How to Deal with Mortgage Payment Difficulties

For many the big splurge over the winter holidays makes a financial dent in their accounts. Often to the point where regular bills can't be maintained. Here is a great article on How to Deal with Mortgage Payment Difficulties from CMHC:

"When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties."

Some solutions include
1. Talk to your mortgage professional
2. Clarify the financial picture
3. Stay informed

There is also a link to a great Government of Canada site Take Charge of Your Debts

Hopefully none of you need this but can pass it on to someone you know!

Read More Here

Best in 2011,
Danielle Millar

Come On Gen X - What's Up?

I am worried about my generation. They didn't want anything and now when they realize, "Hey money is all right!" They are so in debt that they can't get ahead nor can they save for their future.

This article is such an eye opener for me, I am so happy that I made the choice to give up new clothes, that cool car and nice furniture for a few years to pay off my student loans and all my credit card debt. I am also happy that I learned to invest and wait, to not let my current appetite steal from my future feast.

Facts From OppeinheimerFunds

* 62 percent say they live paycheck to paycheck

* 56 percent have an outstanding credit-card balance of $3,000 or more.

* 62 percent of women say they have not bought any investment products.

* 45 percent of women would buy 30 pairs of shoes before saving $30,000 in retirement assets.

* 65 percent of women and 48 percent of men said they do not know how a mutual fund works.

* Nearly 65 percent did not know that when interest rates go up bond prices typically go down.

* 38 percent of women have not started saving for retirement.

"Generation X may have shed the slacker image over the past decade as its members moved beyond coffee shop jobs and into the suburbs, SUVs and corporate boardrooms. But when it comes to saving for retirement, the description still fits.

Most Gen Xers, the oldest of whom are heading into their 40s, are woefully behind in saving for retirement. Nearly half of the 5,000 Gen Xers surveyed by Charles Schwab this year said they are so saddled with debt or live on such tight budgets they can’t even think about saving." Read Full Article Click Here