What Are The Signs of Financial Danger?

Most people have some financial trouble at least once in their lives. How can you recognize whether you are in serious financial danger, or just a hard time that you will get through?

Of course, your situation is very individual, but the following personal financial danger signs in Canada are typical of money problems that warn you to take action:

  • You have failed to one or more payments, on a mortgage or loan.
  • Your credit cards are constantly at their limit.
  • You are paying bills by taking credit card cash advances.
  • Your creditors have passed your account to collection agencies, who are now calling you.
  • You have received notice of legal action against you to collect money you owe.

If some of these are happening to you, it’s time to think about getting professional help, to keep your finances from getting worse. An experienced professional can advise you whether you are in much danger, and what ways exist to get back on the right track.

It doesn’t matter whether your problems arose from the way you handled your money. Events beyond your control might have brought you real hardship – events like job loss, a death in the family, divorce, or even a natural disaster. There are various solutions that a professional can suggest, depending on your circumstances.

The best way to avoid bankruptcy is to act as early as possible. When you consult a Licensed Insolvency Trustee, your first meeting will be free. You will learn the options available to you, and get help to make the right choice.

If you prefer, you can e-mail your questions, and one of our trustees will contact you with answers.

If the above signs of financial danger seem to be all about you, we can help! Contact us today.