How To Know When You Need Help With Your Debt

Most people have a small amount of debt in one form or another.

Mortgages, car loans, credit cards and student loans are all examples of debt that are commonplace and necessary in everyday life, helping us to make large purchases that we would otherwise be unable to afford.

The problem with debt is that it can very easily creep up on you.

One monthly payment can rapidly turn into two, three or even four, making it impossible to keep up with your repayment schedule and negatively affecting your credit score.

The key to regaining control over debts that have gotten out of hand is to recognize that your debts have reached a critical point in the first place.

Here are some of the warning signs to look out for.

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Signs that you may need help with your debt

  • You are missing payments

People miss debt repayments for a number of reasons, but the two most common are that they have too many debts from different sources, or that they are unable to afford the repayment when it is due.

When you have a lot of debt from different sources, it can be easy to lose track of their repayment dates, leading to some bills inevitably being missed.

  • You are using debt to pay for debt

Taking out a credit card or loan to pay for existing debts is another obvious sign that you should reach out for help.

It’s all too easy to get into a cycle of debt by taking out more debt to keep your existing creditors happy, however, this strategy usually fails in the end.

  • You are ashamed of your debt

Debt is commonplace and is nothing to be ashamed of, but if you have noticed yourself hiding your debts from others, of feeling a sense of shame about the amount of money that you owe, then this could be another sign that you have too much debt and could benefit from the help of debt-relief services.

  • Your debt is harming your mental health

If you’re losing sleep over your debt, or have noticed that you are feeling increasingly stressed, anxious or depressed then this too is a clear sign that you should reach out for help.

  • Your creditors are calling

If you’ve missed a number of repayments then your creditors will likely start to hassle you for the money that they are owed.

If your creditors are calling you or you are receiving visits from bailiffs and debt collection agencies then it is definitely time to seek help from a debt-relief service.

Getting the help you need

If one or more of the above warning signs applies to you, then it’s time to accept that you may need help with your debt and to reach out to a professional for help.

Here at Bankruptcy Canada, we can connect you with a Licenced Local Trustee who will be able to assess your current financial situation and will explain the various different debt-relief options that are available to you.

Reaching out for help is often the hardest step to take, but once you do you can rest assured that your debt is in good hands and can start working towards a life that is debt-free.

To find out more about how we can help you with your debt please call us on (877) 879-4770 or fill out our online form here. 

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?

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
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?

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