Your Debt Solutions Experts
BDO Sault Ste. Marie

747 Queen Street East
P.O. Box 1109
Sault Ste. Marie, Ontario
P6A 5N7
(705) 945-0990

How to Survive Debt: Re-Focus Your Debt Plans for 2017

Did you begin the year with high hopes and solid debt plans?

Household debt in Canada has risen to $1.68 for every dollar of discretionary income and Canadians are finding their budgets tighter than ever. In January 2016, a poll showed that Canadians hoped to increase their net worth and decrease debt during 2016. However, almost a year later, new reports show that Canadians would have tremendous difficulty accommodating an extra $300 a month in unexpected expenses. This month, examine how your debt affected your finances this past year and explore the ways you can tackle debt successfully in the year ahead.

Did you add to your debt or reduce it over 2016?

Which strategies were beneficial to you? Did you set goals and stick to them or follow a budget to reduce debt? If you had difficulty paying down your debt, what challenges did you encounter? Often, making broad, sweeping resolutions such as paying down debt can be too vague and difficult to stick to. Instead, setting small, attainable goals that can be worked into every day will give you results sooner and in turn, keep you motivated to continue. Here are a few goals that you can incorporate now to see results:

 

Have you considered professional debt help?

If you’re unsure how to manage your debt, a professional can help you determine which debt plan will suit your needs. In an initial meeting with a Licensed Insolvency Trustee (LIT) you can explain your situation, and the LIT with help you explore solutions for resolving your debt. You may be able to find relief through budgeting, debt consolidation or credit counselling. If you’re unable to pay your bills, a consumer proposal or bankruptcy may be the answer.

 

Are you a debt survivor? What strategies will you implement into your debt plans for 2017? Share your story via Twitter with the hashtag #FLM2016 and like the FCAC on Facebook for more financial literacy support.



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