Debt
Debt Warnings
If you frequently pay bills after their due date, regularly bounce cheques or receive calls from a collection agency you may be in over your head and now is the time to take action. Depending on your personal circumstances and the extent of your problem, several options are available to help you better manage your money and debt.
A budget
A budget is a tool that allows you to take control of your personal finances. It can help you to make the best use of your income, plan for the future and most important, to know exactly where and how your money is being spent. There are several ways to make a budget, some are online but you may download this paper version available at www.consumer.ic.gc.ca/debt and start today.
Budget counselling
If you are you struggling financially and feel that you need outside help, it may be worthwhile to meet with a budget counsellor from a consumers' association or the nearest Credit Counselling Canada member.
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Anyone can use a budget counselling service. They will help you establish a realistic plan for managing your money and offer suggestions to help get you out of debt.
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You can use a budget counselling service even if you do not currently have any problems. They are there to help you with financial strategies to avoid trouble in the future.
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Most community organizations offer this service free of charge. While there are fees attached to some services, some organizations offer both low and no cost service options.
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Private organizations that provide this type of service may also charge a fee. Before making an appointment, find out how much the organization charges.
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In Quebec, please visit the Réseau de protection du consommateur du Québec website [Available only in French].
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In Saskatchewan, please contact Saskatchewan Justice - Provincial Mediation Board.
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Elsewhere in Canada, please consult the Credit Counselling Canada website.
For more information on debt, visit "Take Charge of Your Debts" produced by Industry Canada's Office of Consumer Affairs at www.consumer.ic.gc.ca/debt.
