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Niagara Falls, Ontario
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FLM 2017: How to Know If Your Debt Has Become a Problem

For Financial Literacy Month (FLM) in Canada, why not check in with your debt?

The average Ontarian is carrying $22,022 in consumer debt, according to a recent Equifax report. These amounts, though, can seem arbitrary when you don’t know how much debt is too much. That’s why it’s important to seek out expertise on the subject.

A Licensed Insolvency Trustee (LIT) can be an excellent resource when you need to evaluate your debt load. Meeting with an LIT can be a good way to figure out what point in the debt cycle you are, and whether you should seek debt relief options. And if you do have serious debt problems, an LIT is the only debt professional that can help you file a consumer proposal or bankruptcy.

Here are three blogs that dive deeper into when and how an LIT can help you with your debt.

BDO: “How to Pay Off Debt While Living Paycheque to Paycheque”

This BDO blog explores two common debt solutions for Canadians who find themselves overwhelmed with debt and unable to set savings aside. With almost half of Canadians living paycheque-to-paycheque, knowing when you should consider speaking to an LIT and how an LIT can help is important.

BDO: “Does Paying Down Debt Prevent You From Saving?”

Most Canadians have saving goals for the future, but a roadblock to that is paying off debt. This blog explains two debt solutions an LIT will explain to you — debt consolidation and a consumer proposal — and how you can use them to balance debt repayment with savings.

“Credit Coach: How do you know when you have a debt problem?”

When you’re carrying debt, sometimes it’s hard to know when your debt has become a problem. This blog by BDO LIT Jayson Stoppel outlines 10 debt warning signs, and explains why it’s important to seek help before your debt becomes a problem.

Have you had a meeting with an LIT and found it beneficial? Share your experiences on social media by using the hashtag #LITsCanHelp, #DebtSolutions, or #FLM2017.



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