Debt counselling

Signs of financial trouble

Signs of financial trouble

You may be wondering if you need help with your debt. By considering the following signs of financial difficulties, you will get a better insight into the state of your finances and be able to evaluate if do-it-yourself options like reviewing your household budget or debt consolidation will alleviate your situation. The sooner you recognize the warning signs, the more options you will have available to solve your debt and prevent more serious problems.

What are the warning signs of financial problems?

  • Making only the minimum payment required;
  • Using one credit card or credit line to pay off another;
  • Frequently paying bills after they’re due;
  • Skipping payments on some bills in order to pay others;
  • Using a credit card as a source of financing, rather than a convenience;
  • Exceeding borrowing limits on your credit cards, overdraft, or line of credit;
  • Using cash advances on one credit card to pay off another;
  • No money left by payday;
  • Asking your friends or family for loans;
  • Receiving calls from creditors or a collection agency;
  • Feeling stressed and anxious about your financial situation;
  • Having your telephone, electricity or other utilities cut off.

If you are facing any of these warning signs, you might consider seeking professional advice to have all of your debt relief options explained to you such as debt consolidation or a consumer proposal. BDO’s licensed debt professionals will carefully review your financial situation, answer all of your questions, and take the time needed to explain all of your options so that you can make a decision that is right for you and your family. Let us help give you peace of mind. You can meet with a BDO Licensed Insolvency Trustee with no obligation.