Indebted Ottawa couple says “I do” to saving for their $25,000 wedding
Talk to Us Today
Saving $25,000 for a wedding while carrying $35,000 in consumer and student debt may not seem like the most prudent approach; it is tempting to suggest they not have such an expensive wedding and focus on their debt repayment.
However; the plan is provides the couple with a goal that is motivation for them to budget accordingly and, hopefully, the habits they develop continue beyond their wedding date and set them up for a financially secure future.
What do you think of their plan and their budgeting strategy?
Did You Know?
1
Many people who file for bankruptcy get to stay in their home.
2
In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.
3
Many people who file for bankruptcy are able to keep their vehicle.
4
Most bankruptcies are NOT published in the newspaper.
5
Student loans can be included in a bankruptcy if they are more than seven (7) years old.
6
A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.
7
In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]