Trustee’s Aren’t Scary, They’re Here to Help!

As Halloween approaches and the kids are back in school, parents can now refocus on the bills that were put off during the hectic days of summer such as vacations, back to school supplies and fall clothing. For some families, these expenses are scary enough, let alone the worry about how to pay for them.

Dealing with overwhelming debt is just as scary as the ghosts and goblins we see at this time of year throughout our local department stores luring parents to buy their children the most up to date technology for back to school, the most awesome backpack or outfit. Then there is the difficulty of saying no to a child when every other child has the latest gadget. Oh, and then there’s college and university tuition, books and housing. The list goes on and on and on. It seems never ending and can be terrifying.

As Halloween looms, it almost seems fitting that terrifying financial concerns gets worse at this time of year for many parents and students. Where are they to turn?

In the latest MNP Consumer Debt Sentiment Survey conducted by Ipsos Reid in September 2016, 40 per cent of Canadian parents surveyed said that they spent more than they budgeted on back-to-school shopping while 33 per cent said they spent over budget on recreation or vacations during the summer. This comes with a staggering 56 per cent of Canadians stating that they are just $200 or less per month away from not being able to meet their monthly obligations while that number was 60 per cent in Ontario.

Yes indeed, these are scary numbers and scary times.

The questions is, what should people do? The survey opens the door for Canadians to realize that they are not alone. In fact, they are far from alone. Getting a grip on financial difficulty as early as possible will be key to getting back on track financially. Although the prospect of talking to someone out loud about your debt can be frightening, I assure you, it is not as scary as you think.

Not talking about your debt can lead to serious problems such as stress, health problems, marital breakdown or loss of control of your assets. These things are far more terrifying than sitting down with an experienced professional to discuss your financial future and the options that are available to you. In almost every instance, you will walk away feeling much better than you did going in.

Licensed Insolvency Trustees can help you learn how to develop a comprehensive and manageable budget while also helping you to achieve a cohesive plan to eliminate your debt in a period of approximately nine months to five years depending on your unique financial situation. A Trustee will help keep you on track and working towards a bright financial future. Now that doesn’t sound so scary does it?