When dealing with a mountain of debtIt's hard to imagine how you can pay off your debts. And yet, there are many solutions available to us.
If you're considering declaring bankruptcy because you can't see an end to your debts, you have other options. Bankruptcy is not without consequences and should only be usedat last resort.
Don't hesitate to ask the advice of your financial advisors before taking this step. You may be surprised at the number of options available to you.
Before you get to that point, here's how our financial experts suggest paying off your debts.
The golden rule for paying off debt: ask for help
It is never too late to ask your financial advisors for help. Paying off debt can sometimes seem like climbing a mountain. Even if you could manage it on your own, it's always better to take the plunge. with support.
What's more, a financial advisor is in the best position to help you. They can help you find solutions tailored to your personal situation. Whether you're in debt 1,000 $ or 250,000 $They'll help you turn your financial situation around.
The best way to avoid bankruptcy and regain control of your personal finances is always to seek help from qualified financial experts. Whatever your level of indebtedness, your financial advisors can equip you with the tools you need to help you build a comfortable cushion.
With the help of a cushion, you may even have access to options like the debt consolidation or the consumer proposal to get you through. Paying off your debts can be as simple as talking to a financial advisor!
Budgeting for better debt repayment
To pay off debts quickly, another effective method is to make a budget. Be aware of the limits of your budget. Don't rely on credit for necessary purchases or payments.
To set up a budget plan, make a list of your mandatory expenses every month. Telephone, Internet, food, rent, mortgage, credit cards, etc. All those payments you can't avoid must be included in your budget.
Then consider what you have left. If you're already overextended, avoid using your credit card any further. Because even if credit helps you out, it's money that will eventually have to be repaid, with interest.
If, after paying everything you had to pay, you still have a little money left over, save it! to build a cushionor use it intelligently. For example, by putting more down on your credit card payment. Nobody said paying off debt was easy, but at least we now know it's not impossible!
Savings accounts: a good way to pay off debts
Have you heard of RRSPs and CELI? While these accounts are very practical for your retirement, they are not necessary to help you get back on your feet financially. A simple savings account could be more than enough to pay off your debts. But how? Very simply.
Firstly, you don't need to have a six-figure bank account to open a savings account. Nor do you need to deposit astronomical sums. A single 20 $ per week is more than enough to save and build your nest egg. Don't hesitate to ask your bank about all the savings account options available to you.
For more help paying off your debts, contact us. An experienced financial advisor from Groupe N.Séguin Inc. will be happy to take your call and help you.
