What in the World is OPD?

No, OPD is not some new fangled rap group and it’s not some new medical condition that has just been announced. OPD stands for ‘Orderly Payment of Debt’ and it is a wonderful program that is available to people within Edmonton who have fallen far behind on their credit payments and bills and are facing potential legal action against them to collect the debts. OPD isn’t going to be ideal or available for everyone, however, but if you qualify for the program, then there are some amazing advantages to using it.
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Get business back to the basics: simplicity, productivity, activity.

Keep it simple.

Anytime you are faced with a group of people you are presenting to, whether it’s a sales pitch or a safety meeting, you have to keep it simple. The amount of day-to-day activity that the average person has today is far greater than it ever has been and thus, people’s focus is more scattered. So keeping your presentations simple and to the point with clear and concise language is key. People will not remember everything you said in your presentation or meeting, and not everyone will remember the same thing, so how then do you ensure people walk away with your full message? It’s not by talking more, I can tell you that much!
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...we would have been paying debt & interest for the rest of our lives!

“Randy helped me feel we weren’t the only ones in our situation with debt. He made us look at our spending in a different light. Now I feel so good about budgeting and saving money at the end of the week when I see we still have money in our accounts, and we didn’t have to use any credit – I feel so good. If it wasn’t for Randy and his knowledge we would have been paying off debt & interest for the rest of our lives! We are so appreciative & also more educated. “

-Tanya

Debt related resources published by your government – actually pretty good stuff.

Did you ever think to consult the Government of Canada if you are struggling with debt? While I wouldn’t suggest calling Steven Harper himself if you’re behind on your car payment, Service Canada has a resource page called “Managing Your Debt” with links to information about some of the following topic:

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Today’s business review is about The Seven Drawers shop on 85^th avenue and 109^th street in Edmonton, Alberta. This business was based off of enabling people to truly be reflected in their homes. No more generic furniture, wall art, or accessories anymore. At The Seven Drawers you will not be disappointed or bored. They offer options which are fresh and sophisticated, and all at a more reasonable price than you imagine.  The staff there is knowledgeable, friendly, and highly qualified to assist you in your design dreams. Best part is, their stock is constantly changing because they’re not a big box store; they don’t have room to stock multiples of the same item.  If you’re space is stressing you out, and you don’t feel revitalized at the end, or beginning, of the day, maybe it’s time to look into giving you space a facelift. Don’t put it off for a minute longer because you think you can’t afford it. The Seven Drawers is the place to go for affordable, quality products and great design advice.

http://www.facebook.com/pages/The-Seven-Drawers/186953728009992?sk=info

http://sevendrawers.com/projects/rick.html

In the last two articles, we’ve discussed two explanations pertaining to why some of us take on more debt than we can safely manage. Over optimism about our future and a struggle with self control that can begin when we are very young. It even seems that the ability to resist impulse is something that only develops when the brain itself physically matures.

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People often make poor economic choices because they are overly optimistic about what they will do in the future, experts say. It’s akin to over estimating how much you can get done in a day or eating a piece of chocolate cake now because you are counting on yourself to have the will power to have only a salad for dinner.

For example, people transfer credit card balances over to cards that have low initial rates with higher long-term interest rates because they believe they will pay everything off before the “teaser” period is up – most don’t.

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There are various reasons why debt occurs. Situations such as loss of a job, sickness to yourself or a loved one, an unexpected addition to your family, or student loans are generally considered more acceptable than the alternatives: trying to keep up with the Jones’, being in denial, not knowing how to say no, having one or more addiction (to a variety of things), or simply not paying attention. Obviously, some of these situations are controllable, and some are not. To safeguard against the uncontrollable situations adding stress to your life, how should one prepare to live within their means, and create a financial crisis cushion?

A recent study from the Bank of Montreal showed that 20% of Canadians said they would be hard pressed to be able to afford their mortgage if the rates rose by only 2%! With a $350,000 dollar mortgage at 2.99% over 25years the monthly cost would be $1654.57. If rates rose by a mere 2% bringing the rate to a still low 4.99% the new monthly cost would be $2033.63; a difference of $379.06. Knowing that less than $400 per month ($100 per week) is the waver range for 20% of Canadians shows, from another angle, that people are living way to close to their financial limits.
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The holidays have come to a quick Monday closing meaning it’s time to head back to the “real world” and start thinking about your bills, and thus, your holiday repayment plan. December has always been a month for overspending, overeating, and overdrinking, so it makes sense that January is, and has always been, a time for new resolutions, new habits, and new goals – we want to correct the overindulging that happened throughout December. Financial resolutions are second in popularity to losing weight/being healthier and sadly end just as fast. Most people who make a new year’s resolution will give in by March mainly because they haven’t made a road map for their success. Today we look at making that road map so that people can feel stronger in their financial resolutions.

