Expert Advice to Help You Reduce DebtNov 21, 2018
Wondering what you can do to reduce your debt? You’re not alone. Our recent survey found that just about three-quarters of Canadians are carrying personal debt and, for many, it’s keeping them from being able to save for emergencies and prepare for retirement.
Fortunately, there are professionals who can help people reduce their debt and get back on their feet financially.
A Licensed Insolvency Trustee (LIT) is a professional licensed by the government to provide services to people who are having difficulties with their debt. After explaining all options, an LIT helps you choose a debt solution that’s right for your situation.
You don’t need to be deep in debt to get the help of an LIT. If personal debt is causing you any stress at all, talking to a professional who deals with reducing debt every day can help you find a solution for your financial situation.
Benefits of getting expert advice
There are numerous benefits of seeking the advice of an LIT. These include:
Knowing your options. Debt can be stressful, but people feel better when they know there are informal and formal debt solutions available to them.
Formal debt solutions, like bankruptcy and a consumer proposal, can help with debt that’s overwhelming. An LIT is the only debt professional qualified to assist you with these solutions. He or she will help you understand how they work, and what the benefits and considerations are for each.
If you don’t need to go with a formal debt reduction solution, you still have nothing to lose by talking to an LIT. There’s no cost for your first consultation, and if you need personal debt help, your LIT can point you in the right direction.
An LIT can advise you on exactly the kind of help you need for your unique situation so you don’t have to try to figure it out on your own. He or she will refer you to another trusted financial professional who can help you with options like credit counselling, consolidation loans, budgeting and debt management.
Improving your financial literacy. November is Financial Literacy Month in Canada, and let’s face it, most of us could use more knowledge in this area. Your LIT can answer questions about financial topics and guide you to resources that give you information and tools you can use to become stronger at money and debt management.
Having someone in your corner. Your LIT works with you to help you find the best debt reduction solution and achieve your financial goals. Having someone qualified in your corner leaves you feeling less alone as you deal with your financial situation. In addition, during the consumer proposal or bankruptcy process, your LIT will also deal directly with your creditors so you no longer receive collection calls or experience wage garnishments.
The bottom line is that expert advice can help you reduce debt. Having the support of an LIT will help you get your finances back on track efficiently and with less stress, positioning you for a brighter financial future.