Are You Experiencing Financial Problems?

Are you one of the Canadians who in 2006 owed $5 for every $4 they earned?

A Bank of Canada survey found that the proportion of highly vulnerable debtors (those whose debt payments exceed 40% of their gross household income) had risen by 2.3% in the first six months of 2006 (from 2.6% to 3.2% of the population)

With these massive levels of debt it is very difficult to survive even a temporary loss of income.

If you have experienced a life changing event like a job loss, illness, separation or divorce you may experience difficulty in managing your debt. 

When any of these events happen many people carry on as if nothing has changed. I'm not sure what they are thinking,

it's almost like they think the problems will be taken care of "magically." Many continue to use credit to finance their day to day expenses thinking that some how things will get back on track.

Many don't realize the seriousness of their situation until the creditors and collectors start calling.

Once debt levels have reached the point where collectors are calling you may also be facing legal action.

The most important thing you can do if you realize that you are in serious financial trouble is to formulate a plan. 

You must take some form of action. Find out what kind of options are available to you.

Here are some other things you can do: 

• Create a Budget
• Contact Your Creditors and explain the situation
• Try to Negotiate a Repayment arrangement
• Take control of your situation
• You may have to make some hard choices and decisions like changing what you drive or where you live
• If you can't get things under control on your own contact a professional for assistance

There are many professionals in your community who may be able to provide assistance:

• Credit and Debt Specialists or Credit Counsellors
• Money or Financial Wellness Coaches
• Bankruptcy Trustees
• Mortgage Brokers
• Financial Planners

Have more debt that you can handle?

Call for your Financial Wellness Check-up Today!