10 Warning Signs of Financial Hardship


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Sometimes it’s not always apparent that you’re heading towards financial difficulties until it’s too late.

If any of the following warning signs describe your situation, it’s time to seek help from a licensed professional.

  1. Relying on credit for everyday expenses like gas and groceries;

  2. Falling behind on utility bills such as phone and hydro;

  3. Running out of money between pays and using payday loans;

  4. Taking cash advances from one credit card to pay another;

  5. Arguing with family members about money.

  6. Making only minimum monthly payments on your debts.

  7. Not reducing your credit card or line of credit balances even though you pay as much as you can each month.

  8. Cashing in your RRSPs or other investments to pay the debt.

  9. Receiving past due payment notices or phone calls from your creditors.

  10. Staying awake at night worrying about your finances.

Most people don’t want others to know about their finances so they avoid reaching out for help out of embarrassment and fear.  However, when they finally build up the courage to make that call or send that email,  they usually feel a great sense of relief and are surprised to find out that it’s not nearly as bad as they had imagined; there are solutions.

When you contact a licensed trustee for advice we treat you with dignity and respect and help you explore your options to find the solution that best fits your situation.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

  • You won’t be stuck in an assembly line process.

  • You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

  • We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

  • We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. We will help you stop the collection calls; Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint JohnMonctonFrederictonCharlottetownDartmouth, or Miramichi.