2025-05-26
How to exercise caution when investing in digital currencies
Lifestyle Debt
While digital currencies offer many opportunities, they also carry risks. How can you mitigate those risks before diving into the digital currency market?
2015-10-01
Author: Michelle Scheller
Financial struggles and high debt ratios are becoming more common among Canadians. Getting finances in order can be a very overwhelming task for many individuals. It is however, a very important task to tackle in light of increasing debt loads.
Many individuals are researching and seeking out what debt relief options available to them. The demographics are not limited to one group. It may be a student looking for a career, a family trying to meet the rising costs of living or a senior living on a fixed income. The good news is there are solutions available. It’s time to take charge.
The first step is to assess your household expenses. It is tough to develop a solution if you don’t know your starting point. Keep track of your monthly income and expenses to see where changes can be made. Once this is defined, you will be in a better position to determine what is available for debt payments after your basic monthly living expenses are met.
There are different types of debt and one blanket solution will not cover them all, for example:
We encourage you to seek professional advice. A Licensed Trustee in Insolvency and Restructuring will be able to help assess your situation and suggest possible options, which may or may not include a formal proceeding in the form of a settlement offer to creditors known as a consumer proposal or bankruptcy. There is no cost for the initial consultation which can often put your situation in perspective from a fresh point of view. This meeting may identify solutions that you can negotiate on your own and may include the following:
You may consider selling possessions to reduce your debt load. Take an inventory of your possessions. Is there anything you are willing to part with that could bring in some needed funds? If you don’t have the ability to increase your income or decrease your expenses, this could be a feasible option in order to provide some relief.
Reviewing your financial situation and trying to work through all the options on your own often becomes a daunting task. If these options are not going to provide you with long term debt relief or if you wish to speak to someone, there is help available. Seek out professional advice from a Licensed Trustee who will take the time with you and review all the formal and non-formal debt relief options and how each will impact you. There is a solution. The key is in determining which one is the best for you.
2025-05-26
Lifestyle Debt
While digital currencies offer many opportunities, they also carry risks. How can you mitigate those risks before diving into the digital currency market?
2025-05-14
If your phone rings with relentless calls from creditors, you’re not alone — and you’re not without options. Creditor harassment can take a serious toll on your well-being, but you have rights, and there are clear steps you can take to stop the calls and regain control.
2025-05-07
Credit cards are a popular and convenient form of credit that can be a very useful tool.