Help for Debt Problems
Overdue payments, calls from collection companies, NSF cheques, bank overdraft. The list goes on and on. You feel stressed out just thinking about your debts. Want some peace of mind? Stop the madness and take control. Start by making a list of your debts showing the name, amount owing, interest rate, and minimum monthly payment that is due. I note that many credit cards now show how long it will take to pay off the balance owing if all you pay is the minimum payment and of course, if you do not make any new charges. Focusing on the 20 or 30 years will just increase your stress, not reduce it. Focus instead on which debts have high interest and which have the lower rates. You should be directing whatever money you have to those debts with a high interest rate.
The next thing you have to do is to track your spending for a few weeks (longer if possible). You will then need to prepare a budget for yourself to determine how much money you have each month to service your debts and allow you to live. Note that the budget is an average for a month (not 4 weeks) and you should allow for emergencies and debts like car insurance that are not necessarily paid on a monthly basis. If you need help, Trustees in Bankruptcy (soon to be called Licensed Insolvency Trustee), credit counselors, financial planners, etc. are usually willing to help you in assessing your budget and putting together a plan of action to pay off your debts. If you spend the time to put together the basic information, their fees will be nominal, their expertise invaluable.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.