22 Jun Five ways we find ourselves buried in a mountain of debt
Good article by Gail Vaz-Oxlade exploring 5 ways people have debt problems. These include: poor management skills; underemployment; reduction in income, without reducing expenses; no savings; and illness. We see many people that have to a debt consolidation –like a consumer proposal, or bankruptcy, due to their lack of financial planning. Underemployment can mean a lot of wasted time that could be used for a second part-time job – not to reduce family time, but reduce idle time.Poor money management can be evidenced by people who do not reduce their spending, when their income decreases. Too many people have been using credit cards and credit for unforeseen expenses, because they don’t have sufficient savings to cover the expenses, nor to afford a debt consolidation to cover the costs.Part of a good financial plan is to prepare for illness, so that you don’t have money management problems when you are sick.To see the entire article, go to “London Metro News”.If you have any of the above financial problems, please contact our office for a free, confidential assessment of your finances.