Blog

Facing Debt Problems

By Debt.ca on August 18, 2011 No Comments

Debt in itself is a big problem. Taking a loan and then returning it at a later date can have serious consequences. So we should spend as much money as we have rather than constantly borrowing and ending up with debt problems. If you ask 100 people if they want to be in debt, everyone will answer no as nobody wants to be in debt. The main reason people fall into debt is because we start spending money that we don’t have and then suddenly we end up owing money for things that we cannot afford. These debt problems can cause a lot of tension, stress, and even depression in severe circumstances.

When we start spending money that we don’t have, i.e. spending out of our limits, then we start borrowing money so that we can fill up the gap. This way most of our salary goes into repaying the borrowed money. It becomes a viscous cycle because we will borrow money again and again to maintain the same lifestyle as we don’t want to cutback on our daily needs and enjoyments. It continues this way till in the end we have nothing except a pile of debt.

Being in debt is a big problem. It can make life very stressful which can result in increased tension between family members. What makes matters worse is that most of the time people try to ignore the debt they are in and don’t realize just how serious their debt problems could be in the future.

What do you feel when you are in debt?

A person heavily in debt means he or she tends to spend money without thinking about paying the debt taken already. It can be incredibly embarrassing to admit to family or friends that you are in debt and you don’t know how you will be able to afford your existing lifestyle. You have probably tried repaying your debt, but you probably run short of money month after month. You are scared to face the debt problems and spoil your health and interest in life in the future.

How can I get rid of my debt problems?

The best way to avoid falling into a trap of debt problems is by not spending money that is not yours. So the foremost thing is to stop using credit cards and stop taking undue advantages for it. Spending money is easy but paying it back can be difficult, especially when you are being charged a high level of interest. Saving money is very important. Having a savings account will help you face an unprepared situation like a sudden hospital visit, car repair, or even a loss of income. You should have a properly planned outline of your income so that some part of the money you earn is saved and the rest is for spending purposes. Remember, it is poor management that leads people into debt.

If you are currently struggling with debt, check out our debt help section today for tips on battling debt!

Debt.ca

Admin


Top Tips for First Time Home Buyers

By Rubina Ahmed-Haq on April 26, 2017

This is the busiest time for real estate transactions in Canada. If you’re out shopping for a home it’s easy to get caught up and spend more than you wanted too. For first time homebuyers it can be an overwhelming experience. Before setting out to buy your first home here are a few ways you…

How Diversifying Your Transportation Habits Can Save You Thousands

By Jordann Brown on April 17, 2017

If you grew up with two cars in your parents’ driveway, you’re not alone. Like most Canadians, the generation before us spent thousands of dollars per year maintaining their vehicles, fueling them up and paying for them through car loans. For our parents, cars were a sign of freedom, mobility, and independence. Fast forward 20…

How to Budget For Summer Holidays

By Alyssa Davies on March 29, 2017

I know what you’re thinking – summer seems way too far away to be worrying about what lies ahead. However, that is exactly why you need to start planning and prepping for any upcoming expenses. Not unlike Christmastime, summer travel and events can end up being just as costly. Wedding season rolls around, camping trips…

Which Type of Debt Should You Repay First?

By Amanda Reaume on March 23, 2017

Some people feel very anxious when they’re in debt and want to pay it off as soon as possible. But if you have a lot of debt or if you have many different types of debt, then you might be confused as to which debt you should pay off first. The first thing that you…

No Comments Leave a Comment  

Leave a Comment

Free Savings Estimate

How much do you owe?

$100,000

$5,000
$100,000
Live Chat
Welcome to our Live Chat
Agents are not available at this time. Please leave a message. Thank you.
First Name
Last Name
Phone
Email
Postal Code
Debt Amount
 
PHP Live! powered