According to the 2015 Canadian Payroll Association survey, 36 percent of Canadian employees say they feel overwhelmed by their level of debt, and this number increases to 42% in Ontario (ties with B.C. and Manitoba for top spot in Canada).

Borsellino Consulting offers ongoing credit counselling support to help people experiencing serious money problems. As a Licensed Insolvency Trustee we can help create a Consumer Proposal plan that consists of one monthly payment that we hold in trust and then distribute to all of the creditors. On-going credit counselling offered by Borsellino Consulting provides education along with the debt repayment plan. Creditors are offered a compromise payment plan – typically consisting of payments over three to five years that pays back 20% – 40% of the debt. “The proposal details are tailored to your personal situation”, says Borsellino Consulting President, Steve Borsellino.

Sometimes debt issues arise solely from circumstances outside of our control, but often our own practices create or contribute to the problem. Unless people learn from their mistakes or change their money management and spending habits then they may have a strong likelihood of creating a bad debt situation again. Therefore, on-going credit counselling support is not only helpful but also necessary.

Here are some helpful hints to manage your budget, spending and debt:

  1. Track your spending. You have to know where your money is going so you can put in some controls.
  2. Get the big picture. Your spending and payment plan needs a readjustment if you are surprised when you see your next bill.
  3. Create a plan and stick with it. Once you know where you are spending and how you can reduce it to fit within your income your new spending plan will help see you through it.
  4. Make it easy and be kind to yourself. Think small and simple. Be consistent and committed.

Keep the lines of communication open and talk to your Trustee or counsellor whenever you feel overwhelmed or tempted. They can help give you the training and encouragement to keep your plan on track and moving forward to a debt free lifestyle.