Feel like you’re falling behind but don’t know where to turn? Getting help for your personal debt is good strategy for improving your financial confidence and taking back control of your money.
Women are contending with a lot of financial demands these days. This month, in light of International Woman’s Day, we wanted to take some time to help women find the resources they need to feel confident making money decisions while putting their financial literacy first.
Just a few months ago, BDO’s Inaugural Affordability Index poll found that many Canadians are struggling to afford basic necessities, repay their debt and save for the future. Some of our findings however, were unique to women and what they find most challenging:
Whether you’re single, married or in a relationship, it’s important to realize that your level of involvement in your household finances plays a major role in your financial confidence.
For instance, taking a backseat on financial decisions such as the household budget or major purchases can lower your financial confidence. On the other hand, contributing to household finances and taking control of household money decisions can improve your financial literacy and improve your confidence.
Statistics show that people with higher financial literacy have lower personal debt overall.
If your debt feels like an overwhelming obstacle in your life, you can break the cycle. If you have high-interest credit card debt, try using the debt snowball or debt avalanche method to pay off those balances quicker.
You might also consider using debt consolidation to combine your balances into one monthly payment and save the interest charges. However, if you’ve tried many methods and can’t seem to make progress, speak to a debt professional such as a Licensed Insolvency Trustee (LIT) about how you can find personal debt help. An LIT can help you find the option that suits your needs and your budget. Check out a few of those options using our debt repayment calculator.
To keep up with your goals, follow Kerry K. Taylor at Squawkfox for personal debt help and money advice. You can also connect with us on Twitter to hear more personal stories. Search the hashtags #LeaveDebtBehind #IWD2019 #DebtTips
Call 1-855-BDO-Debt or fill out the form below. We’ll assess your finances and explore all debt-relief options available to you.
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A BDO debt professional will contact you within one business day to schedule your free initial consultation.