My Bank Account Is Always In Overdraft

Many Canadians have an overdraft on their bank account as a means of insurance against their account getting overdrawn, which can result in expensive non-sufficient funds (NSF) charges from their bank.

However, too many consumers rely on their overdraft and don’t keep track of their budget to make sure they have enough income each month to cover their expenses. Sometimes having an overdraft can make it too easy to spend money that we don’t have.

Banks charge interest on overdraft account as high as 20%; this can be a costly form of credit.

If you find that you are carrying an overdraft balance and running out of money between pay periods, this can be an early warning sign of future financial difficulties.

Not having enough money to meet your expenses can lead to further debt as you may be tempted to seek new sources of credit to offset your cash flow troubles and maintain a standard of living you can’t afford.

Rather than get deeper into debt, we recommend that you track your income and expenses to find out where you are spending your money.

Tracking your expenses will allow you to identify areas where you can reduce your expenses. You need to understand where your money is coming from and going if you are going to try to fix the problem.

If you discover that your income is not sufficient to meet your basic cost of living and pay your creditor payments, then it’s time to seek professional guidance before the situation gets any worse.

A Licensed Insolvency Trustee can review your financial situation and help you determine which debt solution option is best for you.

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. 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 John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.