Canadians are susceptible to becoming overwhelmed by the stress and anxiety that comes with having a large amount of debt on their shoulders. We can help you discover a solution to your debt problem so that you can have a decent night’s sleep again and not worry about your debts and financial woes.

Serious Debt Problem Danger Signs

You should be on the lookout for these warning signs if you have been struggling with a financial issue for more than a year. They could be a sign that you have a more significant problem with debt than you originally thought.

Asking yourself the following questions may help you determine your situation.

1. Does the stress of financial liabilities make it challenging to deal with day-to-day life?
2. Have you noticed that simply making the required minimum payments will no longer get you ahead of the curve?
3. Have you applied for a loan to consolidate your debt but was turned down?
4. Do you have to rely on your credit cards, a line of credit, or an overdraft each month in order to pay your bills?
5. Have you been contacted by a collection agency or sent letters regarding an outstanding balance?
6. Does your current state of financial hardship make you feel ashamed?
7. Do your concerns about money prevent you from getting a good night’s rest?

If you answered any of these questions about the warning signs of debt problems with a “yes,” then you need to follow the tips provided in this article in order to overcome your debt problems.

How Do I Overcome My Credit and Debt Problems?

When it comes to dealing with major debt issues, the sooner you address them, the better. If you wait around and keep crossing your fingers that things will get better, you will almost certainly find that you have fewer options open to you in the future. Consider putting these suggestions into practice to overcome your credit and debt problems.

1. Get a handle on your spending by taking control. Put away your credit cards and leave the house without them if you can’t keep your spending under control. If the corporation that issued your credit card offers to extend your limit, you should decline the offer. If your repayment plan is being derailed by discretionary spending, you should keep track of your expenses and reduce them. 
2. You should put as much money into paying off your debt as you possibly can. When you pay off debt, you reduce the amount of interest you owe, which frees up money that may be used for other things. The more money that you put toward the reduction of your debt, the more money you’ll have left over for other purposes.
3. Pay at least the required minimum amount. Making only the required payment each month will not bring down your overall total, but it will keep your credit rating intact. Create a list of all of your existing debts and devise a plan to ensure that you are always current with at least the required minimum payments.
4. Recognize that there are obstacles in the way of paying off debt.  For years, Canada has been dealing with the issue of debt, and an increasing number of Canadians are experiencing the negative effects of debt vulnerabilities. Find out what obstacles you might be up against and how to get beyond them.
5. Settle the debts that have the highest interest rates. You may cut your interest expenses and save money by focusing on paying off high-interest debts like credit cards first. If you can reduce the amount of interest you pay, you’ll have more money available to pay off your debt.
6. Pay down your debts with any spare money you have. Use any extra money you get, such as a tax refund, a bonus at Christmas, or a gift of money, toward paying down your existing debts. You will save money in the long term as a result of the decreased need to pay interest on your debt.

Debt Solution Option

If you are not sure where to begin, and you would like some direction or information, do not hesitate to get in touch with us at EmpireOne Credit. We would gladly attend to all your questions. You can get your finances back on track with the help of our friendly expert credit and debt counsellors, who will provide you with a realistic plan that is broken down into steps that are more doable. We will assist you in working through various possibilities and solutions for the issues posed by your debt. Your first step is reaching out to us and finding out what options are available to overcome the credit or debt issues you may have. Book a free virtual consultation with us today. Yes, virtual, you don’t even have to leave the comfort of your home. You owe it to yourself to become debt-free. Debt free feels good!