Loans

Suicides in the UK rose significantly in 2012, according to the British Office for National Statistics, and suicide prevention experts in that country say that it's due to irresponsible lending practices by British banks and predatory debt collectors there.

The Brighton Report, released earlier this year, revealed that the number of suicides in the UK hit 6,045 in 2011, a 7.8% increase compared to 2010, with deaths among men accounting for the largest proportion. A total of 4,552 men took their own lives in 2011 compared with 1,493 women.

"Debt clients frequently feel humiliated, disconnected and entrapped, with the process of debt collection having a clear impact on people's mental health," read the report from England's University of Brighton.

The ONS says that, among men aged between 45 and 59 years old, the suicide rate increased significantly between 2007 and 2011 to 22.2 deaths per 100,000 people.

"These figures ... reveal the profound human consequences of the economic downturn, in which unemployment, debt, and the relationship breakdowns that often follow, can push people who may be already vulnerable to take their own lives," Marjorie Wallace, CEO of SANE, a UK mental health charity, told Reuters.

You put money into a Registered Retirement Savings Plan (RRSP), which automatically reduces your taxes and Bam! Instant Tax Refund (tm). The tax break is why most of us make our first contribution to an RRSP, and that motivation continues every year we're earning an income and want to defer tax payments.

The good news is that, if you're strategic, there are even more benefits that can be gained. As your portfolio gets larger or more diverse and your life situation changes, there are a few RRSP quirks you may want to take advantage of.

Spousal or Common-Law RRSP

You can set up a spousal or common-law partner RRSP. You can then contribute into your spouse or common-law partner's RRSP; you get the deduction, but they own the plan. Generally, the partner with the higher income will contribute; this allows a higher tax reduction when contributing and a lower tax bill when your spouse or common-law partner withdraws the money, as they will presumably be in a lower tax bracket.

Excess Contributions

You may inadvertently put in too much money into your RRSP. If so, withdraw the amount as soon as possible. There are taxes assessed for any amount over $2,000 in excess of your limit; the tax is one per cent of the excess for each month the excess exists. This will accumulate quickly. After a year, 12 per cent or almost one-eighth will be taxed away.

Are you finding yourself with no money and a bit too much month left?

At this time of year, paying the holiday bills may mean that there's not a lot left over for living - we all need to put some food in the fridge and have some cash in the pocket.

Usually we consider putting a few extra items on the credit card, or asking a close friend for a few extra bucks, but what if there was another option?

There are short term loans available from certain types of lenders (aka payday loans), but there's a new kid on the block: Wonga.

By Mandy Woodruff
Daily Finance.com


I'm not quite 30 yet, but I'm more than familiar with the notion that this age is the new benchmark for people to get their lives together.

There are books, blogs and Twitter accounts dedicated solely to helping people cross that line in the best shape for their future. They do this by telling you to get rid of debt, stop shopping so much, start saving for your retirement and brace yourself for wrinkles.

But in my opinion, it takes a lot more than a healthy bank account and nice skin to live a full and happy life, whether you're 29 or 59. Most of us know how to succeed, we just happen to let ourselves -- and a few convenient lies -- get in the way.

There are options when it comes to getting extra cash. You can get a bank loan, take out a line of credit, leverage your equity in property, max out your credit card, sell or even pawn some of your items. Now there's another way.

"Risk is what's left over when you think you've thought of everything."
-- Carl Richards

The world is full of risks. There's no shortage of them today: Deficits are enormous, Europe is cracking, and pension funds are underfunded. These are serious risks. Some will turn into crises.

But we love to exaggerate and extrapolate. Nine times out of 10, the biggest risk isn't what's making headlines. Risk is the anonymous lurker no one's prepared for. Rarely will what's popular to worry about turn into a crisis -- at least, anytime soon. There's a half-serious rule of thumb that once Newsweek puts a warning on its cover, the risk has already passed. Things change, and there's no better way to prove it than surveying the graveyard of past crisis warnings.

Here are four from the past few years.

It's not the easiest time to start a life together. There's the tumultuous economy, the unpredictable job market and the real estate bubble that looks like it's on the verge of bursting. And on top of that, everybody views money differently, so when two people come together in a marriage, it's no surprise there will be financial tensions. Here are some tips from financial planner Rona Birenbaum, founder of Caring for Clients, to guide young couples on what to focus on when merging their money matters for the first time.

1. Get Naked
Throw your inhibitions to the wind and reveal all to your partner. All meaning debts, assets and retirement expectations. Start your married life without financial secrets and lay out the full picture of where you both stand. Show each other your net worth savings -- what you've got and what you owe -- and request copies of individual credit reports to see your credit standings. If you have a goal of home ownership, you'll likely need mortgage financing and if you need to repair your credit rating, this can take time, so it's wise to start with open communication.

A recent report said that Canadians are paying down their debt, which is excellent news. However, we're still comfortable with debt when it comes to major life purchases.

The recently released TD Canada Trust Report on Savings found that when it comes to weddings, the first home, a car and children, we are fine with taking on debt.

These offers usually come early in a year. It's logical: having tried to make everybody's Christmas, many of us overextend ourselves and are close to fainting when it comes to opening our credit card statements.

And that's when we see ads and commercials saying this or that company will help us become debt-free in no time, give or take a couple of minutes. Some go so far as to suggest they perform impossible tasks within three business days, miracles within a week.

So, here's the deal: more often than not it's perfect rubbish, and there are some easy ways how to figure it out.

"Debt reduction," "debt settlement," "debt relief" or "debt negotiation," fancy names, all of them.

Here's the spiel: we can work out a deal with your creditors, they'll tell you, that will allow you to pay back just a fraction of the money you owe.

Ouch!

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As a single mother, Melanie Buffel's journey toward financial competence very much began as a trial by fire. "I've sort of learned a lot of my money skills through the school of life," she says. "At times there has been a very high tuition cost, you make significant mistakes and learn what not to do."

Click here to see part one of Broverman's post.

Though her background is in community economic development, helping women earning low incomes gain control of their household finances for 15 years. Now, as a money coach for Money Coaches Canada, she has been helping middle-income singles and couples whose cash is flowing, but they don't feel like they're getting ahead -- much like she felt once upon a time.

"They're sort of running the hamster wheel of their finances and their cash is flowing, but they're not really capturing it anywhere. They're not saving towards things that they want they're kind of vague about what's happening with their money and they just want a better sense that they're working toward their dreams."

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