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Looking at the current state of Canada’s economy, you might be thinking, “Should I claim bankruptcy?” Currently, the average Canadian household owes $1.65 in debt for every dollar of disposable income, which is near an all-time high.

There are many reasons why we go into debt, but, ultimately those reasons are caused by ourselves. It is very important to understand that it is our responsibility to be aware of the things around us, and that includes the economy.

It is not easy, but when you put the time and effort towards being aware of your finances, you begin to forget about the term “claim bankruptcy.” These are some of the things you should look out for to help get you on the path to financial awareness.

What to look out for:

1. Countless articles written on debt management have a common rule, project your finances. You could apply this rule to any aspect of life that requires organizing. When you have all the necessary information in front of you, written or typed, a picture begins to form. Whether this picture is good or bad doesn’t matter at first. What is important is that when you can “see” where you are positioned financially, you can start to make the necessary changes.

2. An article posted by CBC titled, Bank of Canada must open people’s eyes to debt sinkhole danger, sums up the point of carefully reading over contracts before committing to them. We all have difficulties with self-control, but it is extremely important that you understand the terms to an agreement before fully committing.

3. Take the time to research the market. The market is a very large place so don’t take it all on in one shot. Find a point that is easiest for you to start, for example, you could focus on monthly heat, hydro, and gas bills. Contact your providers for information on things you can do to help cut down costs. Hydro One offers a guide to cost-effective times for energy usage in the household.

4. There are many individuals who say they can offer you help, but can they? If you claim bankruptcy it is important that when you seek advice, you get it from the right person. When it comes to finding advice towards dealing with financial difficulties, you should be looking for a licensed insolvency trustee (L.I.T.). An L.I.T. is a federally regulated professional who is licensed by the Office of the Superintendent of Bankruptcy (OSB) to provide advice to individuals with debt problems.

We are Licensed Insolvency Trustees and have extensive experience in addressing financial issues and challenges as well as all the questions you may have, including managing credit. Feel free to email us at info@dodicklandau.ca, call us at 416 736 4357 (HELP), or fill out the contact form on this website, to book a free, no-obligation consultation with one of our debt solutions’ experts.

Make an appointment today, and we will provide some solutions specifically tailored to your situation. We look forward to assisting.