MCS 2100 Lecture Notes - Lecture 6: Chartered Accountant, Personal Bankruptcy, Alimony

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: May Aung

Document Summary

Consumer credit counselling services used to evaluate various private and government sources that assist consumers with debt problems. Non-proit counselling services: universiies, military basis, credit unions, some employers, and provincial and federal housing authoriies. For an individual sufering from extreme inancial woes, bankruptcy proceedings may be the source of relief. An increasing number of bankruptcy ilers are well-educated, middle-class baby boomers with an overwhelming level of credit card debt. Baby boomers account for 44% of the adult populaion, but account for 59% of personal bankruptcies. People most likely to go bankrupt are between 47 and 51 years old, a group that is assumed to be economically established. More likely for females to declare bankruptcy. Consolidaion loans can be used to avoid declaring bankruptcy and allow you to regularize and control payments. Consolidaion loans a new loan that is used to discharge a collecion of exising debts and has various advantages and disadvantages.