By By Jasmin Brown - Licensed Insolvency Trustee

First Call BDO

Is Your Debt Holding You Back?

Feb 19, 2019 | 2:59 PM

What are your financial goals for the future? Maybe it’s finally paying down your student debt or buying your first home. You might want to grow your family, plan an extended vacation or retire comfortably someday. Now, ask yourself: Will I need to put off any of these goals as a result of the debt I carry?

Personal debt can seriously impact your ability to meet any or all of life’s milestones or financial goals. Results from our 2018 Affordability Index survey reflect that.

Almost eight in 10 Canadians with a lot of debt don’t feel financially ready to purchase their first home. Over half of all millennials we spoke to do not feel financially ready to start a family.

It is no coincidence that about one-third of this age group told us that they are overwhelmed by their debt.

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Unfortunately, there is no magic button that will make your personal debt load disappear. However, there are concrete steps you can take to reduce your debt.

First, tracking your spending and expenses is crucial. Using a budget is also key when it comes to controlling your debt (and not letting it control you). A personal budget is quite easy to set up and allows you to monitor your spending and create savings goals. If you’ve never used a budget before, this simple worksheet will help you get started.

If you feel that you need to brush up on your money management skills, the Financial Consumer Agency of Canada offers a wealth of online resources to help you manage your finances, reduce your debt and set financial goals.

If your debt seems unmanageable and you are not sure where to begin, speak to a Licensed Insolvency Trustee. At BDO, the initial consultation is free, with no obligation. An LIT will explain all of your options, helping you choose the debt solution that will work best for your situation.

What are you delaying because of your debt? Join the conversation on social media using the hashtags: #LeaveDebtBehind, #DebtSolutions and #LITsCanHelp.

BDO First Call Debt Solutions

147-15^th Street East Prince Albert S6V 1G1
Phone: (306) 765-3328 or 1-855-220-1705
https://debtsolutions-princealbert.ca/

Jasmin Brown Senior Vice President, LIT

Jasmin is a Senior Vice President with BDO First Call Debt Solutions. She is a Chartered Professional Accountant, a Licensed Insolvency Trustee and a Chartered Insolvency and Restructuring Professional.