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How to Get Out of Debt- Halifax Debt Help

It’s difficult for any hard-working Canadian to manage their debt. However, a single parent in need of debt solutions has a unique set of challenges to face.

Not only are you the sole earner for your entire family, but you’re also responsible for tending to the home and rearing your children. Talk about a lot on your plate.

Have you ever found yourself:

  • Having to choose between paying the bills to keep the lights on or buying groceries to put food on the table?
  • Wondering how you’ll come up with the money for your children’s extracurricular activities?
  • Believing that saving for retirement is just a pipe dream?
  • Having a sinking feeling that you’ll never make it out of debt on your own?

The truth is you probably do need help to make it to the other side of financial success. But you might be surprised to find out whom you should turn to to get it.

Whether you were unexpectedly widowed or things just didn’t work out with your ex, below are five steps that will help you – and your family – get started on the path to better financial health.

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Step #1: Contact a Licensed Insolvency Trustee.

There’s a reason I list this step first.

If you find yourself in need of debt advice, this is the single most critical thing you can do to improve your financial situation.

Licensed Insolvency Trustees (LITs) are the only professionals authorized to assist Canadian debtors with filing for bankruptcy or Consumer Proposals.

But that’s not all. They can also help with the full range of debt solutions available. This includes simple or complex budgeting assistance, debt consolidation, and debt management. Think of it as your one-stop shop for debt solutions.

When it comes to LITs, you can be assured you are getting debt advice from a credentialed and highly experienced professional – one that has your best financial interests at heart.

That’s because Licensed Insolvency Trustees are:

  • Federally licensed/regulated
  • Required to adhere to strict ethical rules and regulations regarding the provision of debt services
  • Required to complete continuing education periodically; and
  • Required to have practical experience assisting Canadian debtors. Seasoned LITs have helped thousands of Canadians in nearly every imaginable type of financial situation.

For these reasons, LITs are the best financial advisors in the nation.

So how does it work?

Your initial consultation with an LIT is free. During this consultation, the LIT will review your financial circumstances and provide you with advice on every debt relief solution available to you. You will also get his or her seasoned opinion on the best option for you and your family. You will not be pressured to take any action whatsoever.

Not sure when you should contact an LIT?

The sooner you reach out, the more debt solutions you may have available to you. Bankruptcy may not be your only option.

Your LIT can help you with each of the steps we list below as well. You don’t have to go through debt relief alone.

Step #2: Understand your monthly spending.

Most of us just pay the bills as they come in, hoping that we have enough to take us through to the end of the month. And if we don’t, that’s when we turn to credit. Before you can possibly get a handle on eliminating your debt, you need to know what’s coming in and what’s going out.

By using a simple expense tracker, you’ll be able to see where your money is going. You can then put your bills in order of priority, separating the needs from the wants, and cutting out or reducing any expenses that might be unnecessary.

Step #3: Implement a realistic budget.

Once you know where your money is going, you can allocate your income to the necessary expenses. Not all of us are financially savvy. A LIT can help you through this step too.

Step #4: Pay down your debt.

There are many ways to pay off your debt, but you have to find one that works for you. For example, there’s the snowball method, where you gain momentum by paying the minimums across your debts and focusing the rest on the smallest outstanding debt you can pay off in full.

Once the smallest debt is paid off, you go to the next lowest, and so on until you tackle the biggest one last. If you’re having trouble paying your debts, your LIT will help you with other debt relief solutions that may work in your situation. You may not have to pay back the entire amount you owe.

Step #5: Don’t give up on yourself.

You deserve to have financial dreams and goals. You deserve to feel empowered – and to know that you can get out of debt and improve your situation. In the same vein, you should try to improve your job prospects by taking courses. These may even be available for free through your employer. Courses that lead to an additional certification or diploma elevate your status and just might get you a higher paying job down the road.

And you certainly need to save for your retirement. Your financial security will be worth far more to your kids in the future than an annual trip to Disneyland or all-inclusive vacation to Mexico. The best gift you can give your children is their not having to worry about taking care of you financially in your old age. So pick up the phone today and get in touch with an LIT who can help you achieve your financial dream of debt relief.

Get Halifax Debt Solutions Advice Today

Even as a single parent, it’s possible to get yourself out of debt. You just might need a little help figuring out how to do so. It’s our mission to help you achieve the financial relief you seek. Contact us today for your free initial consultation. And remember, the sooner you reach out, the more debt relief options you may have available to you. We look forward to hearing from you.

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Mary-Ann Marriott

Mary Ann has been working in the insolvency industry for 25 years. In 2005 Mary Ann received her Chartered Insolvency & Restructuring Professional (CIRP) designation and attained her license as a Licensed Insolvency Trustee (LIT) in 2014. She is passionate about helping others become financially literate, and has been a guest speaker to various groups and organizations on the topic of Money Management. Mary-Ann also hosts a weekly radio show, as a volunteer in her community. Her tagline is “Helping you have happier, healthier finances”.