How to Solve Debt Problems in London, ON
Anyone can get into debt.
If you’re struggling with debt problems in London, Ontario, there is help out there.
This guide provides useful tips and information to help you get back on track.
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Signs of debt problems to look out for
It can be very easy to assume that debt problems happen to other people, but in reality, anyone could find themselves in a difficult situation.
Even if you’re financially stable now, nobody knows what is around the corner.
Our circumstances can change in the blink of an eye.
If you have debts, you’re not alone.
It’s very common to be in debt.
Some people are able to manage their finances effectively and keep up with loan and mortgage payments, but others face a more challenging situation.
If you notice any of these symptoms and signs, it’s wise to consider taking steps to tackle the problem:
- You think about money all the time;
- Money is causing you to experience constant or severe stress;
- Financial problems are affecting your relationships with others;
- You’re struggling to pay bills or cover monthly repayments;
- You’re using your credit card more frequently;
- You’ve been refused credit;
- You’ve started receiving calls from creditors or collection agencies;
- You’re scared or embarrassed to talk about your financial troubles with others;
- You’ve lied to family or friends about money.
These signs indicate a more serious debt problem.
If they resonate with you, it’s crucial to understand that there is help out there.
There are ways of managing debts and improving your situation.
Overcoming serious debt problems in London, Ontario
Realising that you have severe debt problems can be upsetting and scary.
Anyone in London, Ontario can get into debt, but there are also multiple ways to get out of debt.
If you’re worried about your financial situation, reaching out and seeking expert help is the first step.
Debts can spiral out of control, and the sooner you front up to the issue, the better.
Statistics suggest that household debt will continue to rise in Ontario in 2020 and 2021, with the share of household income spent on clearing debts expected to increase from 13.9% in 2016 to 15.3% in 2021.
Equifax figures revealed that average consumer debt (non-mortgage debt) in Ontario rose by almost 2% in 2019 to $24,406.
If you’re reading this article in London, Ontario, and you’re panicking about paying this month’s bills or next month’s rent, the best thing you can do is ask for help.
There are services available, and you might find that you have several options on the table to reduce debts and put a stop to calls and final demand letters.
One service that can be beneficial for individuals struggling with debt is credit counselling.
Spending time with an experienced credit counsellor can help you in the following ways:
- Analysis and evaluation of your financial circumstances;
- Learning to budget and manage spending;
- Tailored debt management advice;
- Negotiations with creditors to reduce payments and decrease interest fees;
- Taking steps to lower the risk of debt problems in the future.
Solutions for debt problems in London, Ontario
If money worries are stressing you out, you’re afraid to check your phone, or you’re not confident that you’ll be able to cover your mortgage in the coming months, you might feel like you’re stuck in a hole.
Debt is a common cause of stress, and surveys show that money is the most significant stressor for over 40% of Canadians.
If you’re in debt, it’s natural to focus on the problem.
The key to moving forwards is to concentrate on identifying solutions.
There are avenues to explore and it is possible to get back into the black.
When you see a financial expert, they can analyse your individual circumstances and provide tailored advice to help you decide which options suit you best.
In many cases, it may be possible to come to an arrangement with creditors or to borrow money to consolidate and pay off multiple debts.
Even in the most serious cases, there are ways to move on.
If you have questions or concerns, we can help you weigh up your options and start reducing financial burdens and alleviating stress.
Debt management solutions take many forms, and our team is on hand to offer information and respond to queries.
For those who can’t make payments, it may be wise to consider filing a consumer proposal or a bankruptcy claim.
If this is a viable solution, our advisors can explain the ins and outs so that you understand exactly what the process entails and how it works.
Seeking help for debt problems in London
Anyone in London, Ontario can fall behind with payments and find themselves in a tricky financial situation.
If you can’t pay your bills on time, you’re thinking about money all the time or you’re worried about what the future holds, the best course of action is to seek help immediately.
There is nothing to be afraid or embarrassed about, and the experts you talk to are there to support and guide you.
Whether you have relatively minor issues that can be fixed by drawing up a debt management plan or controlling spending, or you’re facing the prospect of bankruptcy, there is help available.
Often, people who have been experiencing anxiety as a result of their finances feel like a weight has been lifted as soon as they open up and share their worries and concerns.
If you’re in London, Ontario, and you have debt problems, don’t suffer in silence.
Our team is ready and waiting to take your call.
Many people in London are in debt.
If you find yourself in a sticky situation, and you need expert advice, it’s best to take action as soon as possible.
Debts can increase rapidly, and once you start falling behind with payments and using credit cards, it’s very easy to get into a vicious cycle that is difficult to break.
Contact us today to explore your options and take advantage of personalised advice.
We can help you tackle Ontario debt problems for good.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?