Debt has a way of creeping up on people. It begins innocently with a few dollars owed here and there, but before most people know it, debt can spiral out of control. When it does, debt can have more than just devastating financial impacts.Many people do not know where to turn when they face increasing bills and skyrocketing interest rates. Unless managed quickly and competently, a debt problem can become a long-term disadvantage for any consumer. Very often, even the solutions to a toxic debt crisis can have lasting effects.

For anyone facing overwhelming debt, know that there are companies who are prepared to face the problem head on. With a dedicated and professional team, counselors can help consumers find the answers to their debt worries with personalized attention and straightforward financial solutions that mitigate the black marks of being in the red.

Caught in the Deluge

Many people who need assistance with overdue bills, late payments, and collection accounts have avoided creditors for a long time. Admitting to an inability to pay is both stressful and humiliating, and can damage anyone’s pride. Frequently, people who fall into debt believe that they can get back on their feet quickly, or that if they ignore the situation, it will self-correct in time.

Facing a financial crisis alone is more difficult than most people expect. Talking to creditors can be frustrating and time consuming. Budgeting money may begin as a good plan, but without the assistance of a professional, may not have as much as an impact as expected. Without help, the stress and anxiety of dealing with creditor ‘customer service representatives’ can add to the financial setbacks.

Debt is a growing problem across Canada, but it is not a problem that should cause undue embarrassment. The average Canadian has accumulated over $8,000 in debt — excluding their mortgage. That is a lot of outstanding money. One misstep on the path to repayment, or a sudden personal emergency, and that number can get out of hand within a few months’ worth of statements.

Overcoming debt means overcoming the obstacles that create and contribute to a financial crisis. Being in debt is nothing to be ashamed of, and our professionals will meet with clients to provide debt solutions without judgment of circumstances or financial condition and resources. We know that debt is a common problem and that everyone faces financial difficulties.

Heal the Wound

It is not enough to stop the money bleeding from a bank account or paycheck. Temporary debt solutions rarely have any lasting effect on a financial crisis. For anyone contending with out-of-control spending and debt, only a long-term answer can provide the financial healing necessary to put a serious crisis in the past.

Bankruptcy is a quick fix that many consumers rush into; mistakenly thinking that it is the only viable alternative to their situation. Unfortunately, a bankruptcy often carries consequences that many debtors may be able to avoid. Relying on the advice and guidance of debt professionals at Chande & Company can put someone back on the path to financial recovery without the side effects of a bankruptcy. Instead of a quick fix, consider other options with the assistance of a professional:

  • Debt consolidation – can reduce monthly payments and enable affordable repayment
  • Credit counselling – offers consumers structured methods to pay down debt
  • Consumer proposals – similar to a mediation agreement, these legally binding agreements allow debtors to pay down debt according to a managed plan

Covering a wound with a bandage only hides the injury. The same principle holds true for debt crisis. Making bare-minimum payments, letting accounts go to collections, and even filing for bankruptcy sometimes hides the problem instead of healing it. When people who owe too much money take control of their finances and establish a plan to manage and eliminate debt, it takes time, but is usually a more stable and final solution to long-term debt problems.

Trust the Experts

Choosing the right path on the way to successful debt management can be challenging. It takes determination, commitment, and the assistance of a debt counselor. With Chande & Company as an ally in the battle against overwhelming debt, it is easier to accomplish debt reduction goals and build a more solid foundation for the future.

When debt is overwhelming, many people drown in the mounting tidal wave of bills, fees, and late charges because they do not get help. For others who trust the experts, debt is a challenge, but one that they can tame.