How to Stop Debt from Keeping You Up All Night

It’s common for our household debts to be a source of great stress, and even some guilt, shame and embarrassment.

But if your debts are getting out of hand, you’re far from alone.

In fact, did you know that the average Canadian household is almost $21,000 in debt?

That’s not even including secured debts like mortgages.

Nonetheless, it’s common for debts to start to prey on the mind.

Left unchecked they can leave you distracted at work, put you at odds with your significant other and even keep you up at night.

It’s time to take action, and put a stop to sleepless nights and spousal discord.

Here’s how…

Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation

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Stop burying your head in the sand

The first step towards liberating yourself from debt is to get proactive and stop burying your head in the sand.

Nobody’s denying that debt is scary!

But ignoring your debts is what leads interest rates to spiral out of control and your debts placing a stranglehold on your cash flow.

It’s time to come up with a plan that will liberate you from debt.

Start small

Coming up with a plan needn’t necessarily mean making huge, sweeping life choices.

It may just mean taking a few small steps that make a big difference.

Some steps you can take today might include:

 

  • Calling your creditors to tell them the effect your debts are having on your mental health. You may be surprised how amenable they are to renegotiating terms or interest.
  • Moving your credit card debt to a new card with a lower rate of interest. Keep doing this and you’ll always get the best rates for a negligible fee.
  • Download a household budget template. Using this monthly will encourage you to better keep track of your income and spending.
  • Cut unnecessary costs. Streaming services, gym memberships and all kinds of extraneous monthly expenses can be cut out of your life, at least temporarily, while you correct your finances.
  • Cut up your credit cards, remembering to cut through the chip. This will prevent you from becoming overly reliant on them.

 

Talk to people about your debts

Our debts can keep us awake at night when we internalize our feelings about them.

It’s time to drag them kicking and screaming into the light.

Talk to people about your debts.

Don’t be afraid to discuss them openly with your family, friends or significant other.

They may be able to provide moral support or practical advice.

At the very least, you’ll no longer feel so alone.

Reach out for help when you need it

Talking to a professional can not only help you come to terms with your debt, it can be the best way to take control of it.

At BankruptcyCanada.com we’ve been helping people escape the debt trap since 1999.

We can talk you through options like Debt Consolidation, a Consumer Proposal or even filing for Bankruptcy.

We help you explore your options so you can make an informed decision on behalf of your family.

If you’re ready to take control of your finances and live debt-free, call us today on (877)879-4770.

We’ll be happy to arrange a risk-free, zero-obligation and completely confidential callback.

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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