Today Ted Michalos and I appeared live for an hour long call in show on 570 News. We discussed a very timely topic: How to Survive the Economic Crisis. I expressed the opinion that the world has changed. Today it’s much harder to lease a car or get a mortgage. Even worse, if you already have debt, you probably are not getting the overtime or bonuses at work you were getting a year or two ago, and that makes it even harder to service your debt.
I gave some tips on How To Reduce Your Debt, and I explained that debt is dangerous in tough economic times. If you get laid off or have your hours cut back at work, Employment Insurance will probably be enough to cover your rent and help you buy groceries, but it won’t be enough to cover payments on credit cards and bank loans. That’s why it’s important to reduce debt now, before your financial situation gets worse.
But what do you do if your situation is already bad? I’ve met with a number of Cambridge residents over the last few weeks who have more debt than they can handle, and don’t know what to do. They don’t qualify for a debt consolidation loan, and they can’t afford credit counselling. That leaves two final options: a consumer proposal or personal bankruptcy.
Which option is right for you? As I told the callers on the radio show, the answer for you depends on your situation: your monthly income and expenses, what you own, and who you owe. Fortunately, we can help. Give our Cambridge office a call at 519-622-3773 or 310-PLAN (that’s 310-7526, no area code required), or e-mail us to arrange for a no-charge initial consultation; we will walk you through your options, and you will then have a plan to deal with your debts, and get a fresh start.
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