If you’ve ever worried about where to turn for assistance with credit card debt, bills or another unanticipated emergency, you are not alone. We are aware of how challenging it can be to urgently look for a way out of debt, but know there is hope. If you need urgent financial assistance and are unsure of how to get out of debt, resources are available to you. There are many programs to choose from such as a consumer proposal, bankruptcy, credit counselling, and budgeting, to get you back on your feet again quickly.
5 Signs That Show You Urgently Need Financial Assistance
It’s easy to feel financially secure on a daily basis, but a single emergency can signal that a financial crisis is on the way. Do any of these five warning signs apply to you? It may be time to review your financial situation.
1. No emergency savings
Every one of us should have an emergency fund with at least 3-6 months’ worth of living expenses. In reality, many people lack the emergency savings necessary to pay $400 in expenses.
Building a solid emergency fund with at least 3-6 months’ worth of savings is the main way people avoid taking on new loans or debts. If you don’t have some extra cash on hand, you might be in for a financial emergency.
2. You depend entirely on credit cards
You may need to reassess your financial situation if you use credit cards arbitrarily or to pay for necessities like housing, food, and transportation. It’s definitely time to brace up, or you will take on more debt.
3. You regularly use your savings
It’s time to take a closer look at your spending patterns and budget if you’re having trouble growing your savings or if you frequently dip into them to make ends meet.
4. You avoid looking at your steadily rising credit card bill out of fear
It’s disheartening to realize that your debt has increased, but it’s worse when you choose to ignore the problem. It’s time to take action to tackle the issue when the balance on your statement keeps increasing rather than decreasing, and right now with interest rates on the rise, making a minimum payment can be difficult.
5. You try not to think about the future.
If you are unable to consider your financial future, it’s possible that your financial situation has taken control of you. If this is the case, it’s time to take a step back and consider where you’ll be financially in 10, 20, or even 30 years’ time.
What to Do When You Urgently Need Financial Assistance
Making bad choices while trying to recover from a financial crisis can occasionally happen. Follow these recommendations to stay away from predatory lenders and credit card billing pitfalls;
- Don’t panic. Make a list of ways to obtain urgent financial assistance to help you combat feelings of panic and helplessness.
- Understand your priorities. Reevaluate your spending plan and set priorities. Find ways to reduce non-essential spending to the barest minimum.
- Request assistance. Ask someone you can trust who has handled a financial emergency successfully for advice. They might be able to impart some knowledge.
- File for a Consumer Proposal: This legal option can help you get rid of your debt and reduce it to up to 80% and stop all interest. Feel free to contact a debt expert at EmpireOne Credit to help you with this option.
- Personal bankruptcy: This is considered as a last resort but it can help you to get a fresh start. Just like a consumer proposal, you can reach out to our debt experts for advice and guidance in a Bankruptcy.
Speak to Our Debt Experts to Get Help Now!
If you are having financial difficulties and are saying to yourself, “I need to get rid of my debts, I need help now!” You can rely on us. One of our credit counsellors can assist you in reviewing your finances, setting up a budget, offering advice on how to make improvements, and assisting you in looking into all of your options for getting your finances back on track. We offer a free, confidential, and friendly consultation. Reach out to us today, it’s free!