How to Deal With Debt
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How to Deal with Debt - Money Problems Radio Show |
| Originally aired on April 22, 2006. | |
Show Topic:
On today's show we discuss various strategies for dealing with debt, and what you can do to deal with your money problems.
Guests:
Douglas Hoyes is the co-founder of Hoyes, Michalos & Associates Inc, one of Ontario's leading personal insolvency firms. They emphasize a fresh start when dealing with money problems, and file dozens of consumer proposals and personal bankruptcies every month. Doug can be reached at www.hoyes.com or, in Ontario, at 310-PLAN (no area code required).
Show Summary:
To deal with your debt, you need a plan. To start, make a list of your debts so you can assess whether they are manageble on your own, or you will require professional help. Getting a copy of your credit report is also a good step to help you analyze your situation.
Prepare a personal budget so you know how much money you have each month to devote to repaying your debts.
If your debts are manageble, a debt consolidation loan may be the best way to deal with your debts. A debt management plan through a credit counsellor is also an option.
Filing a consumer proposal is the next possible solution.
If none of these bankruptcy alternatives are possible, your final option may be filing personal bankruptcy.
Question of the Week:
Q. How can I stop collection agents from calling me and threatening to garnishee my wages?
A. Collections agents are calling because they want to collect money. To stop them from calling, you need to pay them, or work out a payment plan with them. If you can't negotiate a plan directly with them, and have sufficient income to make a repayment plan, a consumer proposal may be an option. If you cannot work out payment arrangements, a personal bankruptcy may be necessary.
Don't let your Money Problems overwhelm you; contact a licensed bankruptcy trustee today for more information about your bankruptcy alternatives and other options for dealing with your debts.