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How to Get Help with your Debt During COVID-19

How to Get Help with your Debt During COVID-19

Are you seeking debt relief during COVID-19? You aren’t alone, millions of Canadians are in the same boat. Fortunately, there are many options for debt relief in Toronto. Whether you handle the debt yourself or you get professional help – there are many options available to get your finances on track.

Figure out your Situation

Before you can move forward with any debt relief in Toronto, you need to know where you stand. 

Look at your income – what’s left of it. Are you bringing in part-time or full-time income? Are you making enough to cover your essential bills, such as housing, transportation, and utilities? If not, look for aid, such as the Canada Recovery Benefit or any other provincial aid available in your area.

Think of your future income. Will you be going back to work or collecting retirement income soon? Look forward as far as six months to see what your future finances look like.

Review your Expenses

Now, it’s time to look at your expenses. Categorize them as essential and non-essential. Expenses you need to live ‘normally’ are essential and include:

  • Housing
  • Utilities
  • Food
  • Transportation

Non-essential spending is anything outside of what you need to live a basic life. This includes extensive spending at the grocery store, household goods, and other non-essential items. Figure out where you can cut back to save money.

Talk to your Lenders

Talk to your Lenders

Once you know where you stand, talk to your lenders. If you have no extra money to pay toward your debt, an immediate conversation is necessary. Ask your lenders what options they have. They may offer: 

  • Reduced interest rates
  • Deferred payments
  • Payment arrangements

Knowing your budget will help you determine what plan works best. For example, if you have no extra money beyond your essential expenses, you need a deferred plan that gives you a break on your payments for the time being.

Discuss your Debt Relief in Toronto Options

Discuss your Debt Relief in Toronto Options

If you can’t get your head above water, you may need more debt relief in Toronto options including:

  • Credit Counselling – Licensed credit counsellors can advise you on how to proceed with your finances. You’ll learn how to make better financial decisions, necessary financial literacy terms, and how to budget. 
  • Consumer proposal – If you’re over your head in debt, and need support with a consumer proposal, it stops all collection action on all unsecured debts, giving you a reduced monthly payment plan with no interest added.
  • Debt consolidation – Get help consolidating your debts into one affordable program. Collection calls will stop, wage garnishment will end, and your accrued interest will decrease with the help of a specialist.

Know Where You Stand

Canadians have a wide number of debt relief options available. Before you choose the plan that’s right for you, it’s important to know where you stand.

Look at your income and expenses. Figure in your debts. Can you make your minimum payments or are you behind? The minute you know you are behind or will be behind, contact your creditors.

If you can’t contact them because you’re unsure of what to do or how to proceed, let our credit counsellors help you. Using professionals with experience in dealing with creditors, collection agencies, and wage garnishment is your best option to realize debt relief in Toronto. 

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