No matter your financial situation, debt continues to be a topic of concern throughout the country. News reports continually speak about the debt loads being carried by the average family household, and the pressure placed n families when this debt becomes crippling.
Take, for example, these alarming statistics from a recent Globe and Mail article, which looked at Statistics Canada’s recent report on consumer debt. According to the article, recent study numbers “are similar to the Bank of Canada’s assessment of debt trends in Canada, which suggests much of the country’s debt is concentrated in a few households. It noted in December that 12 per cent of households have a total debt-to-income ratio above 250 per cent, and that though this portion has been steady in recent years, it is almost double 2000 levels. These one-in-eight households hold about 40 per cent of overall debt.”
Furthermore, according to a recent HSBC study, due to rising debt levels, over 50% of Canadians either plan to ease into retirement by working reduced hours or have no plans to ever quit.
If you find yourself in either one of these camps, you may believe there is no end in sight – but that isn’t the case. Digging yourself deeper in debt, sometimes borrowing from one creditor to pay another, is not the answer.
Ok, then what is the answer? There may be more than one, but the solution starts with a consultation with a trusted financial advisor, such as an Ontario bankruptcy trustee, to help you better determine the best course of action. This is especially true if you are concerned about or are currently facing collection action as Ontario bankruptcy trustees are guaranteed protection against creditors.
Perhaps you are saying to yourself, “bankruptcy isn’t for me.” Quit that line of thinking. Good people go bankrupt – often the circumstances are unavoidable (i.e. divorce, business troubles, etc.). Sometimes bankruptcy is the best option to help eliminate the debts that are causing major problems and re-establish yourself on fresh financial footing.
Remember, Ontario bankruptcy trustees are regulated by the federal government, so they are not like those other companies claiming solutions that seem too good to be true (buyer beware – they usually are!). They are there to help you and provide you with the debt relief you need to get rid of the stress and stop the calls and enforcement action.
For more about Ontario bankruptcy trustees, their role, and how they can help you regain control of your finances, call Prudent Financial today at 1-888-852-7647.