rate) for… 38 years! For example, a $ 10,000 balance on your credit cards, you will have paid over $ 11,800 in interest alone! We strongly recommend an accelerated repayment plan for debts with such high interest rates.
 

Furthermore, you should develop (alone or with our help) a personalized budget to accurately determine your personal needs and your financial capacity. We can assist you in the preparation of this personalized budget as well as the analysis of your personal financial situation, free of charge and with no obligation.