Debt Management
Such big words - but what they mean is handling the amount of debt you have. And at this time of the year when you are thinking about purchasing Christmas presents, the total amount of debt you have can be forgotten quite quickly.
An article I read lately had a quote from TD Bank Financial Group that said debt management is “critical” to Canadians. They indicated that we tend to think a lot about financial planning only in terms of savings and retirement plans, but not how to manage debt. Maybe you are having this problem.
Ask yourself these questions:
- do I know how much my credit cards and loans total?
- could I repay that amount of money if they asked for all of it today?
- could I repay it back in 4 years if there was no more interest on the balances?
- can I pay my living expenses and the minimum balances on my debt without borrowing more money?
If any of your answers were no, you might be having a debt management problem. If that worries you, please call us at 310-PLAN or 519-435-1500 in the London area. You will talk to one of our professionals about your situation and if necessary, they will set you up with an appointment to talk to me about your options and to determine a plan that will help you not only manage your debt, but perhaps even get a “fresh start” on managing savings and retirement plans. Call us today.
