Financial Planning Q 'n A

For many reasons, thousands of Canadians find themselves in financial difficulty unable to manage their debt load. Common reasons are job loss, health and marital breakdown. For whatever reasons, there are options available depending upon your income and personal assets. Simple things such as debt consolidation can save a significant amount of cash flow each month if you are converting high interest and payment consumer debt to low interest secured debt. If your situation is more serious, consumer proposals and personal bankruptcy are options to consider. In many cases, people do not consider these options for fear of the unknown. While offering a temporary set back in terms of credit worthiness, the effect on lifestyle and personal relationships in dealing with debt can be much more positive. Most bankruptcy trustees will sit down for an initial consultation without charge to lay out your options. Most larger centers also offer free debt counseling services as well. If you find yourself with large debt burdens your first call should be to a trustee or a debt counselor to discuss your options.