Write it out.

If your resolution is to save money, or pay off your debt you’ll need to make a commitment. And what better way to do that than by writing down your resolution in a place where you will see it daily so that you can find strength, be energized, and hold yourself accountable. Post-It notes are a great way to facilitate this goal because you can literally put them anywhere, they’re eye catching, and usually come in cheerful colors! Write a main list and put it on your bathroom mirror, you’ll see it every morning and every night. If you think you’ll need more support throughout the day then tuck them in your car or wallet. Wrapping a note around your credit card reminding you it is for “serious emergencies” (not emergency coffee runs) or “gas only” will help you avoid swiping by being a goal reminder and giving you time to rethink your decision while physically unwrapping it. To get a little more dynamic you can put reminders on your phone too! Set a reminder every payday to deposit your cheque and take out your spending money. This is the cash diet, meaning no plastic, and it’s a great way to ensure you stick to your repayment budget because when the cash runs out, so does the spending.

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It is safe to say that everyone experiences debt at some point in their life; and it is never easy realizing that your debt outweighs your income. Consider coming to this debt to income ratio realization while dealing with the breakup of a marriage. When lives are intertwined for a period of time it is common and almost inevitable that finances would overlap and that joint bank accounts will be opened. The husband gets a car loan for his wife’s car, home furnishings and fishing gear get put onto the wife’s credit card, and so on. This, however, does not mean that the spending or the repayment is equal.

As a general rule upon separation

whichever debt is in the husbands name will be the husband’s responsibility and vice versa for the wife; and whichever debt is joint shall bedivided. Seems simple enough until you remember that the debt on the wife’s credit card may not be for her own things, or the car loan in the husbands name might not be for his car. Many couples will put purchases, from large to small, in their spouses name for a variety of reasons.
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How to budget for the holidays? It’s a continuous question that most people don’t have an answer to. We all find ourselves in January looking at our credit card statements wondering ‘How did I spend that much!?’ None of us want to feel like the Scrooge who wants to opt out of gift exchanges or have the tree look bare, but we don’t want to spend the holiday’s regretting it either! A poll from CIBC states that 76% of Canadians have a plan to pay off their holiday debt in full. It also shows that people are pretty even regarding how they’re going to holiday shop 29% plan on using cash, 31% plan on using credit, and 36% plan on using debit. This CIBC poll shows that the 65% of people planning to use cash or debt are doing so in order to stay on budget. And the 31% using credit are doing it to collect reward points and convenience. In contrast RBC’s poll reveals that 55% of Canadians will be using cash, 37% will use credit, and only 27% will be using debit.
Cash is the best way to stay on budget because when it’s supply ends, so does your shopping spree, but cash can’t be tracked like your debit or credit card, and is far easier for someone to nab at the mall. Debit cards give you the least amount of benefit when it comes to comparing plastic, but can help you stay on track with your budget by getting declined when you’re out of money. Credit cards give you better tracking, more security if purchases are lost, and have more financial benefits like improving your credit score, but it is the easiest form of payment to lose track of your budget with. So which is the right way?
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Ottawa, banks discuss measures to rein in Canadians’ personal debt

Ottawa is talking to the banks about putting new measures to curb the rise in consumer debt into the next federal budget.

Deputy finance minister Michael Horgan has broached the topic in prebudget consultations with executives from Bay Street firms and several bankers say they would support federal moves to cool the market.

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Professional Testimonial

“Randy does a great job of taking care of the people he serves. His integrity and ability to help people though a very difficult time means he adds a lot of value to every single person he deals with”

- Andy Richardson, Independent Financial Adviser

Clearly people have money problems.

The laziest solution to financial problems, but not the easiest by any means, is to ask for money. Finding a person who is not only able, but willing to just give you money is and has always been a very rare scenario for 95% of the population. The request to give me money is also a conceded solution oozing with self-entitlement and a lack of work ethic. Slightly altered statements that would pass along the benefit of doubt to those who are heard saying give me money would be: I need money, or I need more money, or on a deeper level these people are saying please help me with money. Regardless of how it’s phrased it is clear that more and more people are having money problems, are in debt, and using credit.
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“Have you even wondered why we are spending 160 million dollars a day on the interest of the national debt? That’s 60billion dollars a year. Have you ever wondered who receives that 60 billion dollars?”

Brought to my attention by Doug Loewen, this 12 year old girl – Victoria Grant – not only GETS the banking scandal but she explains it with streamlined simplicity! Amazing.