In these times of economic uncertainty, money management is a necessary life skill. Job security is tenuous at best. Layoffs and cut backs take their toll on. It is critical that one plans for these income interruptions. Depending on the length of the interruption, it may take the family a considerable amount of time to begin living in the manner to which they have been accustomed...if ever. Being as prepared as possible for these income interruptions can make the difference between living on savings or living on someone else’s money – CREDIT.
People who use credit counseling are not necessarily low income people abusing credit, but rather families with good wage earners that have been affected by strikes, illness or other unexpected interruptions of income. They are forced to use credit to cover necessary expenses until the income is resumed.
Signs of a Debt Problem
Your wages have been garnished
You are only able to pay interest and service charges on your debt
You need to borrow money to make it from payday to payday
Creditors are threatening to sue; you have received notification from a collection agency
Services such as hydro and telephone have been cut off
Your home life is stressful due to financial constraints
Here are some resources to help.
Credit Counselling Society offers information, tools, resources and services to help you with making a personal budget, resolving debt problems including consolidation and bankruptcy. Also, offers financial calculators to help you better understand your financial situation.
Manage Personal Finances - Government of Canada offers information such as on budgeting, credit cards, banking, mortgages insurance and retirement planning to help individuals make good financial choices.
Consumer Problems, Money and Debt issues -- Consumer Law (Dial-a-Law)
Free Tax Clinics - Community Volunteer Tax Preparation Program