Are you just 'managing' or are you in trouble? Learn the subtle warning signs that indicate it's time to seek professional debt help before things get worse.
Denial is Dangerous
Debt often creeps up slowly. One month you carry a small balance, and a year later you're juggling three credit cards just to buy groceries. Recognizing the problem early gives you more options.
Here are 5 clear signs you need to speak with a professional:
1. You Only Make Minimum Payments
If you are only paying the minimums on your credit cards, you aren't paying off debt—you're just renting it. At 19.9% interest, it can take decades to pay off a balance this way.
2. You Use Credit for Essentials
If you need to use a credit card to pay for rent, groceries, or utilities because your chequing account is empty, you are living beyond your means. This is a debt spiral waiting to happen.
3. You Are Losing Sleep
Financial stress is a leading cause of anxiety and insomnia. If you lie awake at night worrying about bills, your debt is affecting your health. That is too high a price to pay.
4. You Avoid Answering the Phone
Are you screening calls to avoid collectors? Living in fear of your phone ringing is no way to live. A Consumer Proposal stops these calls immediately.
5. You Have No Emergency Fund
If a $500 car repair would force you to borrow more money, you are financially fragile. Debt relief can free up cash flow so you can finally start saving for the unexpected.
Take Action Today
If you recognized yourself in any of these points, don't panic. But do take action. The sooner you reach out, the more options you will have available to you.