On December 4 I appeared on the Consumer Alert segment of the CTV Toronto News. I was interviewed by Pat Foran, a reporter who specializes in helping Toronto residents be informed consumers. (He’s also the author of The Smart Canadian’s Guide to Building Wealth; I think it’s a great book, but I’m somewhat biased since he interviewed me for the chapter on personal bankruptcy).
I made the comment that times are tough, and many Toronto residents are losing their jobs or having their hours reduced at work, and if they use credit to survive, debts can build up very quickly. If you are carrying lots of debt, your goal should be to reduce your debt by cutting expenses or increasing your income, and using that money to pay down your debt. If your debt is to large to manage on your own, you may need to consider a consumer proposal or personal bankruptcy.
I also recommended that everyone have a "Plan B". If you do lose your job, it helps to have a fresh resume, and perhaps to have a part time job or some savings to tide you over until you return to full time work. Ask yourself: "what would I do if I lost my job tomorrow?" I don’t want you to plan to lose your job, but you should be prepared in case it happens.
You can watch the interview on the CTV Toronto web site; click on the "Pat Foran on bankruptcy protection" or the "Protecting yourself from bankruptcy" link.
If you have more debt than you can handle and what to understand your options, or if you want advice on "Plan B", give us a call at 310-PLAN (310-7526), no area code required, or email us to schedule a free initial consultation. Financial problems won’t go away or get better by themselves; it’s up to you now, so let’s get started.
You must log in to post a comment.