Did you know that more than 40% of Quebecers are systematically worried about their financial situation?

For many reasons, your financial situation has the potential to deteriorate over time and you can quickly find yourself in a situation of overindebtedness. To avoid being overwhelmed by your debts, it is important to quickly realize that you are in financial trouble before it is too late.

For this, the bankruptcy trustee N. Séguin presents you with 7 signs showing that you probably have debt problems.

 

1. Your income does not pay back your expenses

 

To get a good financial situation, your income must be greater than your expenses. In revenues, you can include:

  • Your salary
  • Your family benefits and your alimony
  • Your housing allowance
  • Employment Insurance benefits
  • Any other income you can collect

Your expenses consist of:

  • Your rent
  • Your credit card payments or loans
  • Your food expenses
  • Your personal expenses
  • Your insurance
  • Any other expense

In the event that your income is lower than your expenses, you are certainly in a worrying financial situation. The income / expense ratio should be at least equivalent, although you do not have a margin of safety for contingencies.

 

2. Your month ends are difficult

 

More than 39% of Quebecers report having difficulties at the end of the month to pay their bills. This quickly becomes an alarming sign for debt problems.

When you pay your bills late or leave them unpaid, your debts accumulate and you are quickly overwhelmed over the months. It is important to act quickly before you end up without electricity or housing, for example.

 

3. You fight with your credit cards

 3. You fight with your credit cards

 

The credit card says a lot about your financial situation and your debt problems. If any of these situations apply to you, this could alert you to:

  • You have trouble repaying the full amount of your credit cards
  • You pay only the minimum required for your credit cards
  • Your bank accounts are uncovered
  • You already had your credit card declined in store
  • You are using a credit card to pay the balance of another credit card

If the amount of your credit cards frequently exceeds your repayment capacity, you risk debt problems.

 

4. You are asking for help

 

Debt problems often result in seeking help from family, friends and relatives. You want to have your credit card reimbursed by your peers in order to remedy your financial situation. This can prevent more frequent debt problems.

 

5. You are worried

 

Debt problems are a big source of stress, worry and upheaval. You have trouble sleeping well and are afraid of your financial future. These negative feelings prove your financial uncertainty. Regulating your debt problems will prevent you from being in a psychologically uncomfortable situation.

 

These signs are similar to your current financial situation and you are experiencing debt problems, contact our bankruptcy trustee N. Séguin. We accompany you to regulate and correct your debt problems with debt consolidation , consumer proposal and personal bankruptcy .