One of the most common comments I receive when I have helped someone with their debt is, “I wish I had come to see you a year (or two) ago.”
Being deep in debt can cause feelings of helplessness, despair and failure. This not only affects you but it can also have an impact on those close to you such as loved ones, family, friends and co-workers. The stress can cause sleeplessness and worry and can have negative effects on your health and state of mind.
Procrastination is driven by a variety of thoughts and habits, but fundamentally, we avoid certain tasks because we do not believe we will enjoy doing them. Dealing with personal finances is hard, and trying to fix a broken budget takes a lot of work and discipline. Sometimes, it is easier to pay the interest every month than to deal with the problem. After all, I can afford the minimum payment and so it’s fine to be in debt, right?
Wrong! Being in debt is spending your future wealth, and carrying a debt for a long period of time is simply throwing your money away. At the extreme, you may be working hard just to pay the interest to get by every month.
Those who do tackle the issue will go through a series of self-help remedies: try and reduce expenses, look for a side gig to add some extra income, cash in some financial investments, or try and sell those household items that have been lying around the house that you no longer have a need for. Often these remedies come up short and only provide a short-term “band-aid” solution to the underlying problem. Only when there seems like no other option do we reach out to a Licensed Insolvency Trustee for help.
Meeting with a Licensed Insolvency Trustee is at no cost. We will provide solutions that may include offering one affordable monthly payment that fits in with your budget to settle all your debts according to your income and assets. Interest stops and you are protected from any legal action that your unsecured creditors may have (or will) take against you.
When you get help from a Licensed Insolvency Trustee, the sense of relief from your overwhelming debt burden can literally feel like you have got your life back. So why procrastinate and suffer for so long trying to manage your finances when the help is here for you? The best time to see a Licensed Insolvency Trustee, therefore, is as soon as you feel like your finances are out of control. All you have to do is reach out, and the sooner, the better.
Taylor Leibow Inc. has been helping people get out of debt in the Hamilton-Niagara area for over 75 years. To book a free consultation with one of their Trustees, Kathy Lenart or Jeffrey Lewis, please call 905 523 0003.
By Jeffrey Lewis
CPA, CA, FCCA, CIRP, LIT
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