My name is Adam Rauf and I’m the associate who works in the Guelph office for Hoyes, Michalos and Associates Inc. and I’m currently in the process of becoming a licensed Trustee In Bankruptcy.
I just spent 3 weeks in India visiting family and friends. India is a beautiful place that will you speechless, frustrated, inspired and above all else, exhausted. Travelling through the busy streets of New Delhi I could not help but observe a unique mixture of an ancient culture starting to amalgamate with Western philosophies. It’s almost saddening and humorous to see everyone on a cell phone, whether it’s a 10 year old child on the way to school or a rickshaw driver whose livelihood depends on his simple bicycle. Aside from the wave of technology that is now dominating South East Asia is the spread of the credit cards and the credit culture. With an increase from 22 million credits to approximately 44 million in use, the credit culture has doubled in the last 3 years. What implications will this have on business in North America?
India is very quickly becoming a strong financial player in the global markets. If the use of credit becomes too poorly mismanaged and India experiences a credit crisis much like North America, this could very negatively impact the Western economy. Afterall many North American businesses are investing a lot of resources in hoping to expand and tap into the Eastern markets. If consumers in India fail to pay, and business have to undergo extensive restructuring, this would reverberate back to North American business economy. My suggestion to Canadian consumers is to still air on the side of caution. Many analysts say we are through the worst of the economic crisis, but I’m not so sure we are.
As the holiday’s are fast approaching we at Hoyes, Michalos & Associates Inc. always advise people to keep a watchful eye on their budget as 2011 will be unpredictable. We are pleased to report that the vast majority of our clients are choosing to use a Consumer Proposal as an alternative to bankruptcy. A consumer proposal is a monthly payment plan that allows you to pay a portion of your debts over a set period of time. It still provides you with all the same legal protection of a bankruptcy but you have control over your assets and essentially you are enrolling for a simple monthly payment plan.
If you feel that you are in financial trouble and need the help of a licensed professional, do not hesitate to contact us and arrange a free consultation. We’ll sit down with you and make sure you know all the options that are available to you. Please call us directly at 310-PLAN or e-mail me and we’ll get started right away.
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