Welcome to: Debt Solutions. debt solutions education financial strategies
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1 Welcome to: Debt Solutions debt solutions education financial strategies
2 Our Mission
3 Top Reasons We See for Financial Trouble
4 Top Reasons We See for Financial Trouble 1. Excessive use of Credit or Using Credit for Living Expenses
5 Top Reasons We See for Financial Trouble 1. Excessive use of Credit or Using Credit for Living Expenses 2. Unemployment / Underemployment
6 Top Reasons We See for Financial Trouble 1. Excessive use of Credit or Using Credit for Living Expenses 2. Unemployment / Underemployment 3. No Budget / Lack of Financial Education
7 Top Reasons We See for Financial Trouble 1. Excessive use of Credit or Using Credit for Living Expenses 2. Unemployment / Underemployment 3. No Budget / Lack of Financial Education 4. Injury / Illness
8 Top Reasons We See for Financial Trouble 1. Excessive use of Credit or Using Credit for Living Expenses 2. Unemployment / Underemployment 3. No Budget / Lack of Financial Education 4. Injury / Illness 5. Separation / Divorce and Family Expenses
9 Top Reasons We See for Financial Trouble 1. Excessive use of Credit or Using Credit for Living Expenses 2. Unemployment / Underemployment 3. No Budget / Lack of Financial Education 4. Injury / Illness 5. Separation / Divorce and Family Expenses 6. High Student Loan Debt / Education Expenses
10 Top Reasons We See for Financial Trouble 1. Excessive use of Credit or Using Credit for Living Expenses 2. Unemployment / Underemployment 3. No Budget / Lack of Financial Education 4. Injury / Illness 5. Separation / Divorce and Family Expenses 6. High Student Loan Debt / Education Expenses 7. High Housing Costs
11 Financial Stress Financial stress can impact: Our relationships Our health Our work
12 Healthy Financial Choices There s a lot in it for us if we re good with our money: More productive and motivated Better able to focus Improved communication abilities Sleep better Less stress and stress related illnesses incl. depression With our finances under control, we have time and energy to spend on what s important to us!
13 No Shame Zone It is easy for us to feel embarrassed and ashamed about having debt, however answer these questions: 1. Were you born with money management talent? 2. Did you learn money management skills from your parents? 3. Did you learn money management skills in school? If the answer is NO, then how are you expected to know how to use credit wisely?
14 Use Credit Cards Wisely $5000 purchase on credit card, 18.9% int. (APR) Min. payment of 3% ($150 to start) Total Cost of Borrowing:
15 Use Credit Cards Wisely $5000 purchase on credit card, 18.9% int. (APR) Min. payment of 3% ($150 to start) Total Cost of Borrowing: $10,300 paid over nearly 20 years!
16 Use Credit Cards Wisely $5000 purchase on credit card, 18.9% int. (APR) Min. payment of 3% ($150 to start) Total Cost of Borrowing: $10,300 paid over nearly 20 years! Same $5000, 3% min. payment but at 9.9%? Total cost: $6,828 over 13.5 yrs.
17 Use Credit Cards Wisely $5000 purchase on credit card, 18.9% int. (APR) Min. payment of 3% ($150 to start) Total Cost of Borrowing: $10,300 paid over nearly 20 years! Same $5000, 3% min. payment but at 9.9%? Total cost: $6,828 over 13.5 yrs. Repaid at $325 per month for 18 months is only an extra $ in interest!
18 Types of Debt Open Cell phone, utilities Unsecured Secured Credit cards, loans, line of credit, overdraft, payday loan Mortgage, vehicle loan, loan, HELOC Government CRA, medical plans, insurance, student loans, municipal debt (taxes, tickets)
19 Dealing with Debt Consider your current circumstances Do NOT ignore the debt! Seek reliable advice about your debt You have more options if you get help sooner rather than later!
