Dealing with Debt Stress

^{By Bromwich+Smith Staff | 655 words | Reading Time: 3 minutes  | Date: 2022/02/17}

Many people recognize the number one killer of Canadians is stress. What is consistent as well is that money is the biggest cause of stress for Canadians by a large margin. As of 2020 surveys, money (38%) outranks personal health (25%), work (21%) and relationships (16%) as the top sources of stress in Canadian’s lives. So it's no surprise that debt stress impacts a lot of us if money is a major stressor. Unfortunately, many people don’t recognize or have acknowledging to accepting the amount of debt that they carry, and its effects on their stress and emotional well being.

When you have heart issues, you see a doctor and they refer you to a cardiologist. When you have issues in your marriage you see a marriage counselor, and if all else fails you are referred to a mediator or lawyer.  When your relationship with debt is overwhelming, the right person to talk to is a counselor, and when the relationship requires a greater level of support, your go to partner in the community are Licensed Insolvency Trustees.

As we all know, all credentials are equal but the level of service and commitment to ideals differs from person to person and from business to business.  At Bromwich+Smith, we are recognized as the leader for people needing debt relief.  This is because we recognize and embrace the social and emotional challenges of debt, while providing effective and efficient solutions to our clients.

Initial Steps to Cope With Debt Stress

These actions listed below are a great start in taking your initial steps in dealing with debt stress.  

1. Acknowledge your debt and write it down. 
2. Prioritize your debt. 
3. Identify your spending habits. 
4. Set a budget. 
5. Take care of your mental health. 
6. Contact a financial advisor or credit counselor. 
7. Start paying down your debt.

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We know it's difficult and we have helped thousands of Canadian families deal with debt stress since 2002.  Our goal is making all of you financially ready and provided with the knowledge now and into the future to make the best decisions for your financial wellness. 

Just as in mental health it’s not enough to say that you understand and that you care, you need to provide those suffering with professional advice and services that we as Canadians have earned and deserve.  Those facing overwhelming stress and anxiety are entitled to the same compassion, care and professionalism as found in the health industry.

So if you are facing debt stress it's also important to seek help as soon as possible from a credible source.  When people are in severe debt, they often feel helpless and may seek out services which over promise and underdeliver such as credit repair or high interest loans that only make your situation worse.  You need to remember you are not alone, there is real help out there and by taking action you will alleviate that ongoing pressure you have been feeling.

Our commitment to the community is to rebuild the worth of all of our clients, one person at a time, with their needs and the needs of their family and community in the forefront.

Click to Book A Free Consultation

If you are feeling financial stress and don’t know where to start, we’re here for you. Call our Licensed Insolvency Trustees today for a free, no obligation, confidential consultation 1-855-884-9243. Let’s see you flourish!