What Should You Do When Facing Excessive Debt

2014-08-25

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  • The causes of excessive debt in Canada vary widely, with many factors coming into play. When burdened with heavy debt, it can be difficult to see clearly and know where to start. Here are a few tips to help you:
  • The first thing to do is admit that you are facing financial difficulties by taking a look at those elements around you which confirm this fact (late bills, calls from creditors, minimum payments to creditors).
  • Then analyze your financial situation by preparing a balance sheet and establishing a budget. You will be able to see your situation more clearly and compare your assets and liabilities.
  • Once you have all the necessary information concerning your financial situation (e.g. your budget and balance sheet), you can contact a qualified insolvency advisor for a free consultation. During this consultation, we will evaluate your financial situation and discuss the different options at your disposition, thereby giving you a full grasp of all the information concerning your financial situation.

 

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