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When does a pile of bills turn into a financial crisis? After all, between student loans, housing loans, and car loans most of us owe more than we can pay with a single paycheck. Most of us also have credit cards and may take more than one month’s cycle to pay them off, especially after a major purchase or life event. However, if you’re experiencing debt warning signs that are signs of deeper trouble, you should come discuss financial options such as consumer proposals and debt consolidation with Vancouver area debt professionals at the Abakhan & Associates office nearest you.

Warning Signs that You Need Debt Help in Vancouver

There are many reasons why people get into debt and each situation poses a unique set of challenges. The one factor each situation has in common is that time alone won’t help. The sooner you take action, the better. The debt red flags below are signs that you need professional help to restructure your finances and get free of debt:

  • You’re not saving any money. If you don’t have any money to put toward your savings after you pay your bills or if you are dipping into your savings account or your retirement fund to pay your bills, your debts are getting out of hand and leaving you unprepared for future emergencies. (As a rule of thumb, most financial experts recommend that you save and maintain the equivalent of 3 months of expenses in case of a health emergency or job loss.)
  • You’ve maxed out your credit cards and pay only the minimum every month. This is a situation in which high interest rates rapidly balloon your debt and brings it to staggering amounts that you cannot repay easily over time.
  • You’re borrowing money to pay your bills. Whether you’re borrowing through home equity loans or payday loans add to your debt with interest payments on top of the loan amount. If you’re constantly borrowing from friends or family members, you may be adding stress to the relationships you need for support through a financial crisis.
  • Creditors are constantly calling. This is a sign you can’t ignore, especially if you are receiving multiple calls from multiple creditors. Apart from the debts themselves, the calls themselves add enormous stress to your life.
  • You’re threatened with tax liens, foreclosure or repossession. If you’ve reached this point, you need immediate help.

If you are experiencing one or more of these signs of financial distress, there are immediate steps you can take to prevent worsening your financial crisis and long-term steps to restoring your financial health. The most important thing to do is to seek out experienced debt help in Vancouver.

The debt relief and bankruptcy professionals at Abakhan & Associates Inc. will sit down with you and help you create a plan to meet all of your financial obligations. We also have restructuring consultants who can help make your bill payments manageable through debt consolidation in Vancouver. If debt consolidation is not the best option to get you free of debt, we can offer you other alternatives as well to help restore your credit.

Do a financial check-up using the debt warning signs on this page. If you see symptoms of an impending crisis, don’t delay. Call Abakhan & Associates Inc. today for a free, confidential consultation.

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