You’re in a difficult place with your finances. You know you owe a lot of debt, but maybe you don’t fully understand just how much. Your income isn’t sufficient to pay your creditors, or maybe you’ve lost your income and are struggling to make ends meet. You might be experiencing health issues that are limiting your working potential, or maybe your debt is just too large that its interest is collecting at a faster rate than you can maintain.
Especially when under a lot of financial stress, government-regulated forms of debt relief such as consumer proposals and bankruptcy can seem overwhelming. But when you team up with a reputable, compassionate, and knowledgeable Licensed Insolvency Trustee, you get the reassurance and guidance you need to face your debt head-on.
These credit professionals, formerly known as bankruptcy trustees, are the only people who can file your bankruptcy or consumer proposal for you. Just read this article and you can start to get a sense of what debt relief options are available to those who are insolvent. It’s important to make wise financial decisions when undergoing the process of debt relief. Here are some tips for doing just that.
What Does Real Debt Relief Look Like?
Genuine debt relief is meant to help out those who can’t pay back their debts and have no other way out of their financial obligations. It reduces the total amount of unsecured debt that is owed, which makes sense since this type of debt is not attached to any physical assets. For more information check http://goldenfs.org/.
Save Money Around the House
Sometimes we get so caught up in keeping up with a routine that we don’t question out buying decisions. In many cases, it’s possible that you can make some small decisions and minor adjustments to your purchasing behaviour that yield big savings results in the long-run. One way to do this is by shopping at the right type of year for certain items.
Need some outdoor furniture or a new barbeque? You’ll get the best deals during the fall. Love decorating for the holidays? Wait until after Christmas to get discount holiday décor and store it away until next year. The best time of year to buy furniture is during January and February, a time of year when renovations are typically uncommon.
Negotiation
You have the right to negotiate the terms of some of your consumer contracts like your phone bill, gym membership, credit card interest rate, and more. You can also negotiate the terms of your lease if you’re a renter, or if you’re a homeowner you can look into refinancing your mortgage. Even small adjustments like a slightly reduced interest rate can result in big savings.
Cash Diet
For those who get trigger-happy with the tap function of a credit card, adopting an all-cash mentality to everyday spending can take some adjusting, but it’s well worth it once you start to see how your spending habits change.
You can easily visualize your spending with cash, and when you allot certain dollar amounts to certain expenses, it’s easier to stick to your budget with cash than with credit or debit. Changing financial habits takes some work, but with the right credit counselling and a committed attitude to improvement, you can permanently improve your relationship with money.
Kim Marks 