How to Get Help with Your Debt

Canadian families are carrying a lot of debt.  In fact, the average non-mortgage debt in Canada is just under $20,000. Just recently, we published our Affordability Index poll, which showed some alarming results: 36 per cent of Canadians surveyed said essentials, like heat and water, are challenging costs to cover. For families who are already struggling to cover monthly costs, having debt can make affording even the basics very difficult.

Our poll also found that women, Gen Xers, and millennials are the groups struggling the most, and nearly half of all respondents said their household income doesn’t stretch far enough to allow them to be debt free. That also means that many families are having trouble meeting their financial goals, like saving for their child’s education, their own retirement, or building their all-important emergency fund.

How can your family reduce debt?

There is nothing wrong with asking for help. Getting help with your debt can mean getting the financial flexibility to afford your family’s essentials and stay on track with long-term goals.

Speaking with a professional is a good first step. A Licensed Insolvency Trustee (LIT) can help you make sense of your debt and help you understand your options to deal with it. Here is what you can expect from meeting with an LIT:

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• A review of your personal financial situation and a discussion about the options that are available to you. Those could include DIY solutions, like the debt snowball or debt avalanche methods to reduce your debt.
• An explanation of other available solutions such as debt consolidation, credit counselling, and debt management plans.
• An explanation of the steps involved, as well as the advantages and consequences of a consumer proposal or bankruptcy.
• Ongoing assistance through the process of a consumer proposal or bankruptcy.
• A referral to another trusted professional if a consumer proposal or bankruptcy is not the right option for you.

Dealing with debt while trying to keep up with the fast-paced demands of raising a family can be tough. Getting help with your debt from a professional can reduce your anxiety and help you commit to a plan that will work.

How are you reducing debt in your family? Keep an eye out for my next column for more #DebtSolutions.