Debt Warning Signs
Solving Debt Problems in British Columbia
Many of us have some debt, whether that’s from a credit card or student loan. But how do you know when your debt has gotten out of control? The team at J Bottom & Associates wants to help British Columbia residents learn the strategies of proper debt management and avoid the pitfalls of owing too much money. As you consider meeting with a seasoned member of our team, be sure to look for the warning signs of debt. While any one of these factors by itself is not necessarily an indication of a significant problem, it’s always a good idea to speak with a financial professional. Read up on the debt warning signs below, then get in touch with J Bottom & Associates.
Frequent Phone Calls from Creditors
Perhaps the most obvious debt warning sign is the constant calls from creditors. These creditors might call you at home or at work asking about overdue bills. They may even give your name over to a collection agency, which will contact you on the creditor’s behalf. In addition to annoying, frequent calls, you might need to deal with wage garnishment or the loss of assets.
You Have an Empty Savings Account
It’s common wisdom to keep some “rainy day” funds safe in a savings account. But those who struggle with debt management may not have the ability to maintain a robust savings. If your savings account is bone dry, you may have a significant debt problem. Combined with a low balance in your checking account and bounced checks, this is a major debt warning sign.
You Struggle Paying Off Credit Cards
Credit card debt is widespread in Canada. While small amounts of credit card debt may not be cause for significant concern, constant issues with credit cards indicate a larger problem. If any of the following statements apply to you, consider scheduling a consultation with J Bottom & Associates:
- You can only make the minimum payment on your credit cards.
- You pay bills using cash advances from credit cards.
- One or more of your credit cards is near or over the credit limit.
You’re simultaneously trying to pay off your credit cards while continuing to make more
You Aren’t Sure Just How Much Debt You Have
Those who find themselves drowning in debt may not even know just how much debt they’ve incurred. If you come up blank when asked how much money you owe, it’s a tell-tale sign that you have a debt problem. When you speak with the team at J Bottom & Associates, we can help you add up your debt and create a plan for managing it.
Bills Often Become Overdue
We all miss a bill payment once in a while—we forget about the internet payment or miss the gas bill. Paying a late fee once or twice is annoying but not a huge concern. However, if you find yourself constantly missing payments or paying late, you could have a problem with debt and financial management.
How Can I Get Out of Debt?
If you relate to one or more of the aforementioned signs of debt, it’s time to take action. But what can you do to rectify the problem? You have plenty of options as you work toward becoming debt-free. Many people choose to sell off some of their assets, such as expensive jewelry. Others can make a significant dent in their bills by revisiting their monthly budgets and cutting costs. Yet other ways you can navigate your debt include:
- Refinancing or debt consolidation
- Contacting creditors and explaining your situation
- Filing a Consumer Proposal
- Debt settlement
- Meeting with a Licensed Insolvency Trustee
Need Help? Talk to Our Team
Debt management is challenging and stressful, and it’s okay to ask for help. The team at J Bottom & Associates would be glad to meet with you and guide you on your path to becoming debt-free. We’ve worked with clients across British Columbia, including some from New Westminster, Port Coquitlam, and North Vancouver. Our team understands the hardships that come with significant debt, so we’re dedicated to helping you get out from under that burden. Contact us today to schedule your initial consultation.