COVID-19 has been a challenging time for all of us. With global shutdowns in place, losing your job can be an even tougher pill to swallow, particularly during this time, due to the string of financial troubles it can bring.
A survey conducted by Statistics Canada, and published by CTV News, reported that B.C.’s unemployment rate was impacted the most by the pandemic. In total, almost 40,000 people lost their jobs and the unemployment rate more than doubled last year.
All hope is not lost though. If you are dealing with financial troubles, there are still many options available to you. Debt restructuring, for instance, is an excellent way to pull your finances together.
The financial impact of unemployment
An unexpected job loss can bring unforeseen financial challenges for you and your family. The biggest challenge would be losing your income. This impacts your ability to pay bills on time, pay your rent or mortgage every month, afford medical care when you need it, or even simply put food on the table.
The effects of unemployment are like dominos that keep toppling over. In the long run, you may end up losing more than just your income. You risk evictions, foreclosures, or much worse if you can’t get your finances straightened up in time.
You may be relying on unemployment benefits to get you through the first few tough weeks, but the truth is that they may not even be enough to support you until the end of the pandemic.
What options are there for me to overcome my financial challenges?
Dealing with financial constraints can become very overwhelming; especially when you are juggling other responsibilities such as family or school and have previous outstanding debt.
This is why seeking guidance at the right time, can help.
One way is to seek a Licensed Insolvency Trustee firm to help you restructure your debts. They will be with you every step of the way to ensure that you have the right help and advice when it comes to your financial needs.
There are a number of ways to manage your debt. Some of them are shared below:
- Debt consolidation;
- Debt settlement;
- Consumer proposal;
- Bankruptcy and more.
Debt restructuring can reduce your interest rate, extend your payment period, or help you get a single lower monthly payment.
There is an opportunity for you to significantly reduce any payments on debts you have, such as old student loans, creditor debts, and tax debt to get out of debt sooner.
With a proper debt restructuring plan, you can regain control over your cash flow and create new affordable terms for your debt payments.
The way forward
Being unemployed during a global pandemic can seem like the scariest thing out there, but it doesn’t have to be.
This is where we come in.
With professional strategic debt restructuring advice from Douglas Loiselle and his team, you can work through your financial challenges with confidence and start fresh. Visit www.dldebthelp.ca or call us at 1-877-732-5457.