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Indebted seniors need to discover their inner Scrooge

Financial Post
It is more important than ever for seniors to be mindful of their budget this holiday season.

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In this article from the Financial Post, Melissa Leong provides a good discussion of the challenges faced by seniors during what can be an expensive time of year.

With seniors seeing their debt increasing at a faster rate than most Canadians and with bankruptcy filings becoming more frequent it is important to keep to a budget this holiday season.

CLICK HERE TO READ THE FULL ARTICLE ON THE FINANCIAL POST

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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]