Debt Self Help Solutions – What Can You Do?

For many people, being deep in debt can be overwhelming and can have serious consequences on your life. It can negatively affect your:

• health – mood, lack of sleep, stress
• relationships – spouse, family, friends
• Work – poor performance due to the above

Indeed, the feeling that there is “no way out” of your situation can make it difficult to take any positive action to improve your situation.

But what can you do to help yourself turn things around:

• Consider increasing your income by taking on an additional part time job. There are many opportunities that allow you to work from home with a computer and use any spare hours you may have.
• Sell any assets that you no longer need and use the cash to reduce your debt. The internet is awash with auction websites that allow you to easily list and sell items at no cost.
• Review your budget and try and reduce unnecessary monthly expenditure. Do you really need all those streaming services you pay for monthly, or that gym subscription you never use?
• Look for ways to consolidate your individual debts into one payment with a lower interest rate. Your bank may be willing to assist you if you ask.
• If you are comfortable doing so, talk to your family and friends about your situation. They may be suffering also and you will realize you are not alone.

If you have tried the above and still find yourself struggling with debt, then you need to seek professional help. You can:

• File a debt management plan with a licensed credit counsellor. This is an informal arrangement with your creditors where you will repay all the debt, usually with a lower interest rate and an additional fee.
• Talk to a Licensed Insolvency Trustee. They are regulated by the Federal Government and are the only people in Canada who can file a consumer proposal with your creditors or an assignment in bankruptcy for you. They will reduce your debt according to your circumstances and initial consultations are free.

Beware of businesses marketing themselves as “debt consultants”. They cannot provide any of the above services themselves and may charge substantial fees.

Taylor Leibow Inc. are Licensed Insolvency Trustees and have been helping individuals and businesses with their financial and debt issues since 1947. If you would like to talk to Kathy Lenart or Jeff Lewis about your financial issues and how they can help you, reach out them at freshstartnow.ca