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.