Learn How Your Situation Stacks Up Compared to Others See if there may be any options available to you
Perhaps your situation feels bleak – as though you have no options left. For many people, that’s not always the case. See how your situation stacks up compared to others going through something similar and see if any debt relief options are available for your type of situation. Just answer the questions below and then click the green button.
Self Assessment of Debt Relief Options
Help Us Understand Your Situation
What is your primary financial concern right now?
Are any of these happening in your life at this time? (Check all that apply)
Monthly Income
What is your household’s primary source of income?
What is your Monthly Income from all sources?
We're just looking for a rough number
$ per month
How many people live in your household (including children)?
in your household
Monthly Expenses
Housing
Roughly what do you pay each month for your rent, mortgage, heating, electricity, water, and taxes?
$ per month
Food
How much do you spend each month on groceries, snacks, and eating out? Again, we're just looking for a rough estimate here.
$ per month
Transportation
What do you spend each month on car payments, gas, insurance, vehicle maintenance, taxi fare, and transit fare.
$ per month
Medical Expenses
$ per month
Support Payments
$ per month
Debt Payments
Do you have a mortgage?
What is your approximate mortgage balance?
$ mortgage balance
What is the rough value of your home?
Home is worth roughly $
If you added up all your unsecured consumer debt, how much would it be? (credit card debt, payday loans, outstanding line of credit or overdraft balance, unsecured loans, etc.)
$ unsecured consumer debt
Calculations - Work in progress
Income: $
People in Household:
Housing Expenses: $
Food Expenses: $
Transportation: $
Medical Expenses: $
Support Payments: $
Mortgage Balance: $
Home Value: $
Debt Amount: $
Result: $
Test
Test
First, please respond to the questions above
How Your Expenses Compare to Others
The green bars are your expenses that fall within recommended ranges. Yellow bars are expenses that are outside of recommended ranges, and the grey zones are the recommended range for each type of expense.
Housing Expenses:
It’s usually recommended that you not spend more than 35% of your income on Housing Expenses
0%
35%
Food Expenses:
The recommended guideline for Food Expenses is to spend between 10% to 20% of your income on it
10%
20%
Transportation Expenses:
For most people, Transportation Expenses range between 15% to 20% of their income
15%
20%
Medical Expenses:
Unless someone in your household has health challenges, it’s not recommended that you spend more than 3% of your income on Medical Expenses
0%
3%
Debt Payments:
The recommended range for Debt Payments is 5% to 15% of your income
5%
15%
How Some in Your Situation Resolve Their Debt Issues
In regard to your unsecured debts, you may have multiple relief options available. However, it can be difficult to weigh the pros and cons of each one. We can help you review the details and proceed with the solution that’s best for you. (Test Text)
How We Can Help You
Helping people resolve their debts is what we do best. We can help you assess your situation and review all your options to deal with your debts.
Budgeting is essential for healthy finances, and we can help you with this important step. Our licensed Counsellors can help you make sense of your income and expenses, and review ways to make changes. We also have some fantastic budgeting tools and guides if you want to dive in right now before meeting with one of our Counsellors.
The Credit Counselling Society provides financial education through free appointments with our licensed credit counsellors. We also offer free workshops, webinars, and have created an educational website (mymoneycoach.ca) with detailed information on many important financial topics.
There are a few pieces to consider when saving for a specific goal. The Credit Counselling Society can help with budgeting and savings tips, and you may also consider speaking with a financial planner.
If your business is struggling with debt, we may be able to help, depending on if the debt is personally guaranteed. If you’re primarily looking for operations or planning assistance, a business advisor such as a consultant or accountant may be better able to help.
In regard to your unsecured debts, this kind of debt can vary widely in terms of interest, payments, and terms. The good news is, though, that you have multiple relief options available. However, it can be difficult to weigh the pros and cons of each one. We can help you review the details and proceed with the solution that’s best for you.
For your secured debts, your options are more limited than with unsecured debts, due to the underlying asset (“security”). Nonetheless, we can help you explore those options and how they apply to your specific situation.
Regarding your payday loans, they can be challenging to repay without help due to the high interest rates and fees that are often charged. You may find yourself caught in a frustrating ‘payday loan cycle’ where you’re borrowing money each month to pay the bill from the previous month ending up further behind than when you started. We can help you find options to break this cycle.
With respect to the money you owe the government, options can become very limited. Even insolvency options such as bankruptcy may not remove some government debts. We generally advise reaching out to the government entity whom you owe to try to arrange payments. We may be able to help you budget for this.
For the money you owe to service providers, the major factor is whether you want or need to continue with the service provided. If so, your only option is to contact the provider and try to arrange payments. If maintaining service is not necessary, you have more options and we can help you review them.
You indicate that you pay off your credit balances in full each month. Congratulations! Paying off your balances completely each month for credit cards, lines of credit, and other credit products is a sign of healthy finances. Many Canadians struggle to achieve this regularly. If you have concerns about meeting your future obligations, we’re happy to provide some help.
If you are carrying a balance with your debts, this does not necessarily mean you're struggling, but it may be an indication of financial difficulty. We can help you determine if a few adjustments are necessary, or if more significant action is suggested for your situation. We’ll also help you to develop a plan you’re happy with.
If you're struggling with your payments and some end up being late or get missed, this is often a sign of financial distress. Through an appointment, we can help you to determine whether it is possible to catch up, or whether other options need to be explored to reduce your debt.
If you are receiving collections communication or repossession threats, the situation has become serious and increasingly time-sensitive. We highly recommend contacting us for help with this situation as soon as possible because your creditors are likely to take further action.
If creditors have initiated legal action, our ability to help becomes limited. You are welcome to call us for guidance but you’re likely going to need legal assistance, which we cannot provide directly. We can connect you with the right professionals for your situation if this ends up being the case.
If you are currently without income, the top priority is covering your essential living expenses while trying to obtain income. We encourage you to focus on these essentials, and we’re happy to assist you with understanding your financial options.
The income you receive from the government is intended for basic needs such as food and shelter, and therefore is protected from creditors. We can help you review your budget and consider your options with this type of income and/or a mix of other income types.
The income provided by EI or government pensions can meet basic needs, but it might be a reduction from your previous income. We can help you to create or review your existing budget and identify some potential adjustments while providing guidance on any debts you may have.
Your type of income tends to yield more options to deal with debt compared to some other types. We can help you to understand your options, plan to improve your overall financial health, and answer any questions you may have.
In respect to your self-employment, this type of employment offers freedom and flexibility, but also poses unique challenges for managing your finances. We can help sole proprietors and non-corporate business owners through budgeting and debt solutions. We often advise corporate owners/directors to contact a more specialized expert in corporate finance.
Your type of income tends to yield more options to deal with debt compared to some other types. We can help you to understand your options, plan to improve your overall financial health, and answer any questions you may have.
If you'd like to speak with a certified credit counsellor right now, call us at 1-888-527-8999 or fill out the form below to request a call back. We look forward to hearing from you.
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