In declaring bankruptcy, you are robbing banks — of fake money

January 19, 2013 by · Leave a Comment
Filed under: Bank's Profits, Bankruptcy, debt relief, taxes, Videos 

Good god if a twelve year old gets it, surely the rest of us can!

When you take a loan from a bank, the banks literally invent that money. When you pay interest on that loan, banks are getting what I call sweat money (money that you have worked for) in return for their invented money.

When you can’t repay your loans, there are the loan collectors who are very good at making you feel like shit about not being able to pay back imaginary money — which, typically by the time they are knocking at your doors, is mostly interest that you are repaying. You’ve probably already paid an amount equal to the principal.

The government, probably because they know it’s a scam, has created an out, commonly known as Bankruptcy. Many people associate bankruptcy with embarrassment and shame, even though it’s quite accepted as a corporate strategy.

We’ve got to get over that. Bankruptcy is a legitimate way of making debt go away. Yes, there are costs, both monetary and lifestyle. But nothing that compares to hanging on to the debt till your dying days. With Bankruptcy, there is a definitive end to the pain. With debt repayment in full, especially when you don’t have the means to repay for whatever reason, you can live under duress for a long long time.

There are also in between ways to resolve your debt. Banks won’t tell you about these options. If you get a good consultant (such as myself) or a good Credit Counselling rep or a good Trustee, you can get all the facts.

Do yourself a favour. Get informed. It can, literally, save your life.

What a debt counsellor does for you

We understand that many people who are in financial crisis struggle with getting the right information. Not because they lack intelligence, but rather because they lack experience and simply don’t know where to begin looking for help. After all, financial crisis is not a common occurrence in one’s life: it’s an anomaly, an unusual, one-time event. Read more

When a 12-year old understands banks, debt and taxes, perhaps there’s hope for the rest of us

From the Youtube page:

This is my daughter. She gave this speech at a businees meeting in front of 600 people. Her eyes have been opened to a scam that is being perpetrated upon Canadians and the rest of the world. I am the owner of this video. Feel free to use it freely without altering the content in a manner that would draw conclusions unintended by the speech. Read more

Debt chart

December 9, 2011 by · Leave a Comment
Filed under: Bankruptcy, Debt Management 

You may have heard tell that the magic of investing lies in compound interest. Understanding how compounding interest works is important when you begin looking for debt relief options, because it will help you see that it’s misleading, and offers a stupid return on their initial loan. If you are rebuilding your credit, here’s good reason to avoid these “products.”

Compound interest is when they charge interest on interest, when the interest charged on the principal is then added to the principal. In a sense, it’s charging (or earning) interest on interest). Banks and credit card companies are full of this kind of magic. Here is a chart detailing the number of years required to pay off a credit card balance. It assumes 19% interest and a minimum monthly of 2.1% of the outstanding balance. Usually credit cards require a minimum monthly payment between 2.0% and 2.5% of the outstanding balance. Source: CNN Money

Read more

The 99% Movement will fail if the other 98% don’t wake up

October 18, 2011 by · Leave a Comment
Filed under: Uncategorized 

Dear protesters,

If you treat the world-unifying demonstrations that you achieved on October 15th 2011 as the pinnacle of your success, the movement will fail. Read more

Your debts help bank profits surge

September 1, 2011 by · Leave a Comment
Filed under: Bank's Profits, Debt Management 

So on the one hand, banks blast warnings that the Canadian debt load is peaking; on the other, the more you borrow, the more they benefit. Read more

Statistics on Canadians’ debt load

August 25, 2011 by · Leave a Comment
Filed under: debt relief, Statistics 

You are not alone!

Here are some interesting numbers from Statistics Canada. Read more

The state of Canadian household debt

August 15, 2011 by · Leave a Comment
Filed under: Statistics 

The Certified General Accountants Association of Canada (CGA) released a study in 2010 on Canadians and their debt. Read more