Nothing ruins a relaxing summer like the weight of debt hanging over your head. In fact, if you are someone who is struggling with debt, you likely find that it casts a shadow on everything! Everybody knows someone who is in debt. Maybe it’s even you. Why is debt such a problem for Canadians?
Although poor budgeting is the leading cause of financial difficulties, it’s not the only reason. Lack of preparation for rainy days as well as unforeseen circumstances such as accidents, declining health, job loss, business failure, and divorce all play their part. The list is long and quite frankly concerning.
A recent survey from Ipsos revealed that nearly half (44%) of Canadians are $200 or less away from insolvency after paying their monthly debt obligations. Here are critical signs to tell if you need to seek professional intervention:
- You are recycling through payments and not getting ahead because compounding interest is working against you.
- You have no cashflow.
- Your credit card statements calculate it will take you more than 60 months to pay off your debt in full.
- You have a great credit score but were declined for a bank consolidation loan.
- You experience anxiety when you think about your finances.
- Your close relationships are strained.
- You experience social anxiety and withdraw from people.
- You express anger in unhealthy ways.
- You can’t sleep.
- You can’t focus at work.
- You have intrusive thoughts of self harm.
Debt is about more than just money. It impacts your emotional, mental and physical well-being. It fractures
relationships you value and hold dear. Help is available but the world of insolvency is often confusing to navigate. You need to know where to look and who to look for. Most importantly you need to hire a debt relief expert who will exclusively advocate for you and represent what’s solely in your best interest. It’s essential to have someone on your side who’s committed to your immediate and future needs, not those of your creditors. Choosing a debt expert will help ensure the best outcome for your debt restructuring and financial rehabilitation.
For more detailed information on all the debt management options available as well as how to choose the right advocate for you, download my complimentary ebook at www.fromdebttolife.ca
Text by Jennifer Croft, Author and Debt Relief Expert