A new survey done by the by Angus Reid (survey of 1,510 Canadians), depicts a depressing picture. While majority of Canadians are able to identify the warning signs of reaching debt rock bottom such as borrowing money between paycheques, going over credit limits, and getting calls from creditors. However, nearly 4 out of 10 Canadians have no idea where and who to turn to under such circumstances.
The study shows consumers’ issues to access the trusted debt help resources available throughout the country. Majority of people when struck with such situation would get professional help while some would get their family and friends help.
To address this issue we first need to know the warning signs of debt struggles
There is overwhelming proof that before someone hits “debt rock bottom”, they face a lot of warning signs. Across the country, 9 out of 10 Canadians agreed that the following situations indicated a person is struggling with debt:
- borrowing money between paycheque (93%)
- getting continual calls from creditors (91%)
- regularly going over their credit limit (90%)
- Credit card getting declined regularly (90%)
- Only paying the minimum interest (90%)
- Can’t pay their bills in timely manner (89%)
When these signs present themselves you need to get help asap. If you are one of the people who don’t know where to turn to in this situation let us help you.
Seek credit counselling
Canadians are often afraid to admit that they need help with their financial situation often due to shame and pride. But there’s nothing to be ashamed about. Everyone in once in a while need the help of others and being kind and helpful is what we are known for around the world.
It’s definitely not easy though it requires behavioural changes. You need to first realise that you are not alone in this. The average Canadian has over $22,000 in non-mortgage debt.
Certified and nonprofit Credit Counsellors know how to help with debt repayment, without any judgment they provide free of cost counselation and help in debt consolidation. They can:
- Review your debt and budget.
- Pull your credit report and credit score
- Guide you in stopping collection calls, eliminate interest, and lessen monthly payments.
- Provide you with money management tips.
- Guide you find your best debt repayment options.
This service is absolutely confidential, and 100% free!
Use pandemic to your advantage
Dues to pandemic so many people have lost their jobs, and the debts have become never ending. The pandemic has caused a lot of harm, nevertheless it has also given some people a chance to recover. Due to uncertainty people are spending less and saving more. Furthermore, due to remote working their expenses has also dropped a lot.
Find ways to earn more and decrease debt
Find what your expenses are and where you can cut them without hindering your life too much. Find new ways to earn money as well. this will help you in the long run. Even though it won’t look much at first and will be difficult to adjust to the changes it will bring. This will provide you with a better understanding of your expenses and the luxuries you can but should not afford.