20 Options for Dealing with Debt Difficulty paying Self-Administered CCS-Assisted Legal Solutions
21 Difficulty Paying 1. Consider secured assets that may be at risk Seize and/or Sue law Be aware of the Right of Offset 2. Communicate with creditors
22 Self-Administered Do It Yourself Increase income and/or decrease expenses
23 Self-Administered Do It Yourself Increase income and/or decrease expenses Ask for lowered interest
24 Self-Administered Do It Yourself Increase income and/or decrease expenses Ask for lowered interest Create a pay down method
25 Pay Down Method Credit card ($5000) Line of Credit ($5,000) Month 1 $1000 $150 $450 Month 2 $1000 $150 $450 Month 3 $1000 $150 $450 Month 4 $1000 $150 $450 Month 5 $1000 $150 $450 Month 6 Paid off $1150 $450 Month 7 Paid off $1150 $450 Month 8 Paid off $1150 $450 Month 9 Paid off $1150 $450 Month 10 Paid off $1150 $450 Month 11 Paid off Paid off $1600 Month 12 Paid off Paid off $1600 Student loan ($35,000)
26 Self-Administered Conventional financing (e.g. consolidation loan, line of credit, refinance mortgage)
27 Self-Administered Conventional financing (e.g. consolidation loan, line of credit, refinance mortgage) Sell assets (e.g. car, house, household goods) and pay off debts
28 Self-Administered Conventional financing (e.g. consolidation loan, line of credit, refinance mortgage) Sell assets (e.g. car, house, household goods) and pay off debts Get help from family or friends
29 Self-Administered Influx of Money: if you get a bonus, tax refund or other sort of lump sum of money, you can put: 40% towards debt 40% towards savings 20% towards guilt-free fun
30 CCS-Assisted Debt Management Program Consolidates unsecured debts into 1 payment
31 CCS-Assisted Debt Management Program Consolidates unsecured debts into 1 payment Creditors reduce/eliminate interest rates
32 CCS-Assisted Debt Management Program Consolidates unsecured debts into 1 payment Creditors reduce/eliminate interest rates Debt-free within 5 years
33 CCS-Assisted Debt Management Program Consolidates unsecured debts into 1 payment Creditors reduce/eliminate interest rates Debt-free within 5 years Learn essential budgeting skills
34 CCS-Assisted Debt Management Program Consolidates unsecured debts into 1 payment Creditors reduce/eliminate interest rates Debt-free within 5 years Learn essential budgeting skills Rebuild credit after successful completion
35 Legal Solutions Consumer Proposal Paying a portion of your debt back thru monthly payments Legal process; fees do apply Bankruptcy Last resort; depends on assets & income Legal process; fees do apply On your credit report for 6-7 years after discharge
36 Signs That You Need More Help Feeling constantly stressed about money NSF charges
37 Signs That You Need More Help Feeling constantly stressed about money NSF charges Constantly in your overdraft Using credit to pay other credit
38 Signs That You Need More Help Feeling constantly stressed about money NSF charges Constantly in your overdraft Using credit to pay other credit Fighting with your family about money Collection calls Can t sleep due to money stress
39 Signs That You Need More Help Feeling constantly stressed about money NSF charges Constantly in your overdraft Using credit to pay other credit Fighting with your family about money Collection calls Can t sleep due to money stress See no other way out except bankruptcy
40 Seeing a Credit Counsellor Do your homework, not all credit counselling organizations are the same Ask about the following: Is the organization non-profit? Are they accredited? Through whom? What kind of training do the credit counsellors go through? Are there fees? If so, for what? Are there any complaints with the BBB?
41 Seeing a Credit Counsellor Appointments can be done in person or by telephone
42 Seeing a Credit Counsellor Appointments can be done in person or by telephone You ll go through a full financial analysis: Income, assets, liabilities, monthly expenses and debts
43 Seeing a Credit Counsellor Appointments can be done in person or by telephone You ll go through a full financial analysis: Income, assets, liabilities, monthly expenses and debts You ll review your options with a counsellor
44 Seeing a Credit Counsellor Appointments can be done in person or by telephone You ll go through a full financial analysis: Income, assets, liabilities, monthly expenses and debts You ll review your options with a counsellor You ll walk away with more information and resources to make a decision about your $$
45 Final Words Solutions are available to deal with debt Get help now! The sooner you get help, the more options you may have.
46 Learn More Discover more through our: Monthly newsletter Helpful websites Social media
47 How We Help Confidential, no-cost credit and budget counselling Toll-free telephone counselling, Debt repayment programs and alternatives Consumer workshops on credit and money issues Online assessments and information Referrals to other community and professional services Helpful money management tips on our website: NoMoreDebts.org
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