Often when people come in to see us I think, if only they had come in sooner, we could have saved them so much stress and money.
People often feel like they have to try anything and everything before they speak to a bankruptcy trustee. They spend years fighting the good fight, “robbing Peter to pay Paul”, paying one credit card debt with a different card, creating more high interest debt. They take out consolidation loans from either their bank or secondary lenders, and end up paying extremely high interest rates just trying to stay afloat. Some even visit fee-based debt counsellors; all so they can avoid seeing a bankruptcy trustee.
Asking For Help Is A Good First Step
Just last week I spoke with a young man who took out a consolidation loan for 39 percent interest. When I asked him why he had done it, he said because calling us made him feel like a failure. So what changed? He said that he did the math and it just didn’t make sense anymore. He had to stop his cycle of debt and get a fresh start, but he couldn't do it on his own.
That’s what speaking to a trustee can offer you, a fresh start. Many people who come in to speak with us find out that they don't need to file bankruptcy and that their fears were unnecessary. The first consultation is free and your trustee will assess your situation and give you information about all of your debt relief options. You are under no obligation to make a decision on the spot and in fact, we recommend that you be confident in your choice before beginning the process.
Some people will tell you that your debts are gone when you no longer see them on your credit report, but your debts won’t just go away if you ignore them. No matter how long you wait, they will still be there and so will the stress. If you try to buy a car or house, your debts could make it difficult to get approved for the purchase or could lead to high interest rates. Putting off dealing with your debt takes away your control and puts your financial future in the hands of a lender. Take control by speaking to a licensed professional about your situation.
Don't let the fear of making the first call stop you from getting the help that you need. Time does not heal all wounds and your financial situation will only change if you decide that you want it to get better. Contact a local trustee to discuss your debt and create a plan that's right for you.