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 and live in the Toronto area, call us at 416-498-9200 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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The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
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12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
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21:05 10 May 22
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Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
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