Over the last few weeks I have noticed an increasing level of pessimism in many of the people I meet in my Cambridge bankruptcy office. Many people are realizing that as the real estate market softens, it’s harder to refinance your house to raise cash to pay off debts. Many people are also worried about what’s happening in the stock market, as they see their RRSP’s declining, which may significantly delay their retirement.
The worst problem I’m seeing these days is a decline in confidence. People are worried about losing their jobs, and not being able to provide for their families. In these uncertain times, my number one rule is simple:
Get out of debt.
If you can reduce or eliminate your debt, you have the flexibility to survive this economic crisis. I’ve summarized it in our article on the Five Tips to Survive the Economic Crisis.
If you can’t deal with your debt on your own, a consumer proposal or a personal bankruptcy may be necessary to eliminate your debt permanently. To learn more, call our Cambridge office at 519-622-3773 or 310-PLAN, or e-mail me, and let’s work out a plan to eliminate your debt and help you and your family survive this recession.
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