“Economic downturn” seems to be on the tip of everyone’s tongues today. Practically every news report is talking about job losses and “tough times ahead” . People are frightened, jobs are on the line and many people have seen their pay cheques shrinking due to the loss of overtime or short term lay offs.
It’s fair to say that everyone is feeling the effects of this recession, but the question remains, what can you do?
In a word.. plan.
Do a budget, reduce unnecessary expenses, cut back on spending and dig in. Reducing your debt should be your first priority. Build up a contingency fund of savings ( the new tax free savings account may be a good place to tuck away this money). Everyone needs to have a plan to carry them through lean times, It’s a mistake to think “it won’t happen to me”.
Practically everyone I see in my Mississauga and Brampton offices never thought they would need the help of a Trustee to resolve their financial problems but the fact is that for many people facing rising debt and dropping income, bankruptcy or a proposal to creditors is the only viable way through the downturn.
What is certain is that there are options to dealing with debt that suddenly becomes unmanageable. Part of you plan to survive the recession should be to ensure that you know all your options.
If you are facing a lay off, if you have seen your income shrink and your debt become too much to deal with its time to take action now. Make a plan, Hoyes Michalos & Associates Inc. can help you. A phone call and a free consultation can get you on the path to being debt free.
Call 310-PLAN and lets get started.
