Money Issues in Canada

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Money Issues

Some of the most common money issues that can affect us and one’s family can be a sign that something financially is not right and it needs to be addressed. Each situation will be different, so taking a step back and seeing what the issue(s) may be, can help.

Sources of Money Issues

Money issues can range from a number of factors.

No Savings. Not having any type of savings can be stressful especially if an unexpected bill arises, and more than likely it can and will happen. Having a rainy day fund, or to start saving for the future can help alleviate some of that financial stress. Having enough money in your savings to help cover your expenses for a few months in case you lost your job can make a world of difference.

Borrowing – if you have problems making it from paycheck to paycheck and you need to borrow from friends/family: A good next step would be to start a budget and track all your spending. See where your money is going, and help find out where the spending issue may lie.

Overdraft – your bank overdraft itself has a high interest rate in addition to a possible extra fee from your bank to have the overdraft. Bank fees alone per month add up over a year. Adding overdraft fees to this just adds up on your expenses. The average overdraft fee from Canada’s Main banks range from $4/$5 per month when going on a fixed monthly rate, plus there’s interest added on to the amount overdrawn, and the interest rate from some of the major banks rage from 19% to 21% per annum.

Credit Card Debt – if you carry credit card balance each month, the interest on Credit cards can be very high. Paying just the bare minimum will not help pay down your credit card in a timely manner, and cost you more in the long run. While it is tempting to use your credit card to get those extra points for that trip, the interest alone added up over the year will not make that trip worth it. See our Credit Card Debt page for tips and advice.

Debt Consolidation Loans – careful consideration needs to be considered when looking into Debt Consolidation. We always recommend taking to one of our Trustees so they can review your situation and find out what is the best possible solution for your personal situation. Read more on debt consolidation here.

If you find that your money problems are escalating and you are not sure what to do, or find that there seems to be no way out, try scheduling a call with one of our trustees for a free initial consultation.

If you are in the Greater Toronto area and want help, call the offices of David Sklar & Associates at 416-498-9200 to book your free consultation. We will assess your finances and show you how you can get out of your money crisis and get on with your life.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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So over the past few weeks I’ve had multiple contact with Christine. She was simply amazing. She helped me understand my debt and what options I had available to help relive some of my debt stress that’s affecting my own well being and my family.David Sklar and associates is simply put an amazing company and I highly recommend them to absolutely anybody needing help!
Adam Bertrand
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Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
Kris
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I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
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Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
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Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
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Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
Hailey Cascagnette
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I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
Cassandra Arevalo
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Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
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My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
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Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
Stephanie Belanger
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