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Are You Showing the Warning Signs of Extreme Debt?

The financial demands we encounter on a daily basis are endless. More and more of our income is being consumed to meet basic, essential living needs such as housing, utilities, food, transportation, clothing and medical expenses; leaving less and less income available for non-essential needs such as savings, education, entertainment, sporting activities, vacations and retirement planning.

Financial resources are stretched further when unexpected events occur, such as a chronic illness, injury, job loss, marriage separation, business failure, major vehicle repair, major home repair or providing financial support for an aging family member.

If you are feeling overwhelmed as a result of all of the financial demands you face, you are not alone. An estimated 1 in 6 Canadians are experiencing serious financial difficulties.

The items summarized below are some of the more common warning signs of financial difficulty experienced by Canadians. Take a moment to review the following statements and ask yourself if any apply to you:

  • You have little or no savings.
  • You are living from pay cheque to pay cheque.
  • You only make the minimum payments on your credit cards.
  • You are always using your overdraft.
  • You are falling behind on essential living expenses such as your gas, power, cable, internet and telephone.
  • You use credit to pay for your basic living needs such as rent, food, clothing, transportation and medication.
  • You obtain cash advances from one credit card to pay another credit card.
  • You obtain cash advances on your credit cards or borrow money from friends and family to pay living expenses or make it from one pay day to the next.
  • You find that after you make all of your credit card and loan payments, you have no money left to pay for basic living expenses.
  • Creditors, bill collectors or collection agencies are calling you to demand payment for your overdue bills.
  • Your debts are causing you to feel stressed, overwhelmed, helpless or hopeless.
  • You are experiencing health, work or relationship problems as a result of your financial situation.
  • Your wages are being garnisheed or your bank account or assets have been seized.

If you answered yes to any of these questions, you may be experiencing financial difficulty or progressing towards it. There is immediate help available. We encourage you to contact a Faber Trustee to review your options and to discuss whether a consumer proposal or personal bankruptcy debt restructuring plan will resolve your financial difficulty and give you a fresh financial start.

We will help you eliminate your debt and work with you to create a money management plan to develop a secure financial future for you and your family. We will help you Start Over, Start Saving and Start Living.

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