 OCCA Blog
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January is usually the month we assess our lives and make some
resolutions in an effort to improve each year. One of the most popular resolutions people make is to join
a gym to shed some pounds. As much as our physical health is important to manage, our financial health
is equally important.
The holidays are fast approaching. Along with the wonderful things the
holidays bring: family, food, Christmas parties and friends. This is also a time for added stress; house cleaning, extra chores,
cooking, shopping. There’s also the need, or want, for extra time and money to get everything done. |
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With so many front page headlines hollering about
the unbearable debt load many of the world economies are presently facing, I started thinking, perhaps we [society] may have
finally awakened to the fact that now, more than ever...
When we’re asked how OCCA is different from non-profit credit counselors, we’re happy to respond
by stating “OCCA works for you, the consumer – not the creditor.”
We
recently posted a story that has had great response on the leading online resource for Ontario landlords, the Ontario Landlords
Association (ontariolandlord.ca).
Happy November everyone! Now that Halloween is over, I’m sure everyone’s mind is on the next big
event – Christmas. What better month than November to focus on money management. Did you know that November has been
dedicated as Financial Literacy month?
WARNING!!!!
About Pay Day Lender SIMPLY CASH. If you’ve recently received a "DEFAULT JUDGMENT" from
a Pay Day Loan company called SIMPLY CASH, then you might very well be in for a BIG surprise!
WOW!
I have to share with you a story I just heard from one of our Counsellors about an 80 year old retiree, who called OCCA with
questions about his debt and was considering joining our program.
It’s
the most wonderful time of the year…Yes! Back to school time. It is also one of the most expensive times of the year
for families.
I read an article found online, confirming what most of us already knew was going to happen or have seen happening. The Canadian Consumer Outlook Index was released, Bank of Canada governor Mark Carney warned in a speech that agricultural product prices are much higher since the central bank's interest rates last went up in September, and food prices will continue to rise.
Uncertainty, fear, helplessness; these are just some of the feelings
many people in the world are experiencing at this point in time. The recent tragedies in Japan could have an effect
on the rest of the globe, and the global economy. Financial markets are already preparing for what could happen should the
Japanese not find a way to reduce the impact a meltdown would bring.
So, here we are, mid February, you’ve either already received your credit card and bank
statements, reminding you of the damage you’ve done over the holiday season, or your waiting anxiously for them to arrive!Buying
all those gifts sure seemed like a great idea while you were in the heat of the moment, and watching everyone open their gifts,
I’m certain, felt really good. Merry Christmas to all! Now I’m broke!
I recently came across some interesting news for our 25-34 year old crowd…Your age group, according to Statistics
Canada data, has not had an increase in income for 30 years!! Taking into account inflation, the income for this age
range has actually dropped by 2%. Interestingly, on the other end of the spectrum, incomes for retirees aged 65+ have jumped
54% in the same time period; taking into consideration housing values and tax breaks.
I’ve
had a lot of people ask me the difference between what OCCA will do, and what a “Not For Profit” credit counseling
office does. To us at OCCA, the difference is very clear… but, what IS the difference? Sure, we ask for similar
information from consumers when putting together their file: Name, Mailing Address, Telephone Number, Employment, List of
Creditors, Amount of Debt Owed, Copies of Credit Card Statements & Loan Documents.
I had a conversation with the President and CEO of OCCA, Ed Portelli, yesterday afternoon. Although I knew what OCCA
did, being a relatively new member on the team, I really had no idea how much our program could help, and how much time and
money it saves people! During the conversation I learned a lot of interesting, somewhat disturbing, and unfortunate facts,
yes facts.
The Law society of Upper Canada is holding a tribunal, regarding alleged questionable practices with respect to debt
collection activity by Natale law firm. The Tribunal is scheduled for January 11 & 12, 2011, and is open to
the public. Natale Law office’s largest client is Global Credit & Collections Inc., which provides collection services
to large Canadian banks and telecommunications companies.
Most
of us want to do the right thing in every situation, lead a happy and healthy life. We want to take care of our responsibilities,
make the right decisions. Be good, honest human beings.And sometimes, not for everyone, and not for the fault of oneself.
Things don’t go exactly as planned.
The Bank of Canada has warned that the economy is not acting as earlier anticipated and it could take more than 2
years to reach its full capacity. I was reading an article regarding times when you should never use your credit card. Example,
you don’t want to be within a couple hundred of your limit, or your credit score will go down
I
was listening to the radio on my commute in to the office this morning, and a news article caught my attention; Food Banks
in Toronto have seen a 15% increase in people needing their help on a monthly basis.
I've
recently heard a number of advertisements on the radio, seen just as many on television, and read a few more, which point
consumers toward purchases as an outlet for their much coveted Income Tax Refund.
We are proud and excited to announce, on Saturday May 1, 2010, at 1pm, our President, Ed Portelli, will be a guest on the Expert's Hour on 640AM radio in Toronto. We wish Mr. Portelli all the best and know the listeners are in for an informative and entertaining hour.
As
I welcomed in 2010 last week, I began to think about what I'm thankful for, and about what I had in my life that made moving
forward day after day an easier task. Every thought brought me back to the people in my life, not the "things."
Amidst months of economic
downturn & signs of contraction Canadians now have another major issue to deal with; Bankruptcy. According to a new study
by the Toronto-Dominion Bank released Friday May 1st, 2009, Canadians will declare personal bankruptcy in record numbers this
year and into 2010.
Every
quarter the Office of the Superintendent of Bankruptcy Canada (OSB) releases a report on economic developments within Canada.
Entailed in the report are statistics pertaining to the insolvency rates in every province, including Ontario.
I was reading recently about the level of stress many Canadians are dealing with, in relation to their outstanding
debt load.Linda Leatherdale of the Toronto Sun recently wrote an article which pointed out "Being stressed out about
money and making ends meet isn't a worry for low-to-middle-income Canadians."
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