Do You Have a Debt Problem?
According to the Office of
the Superintendent of Bankruptcy
(OSB), the legislative body in Canada
that deals with bankruptcy, there
are warning signs that you may have
a debt problem.
You have a debt problem,
or are
going to have one, if:
-
You continually go over your spending
limit or you use your credit cards
as a necessity rather than a convenience;
-
You are always borrowing money to
make it from one payday to the next;
-
Your wages have been garnisheed
to pay for outstanding debts;
-
You pay only interest or service
charges monthly and do not reduce
your total debt over many months;
-
Creditors pressure you for payment,
threaten to sue or repossess your
car, furniture or television, or
hire a collection agency to recover
the money for them;
-
Utility companies cut off service
because your bills have gone unpaid.
Reducing Your Debt Burden
Do you feel as though you are drowning
in debt? If your debt is more than
you can afford, you will need to
take action immediately, or it's
only going to get worse. For most
consumers close to their credit
limits, it would take 20 years to
pay off a credit card by making
only the minimum payments. If you
are wondering if you will ever be
able to pay back the interest on
your bills (especially credit cards),
let alone the principal, in this
section we suggest some possible
options for you. |
