Sometimes, individuals find themselves in situations where it seems that they are no longer in control of their finances. The following questions and answers can help if you find yourself in this situation.
How can I tell if I have a financial crisis?
A "crisis" is a turning point, a situation that demands significant, sometimes life-changing, decisions in order to take control of the situation and reach an appropriate solution.
If you find yourself in a financial "squeeze," where you are juggling bills, not meeting minimum monthly payments, borrowing to pay debts and/or feeling pressure from creditors, chances are you have a financial crisis.
How did I get into this predicament?
A number of common, often unforeseeable, circumstances can occasionally create a situation in which it is impossible to remain current with all your debts, including:
employment disruption
loss of second income
health problems
substance abuse
marital problems
family tragedy
misuse of credit
lack of budgeting
What do I do now?
An evaluation of your financial situation may reveal that one or more of the following options are open to you:
dealing with the underlying cause
improving budgeting
reducing living expenses
increasing income
bankruptcy
negotiating with creditors
support through employee assistance groups
mediation
debt pooling and/or consolidation
making a Consumer Proposal to creditors
Where can I find help?
Each financial crisis is unique. A qualified professional may be helpful in assessing your situation and in determining the most appropriate course of action.
You may also find useful information from the organizations listed on our Links page.
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