Are You Drowning in Debt: Video

Posted in Debt Help

When you are struggling with debt it's good to know if you are just going for a swim, treading water or drowning in debt. This video talks about the symptoms and solutions no matter how serious your financial situation.

For more information, see our extended blog post or contact a trustee today for advice.

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TRANSCRIPT Are you drowning in debt? How much debt do you really have? Is your debt putting you at risk?

Stage 1: Going for a Swim.

You:

  • Have some unsecured debt.
  • Carry a small balance on your credit card.
  • Have a large car loan.
  • Use credit to pay bills occasionally, without paying it down immediately.

Why Are You in Debt?

  • You’ve overspent here & there.
  • You’ve had to pay for an unexpected car repair.
  • You paid for a vacation on credit.

The Solution:

  • Create a household budget to get yourself on track. Take a look at your spending habits, and you’ll be able to swim out of your debt before it gets too deep.

Getting Out of Rough Waters:

  • You’ll pay off your debt in full, and improve your spending habits going forward.

Stage 2 Treading Water.

You:

  • Have high interest debt, which makes it hard to pay down the balance.
  • Only make partial payments towards your debts each month.
  • Spend most of your income on debt repayments.

Why Are You in Debt?

  • You live beyond your means, and use credit to make up the difference.

The Solution:

  • If you have good credit, consider a debt consolidation loan. If you have poor or no credit, a debt management plan may be better suited to your situation.

Need a Life Jacket?

  • With help from a loan or a debt expert, you’ll get relief from your interest, so you can pay off your debts in full, but in a shorter period of time.

Stage 3: Drowning in Debt

You:

  • Have more debt that you can repay.
  • Have maxed out your credit cards.
  • Use high-interest forms of credit like payday loans.

Why Are You in Debt?

  • You use credit continuously.
  • You rely on credit to make ends meet.
  • You use multiple credit cards.

The Solution:

  • A consumer proposal is a good solution if you have larger assets and a good income. Bankruptcy is another alternative you can consider as a last resort.

Need the Coast Guard?

  • Turn to a Trustee in Bankruptcy or Consumer proposal Administrator for help. He or she will work with you to find debt relief, get protection from your creditors, and get a financial fresh start.

Call 1-866-747-0660 today.

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