Reduce Your Debt Reduce Your Stress

The Canadian Mental Health Association’s Mental Health Week is an annual national event that takes place during the first week in May to encourage people from all walks of life to learn, talk, reflect and engage with others on all issues relating to mental health. It’s no secret that financial struggles can be a major contributor to stress and can dramatically affect not only your mental health and emotional well-being, but your physical health as well. Whether it be from loss of employment, marital separation or spending beyond your means, debt and the associated interest costs can quickly become unmanageable. Below are some of the common warning signs of financial difficulties:

• Spending more than you earn
• Facing legal action, such as wage garnishees
• Using credit cards for necessities
• At risk of losing credit card privileges
• Getting harassing collection letters or phone calls
• Stressed due to financial problems

There are a number of options to help you resolve financial problems; each has advantages and disadvantages. If your difficulties are not severe, you could consider creating a budget that builds in systematic repayment of your debts, selling some of your assets, working out an informal settlement with your creditors, or getting a bank consolidation loan. If your problems have progressed beyond these informal solutions, a Licensed Insolvency Trustee is the only debt management professional with the formal training and qualifications to provide you with all the legal options available to you to manage your debt. These may include submitting a Consumer Proposal to your creditors to settle your debt or filing an assignment into bankruptcy. The first step to peace of mind is recognizing your debt is controlling you and may in turn be affecting your mental health. From there, there are life-changing debt solutions to help you move forward. Randy Kobbert is a Licensed Insolvency Trustee within our Lethbridge location. To learn more about how MNP Debt can help you, contact our local office at 403.380.1600.