Middle aged and struggling with debt?

Unfortunate circumstances can impact anyone.  A separation of marriage, loss of income, helping children or lack of financial education can leave a middle-aged woman struggling with debt.  Being unable to handle your own finances can be overwhelming and impact your health.  Don’t struggle alone.  The Licensed Insolvency Trustees at Taylor Leibow Inc. will review your financial situation in a non-judgmental, compassionate manner and discuss the following solutions:

1. Budget to pay down your debt
   Are you aware of your monthly expenditures? Do you track all of your spending to analyze where you could cut back to put more money towards your debt payments?  Can you reduce your non-discretionary spending (entertainment, clothes) and concentrate on paying down your debt?  If you are able, pay down the highest interest-bearing loans first to minimize the interest cost.
2. Debt consolidation loan
   You may be finding it difficult to juggle numerous loan and credit card payments at very high interest rates. Talk to your bank to see if you qualify for a consolidation loan.  This will leave you with one monthly payment at a lower interest rate.
3. Consumer Proposal
   You can make an offer to settle your debts with one monthly payment over a maximum of 5 years. No further interest is charged and the trustee’s fees are included in the proposal payment.  A proposal stops a garnishment of wages and creditor phone calls.
4. Bankruptcy
   The purpose of a bankruptcy is to provide relief to an honest but unfortunate debtor. If none of the above solutions work for you, a bankruptcy will eliminate the majority of your unsecured debt and allow you to rebuild moving forward.

For more information, check out the resources on the Financial Consumer Affairs of Canada website at  https://www.canada.ca/en/services/finance/debt.html.

Take the first step to a financial fresh start today and reach out to me, Kathy Lenart, for a free consultation on the best solution for you.