Communicating with your bank, credit card company, utilities, or other companies that you’re trying to pay back can actually make it easier to repay all of your debt.
Despite the enormous expense, when people come to us looking to file insolvency proceedings, they often don’t want to give up their car. However, the Licensed Insolvency Trustees at David Sklar & Associates have seen plenty of situations where it made more sense to give it up.
When you become a senior, your relationship with money changes in a drastic way. It’s no longer something you can expect to keep coming in every two weeks through employment income. If you are still working, it’s likely that one of your financial goals is to eventually stop depending on that salary.
When you owe money to the bank, whether it’s through a line of credit or a credit card, the bank can take money right out of your account if you fail to keep up with payments. This is known as the right of offset, and if it happens to you, it can be a serious wake-up call that forces you to deal with financial difficulties.
Many people in Ontario have way too much credit card debt and as a result, find it difficult to make even minimum payments on their cards. Managing credit card debt with a consolidation loan is only one of the options available to consumers and may not be your best option.
This article & others in the series will help you take important steps towards successfully managing your financial future & away from overwhelming debt.
This is Step 2 of Budget Basics – Once you have completed recording and totaling your monthly expenses and income in Step 1, you are ready to start identifying your financial goals.
Living on a budget is a great way to plan & achieve your financial goals while continuing to enjoy daily life. Learn to set up & fill in your budget worksheet.
Cultivating the habit of living on a budget requires a focus on your financial goals, consistency in spending & accepting the fact that you can do this!
Learn how Canadians can erase their unsecured debts with strategies like consumer proposals, debt management plans & more.
