Money worries are a major source of stress.
In Canada, 48% of people say that they have lost sleep due to worrying about money.
In addition, 44% say that it would be hard for them to meet their financial obligations if their pay is late.
Debt, in particular, can cause a lot of stress, especially when you are finding it difficult to manage your debts.
Stress affects your mental health and can have a significant impact on your life.
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While you can find ways to manage feelings of stress, it’s also good to get to the route of the problem and remove the source of the stress where possible.
If you are feeling overwhelmed by debt, it’s likely causing you a lot of stress.
Creditors trying to contact you and collect payment definitely doesn’t help, and can make everything even more stressful.
Dealing with your debt can allow you to deal with your stress and get back into a happier place in your life.
Healthier finances can lead to better mental health, which can even improve your physical health.
You might find that you’re struggling to meet your monthly payments or are struggling with other expenses.
Perhaps you’re getting even further into debt to pay for your regular expenses.
If these things are causing problems, you need to reduce your debt.
Before seeing a professional about your situation, there are some steps that you might want to take to organise your finances.
Firstly, you can create a budget that includes payments toward your debts.
Create a plan to pay off your debts, perhaps taking care of the smallest or largest debts first, and make sure your payments are budgeted into your monthly expenses.
You might also want to see some assets to make it possible to pay off your debts or get in touch with your creditors to organise an informal agreement.
Ignoring calls from creditors rarely does anything to help your situation.
You can also get help from qualified professionals to reduce your debt.
There are various services available that might help you, including credit counsellors and Licensed Insolvency Trustees.
They can also review your finances and offer you advice on the best debt relief options for your needs.
If bankruptcy or a consumer proposal are not right for you, they can recommend another option.
By dealing with your debt, you can lift a huge weight off your shoulders.
Your debt can overshadow your life, often for years, and you might feel hopeless about finding a way out.
When your debt is causing you so much stress, you don’t have to let it continue.
Speaking to a Licensed Insolvency Trustee will allow you to receive the advice that you need to make a decision about your debt.
Bankruptcy could be the right option for you, but other solutions are also available.
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?