Ask a Victoria 4 Pillars Consultant: Are You Slowly Sinking in Debt?

Recently, Statistics Canada found that the ratio of household debt and disposable income reached a record level of 163.3 per cent during the fourth quarter of last year, meaning there are a lot of people finding themselves slowly sinking in debt. Balances on credit cards and buy-now-pay-later loans are just among the numerous debts most people are facing nowadays, and most of them are unknowingly treading the path to bankruptcy.

Though debts might seem inevitable, they don’t have to take a toll on your life and your finances. Bad financial habits like overspending and the like could put you a step closer to sinking in too much debt. With the help of a Victoria 4 Pillars consultant like Blair Greenwood, you can determine whether the debts you have now are manageable or not.

Signs of Too Much Debt

This is the perfect moment for you to pause for a while and reconsider your spending habits for the past few weeks or months. Do you find yourself consistently hitting the ceiling amount on your credit cards no matter how hard you try to refinance yourself in some way? Alternatively, have you frequently been transferring your balance to reduce your costs? If you said yes, then you might want to read on to see if your current situation meets these other warning signs of having too much debt.

For one, excessive debt might have already deprived you of spending for the most common things, like food and clothes. You might even find yourself constantly dipping into your savings just to get by, and seeing yourself constantly trying to refinance to no avail. Maybe you, like other Canadians, are simply getting by from paycheque to paycheque, at times not even saving enough for emergency expenditures.

How to Begin Getting Out of Debt

If you find yourself experiencing these things, and these problems are haunting you even while you sleep, it’s best to begin tackling your debt problem by admitting it to yourself. Accepting that you’re currently having a problem with debt is always the first step in seeking help and in starting a change in yourself. Moreover, now is the time for you to begin watching and writing down every penny you spend and commit yourself to paying off your debt.

Getting out of debt, however, can’t be done alone. This is why contacting debt consultants like Blair Greenwood and other trusted consultants from 4 Pillars Consulting now rather than later can aid you in slowly but surely getting out of debt and in rebuilding your finances for the future.

Sources:

Are you carrying too much debt? 5 signs you may be in over your head, Metro News

Canada household debt ratio hits new record of 163.3%, Financial Post