Warning Signs of a Financial Problem

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Warning Signs of a Financial ProblemFinancial difficulties have many warning  signs that you should look out for to help you realize you might need professional help for dealing with your debt.

Before you can get your financial health back on track you need to know how to recognize the warning signs that you have a money problem.

The first step to recovering your financial health is to recognize some of the warning signs.

Bankruptcy Canada has created a quick self-assessment quiz that allows you to answer questions to learn if you have a financial problem that might need to be dealt with with the assistance of a professional licensed insolvency trustee.

By answering yes to any of these questions, you might be facing a money problem:

Remember, not all financial problems need to result in bankruptcy.

Do You Have a Financial Problem?

• Are you making only minimum payments on you credit cards?

• Are you struggling to pay your monthly debts on time?

• Are you using your overdraft most months?

• Are you uncertain how much you owe in total?

• Are you using credit because you don’t have the money for everyday expenses?

• Do arguments about money cause problems in your family?

• Are you charging more each month than you pay on credit?

• Are your credit cards, line of credit or overdraft overdrawn?

• Are credit collectors calling you?

• Are you considering consolidating your debts?

If you answered “yes” to any of these questions, you may be heading for debt problems. Create a plan to resolve the situation or contact an insolvency professional for assistance.

If you have any questions about this or other aspects of bankruptcy or consumer proposals you can set up a FREE consultation with our trustees, who are in every province and territory in Canada.