Why are personal debts so high these days?

Some bankruptcy trustees are predicting a record year. Some of the general reasons are:

• Canadians continue to struggle with low after tax incomes
• Many have higher mortgages
• People are maxing-out on their credit cards
• Rising divorce and unemployment rates are also part of the problem

Bill collectors are at my door and I just can’t seem to squeeze by anymore. What can I do?

Lots! See a credit counselor. She can help you with handling money and eliminating your debt. She can get the creditors off you back.

I owe a lot of money from my student loans. I’m working now but it just doesn’t seem to be enough. Is bankruptcy a good solution to my problems?

There are other possibilities that should be explored first. Bankruptcy should not be taken lightly. For example, an orderly repayment of debt, established with the help of your credit counselor can help prevent bankruptcy.