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Know Your Debt Relief Plans to Prepare for a Money Emergency (Video)

Regularly reviewing your finances, speaking to a debt help professional, and budgeting to reach your goals can positively affect your current and future financial situation. In addition, being aware of your debt relief options in the face of unexpected events such as job loss or a wage reduction, can help you be prepared if a financial emergency occurs.

Economic difficulty in Prince Albert

Toward the end of 2016, Saskatchewan saw many job losses in construction, mining, oil and gas, finance, forestry and real estate. Although the province is now rallying to create more full-time positions, Prince Albert has been slower to recover, with unemployment rising above 10 per cent in February. For individuals and families struggling with finances and mounting debts, it is especially necessary to take stock of your financial situation and make a plan for debt relief.

Know your debt options

Dealing with debt before it becomes overwhelming can give you a variety of debt relief options. If you are struggling to juggle multiple debts with various interest rates, consolidating them can save you money. If you have a lower-interest credit card or a line of credit with a low balance, consider transferring high-interest debt to it to simplify your payments.

Speaking to your bank to see whether you may qualify for a >consolidation loan could be an option for some. This option combines credit card debt, personal loans, payday loans and lines of credit into one monthly payment. However, you will be required to show a steady source of income, so this option may not be best if you are working part-time or unemployed.

When it comes to debt relief professionals, a non-profit credit counselling agency can teach you how to build and stick to a budget, offer financial workshops and help you improve your financial literacy. A Licensed Insolvency Trustee can also recommend a number of debt repayment options, and is the only qualified debt professional who can file a consumer proposal or file for bankruptcy on your behalf.

Do you know your debt relief options? Schedule an appointment with your local BDO office and speak to a debt professional or compare your options with our online calculator.

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