Money Issues in Canada

Canada Maple Leaf

Table of Contents

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. 

Share This!

Excellent
5.0
Based on 1115 reviews
ronald hall
Trina was the one who handled my case. She was understand, patient and professional.
Chris B
Very professional and thorough
Miroslav Dobrilovic
Prompt and very professional responce,By my counsellor Jerry JaniecMake me belive, I'll be out of woods!
Godly Cruz
Cori was very helpful and kind. She thoroughly explained the process and guided me patiently all throughout. David Sklar & Associates is truly commendable.
Andy Bailey
It was a good experience with this company. I appreciate the time they took to help with my experience. Thank you very much and look forward to further business with you.
abraham oligane
I just had the opportunity to connect with Linda Stern from David Sklar and Associates regarding a company that I was part of. I found her to be exceptionally helpful and knowledgeable, readily addressing all my inquiries and guiding me through the process with clarity. I wholeheartedly recommend Linda for her expertise in handling financial matters; she is an invaluable resource for anyone seeking assistance in this area.
Jackie Baugh
Relief, Respect and kindness is what I felt and I thank Jackie Stanley for this and your guidance throughout this process. I have been holding my breath for a long time and can finally breathe.
Joshua Kapila
Great help. Thorough and very informative. Thank you guys. You're amazing.
Firuze Mammedova
Great service, thank you very much!
Marina Yevteiev
I recently had a chance working with Linda Stern from David Sklar and associates. She was very helpful and very knowledgeable to answer all my questions and walk me through with the process. I highly recommend Linda for your financial issues as she is the perfect person to help you.
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us