Canadians are living with higher levels of debt than ever before. Unprecedented issues such as the global COVID-19 pandemic, downturn in the economy, and even political issues have resulted in significant financial challenges for both businesses as well as employees.
Many people in Victoria have had a reduction in hours, have moved from full to part-time work, or are dealing with the loss of a business or a job. These factors, as well as the issues such as divorce, having a child, medical issues, and even unforeseen emergencies, can all lead to challenges in meeting financial obligations.
Recognizing when to meet with debt consultants is always difficult. It is natural to attempt to correct the financial situation on your own. However, the longer people wait to get professional help from debt consultants, the fewer options that will be on the table to resolve the debt issue and start rebuilding financially.
Signs to Know
The good news is that local debt consultants in the Victoria area can meet with individuals and couples at any stage of the debt crisis. Ideally, knowing the indicators of a pending debt issue helps to alert you to the need for professional support. These indicators include:
• Loss of income that creates an inability to make payments.
• Juggling payments between loans, credit cards, and other debts.
• Making partial payments to cover all debt.
• Creditor calls and communication.
• Stress and anxiety around debt issues.
Talking to a professional specializing in debt consulting is an effective way to gain an understanding of your options moving forward.